TAILIEUCHUNG - The Turner Review: A regulatory response to the global banking crisis

Most of the attention in the literature has been focused on the initial decentralization. Tsui and Wang (2004) call fiscal decentralization a “handmaiden” to China’s growth. Chen (2004) argues that regional and local governments have better information, and so more control over expenditures, leading to improved efficiency in government spending, and thus led to more growth. Feltenstein and Iwata (2005) use national macro data to argue that decentralization led to both faster growth and higher inflation, but they do not separate the effects of fiscal and monetary decentralization. When China recentralized its monetary authority under Zhu. | FSA Financial Services Authority The Turner Review A regulatory response to the global banking crisis March 2009 The Turner Review March 2009 Contents Introduction 5 Actions required to create a stable and effective banking system 7 1 Chapter 1 What went wrong 11 . The global story macro trends meet financial innovation 11 i The growth of the financial sector 16 ii Increasing leverage - in several forms 19 iii Changing forms of maturity transformation the growth of shadow banking 21 iv Misplaced reliance on sophisticated maths 22 v Hard-wired procyclicality ratings triggers margins and haircuts 22 . UK specific developments 29 . Global finance without global government faultlines in regulatory approach 36 i Lehman Brothers and the future approach to global wholesale banks 36 ii Landsbanki and the European single market the need for major reform 37 . Fundamental theoretical issues 39 i Efficient markets can be irrational 39 ii Securitisation and financial instability inherent or fixable with better 42 regulation iii Misplaced reliance on sophisticated maths fixable deficiencies or 44 inherent limitations iv The failure of market discipline v Financial innovation and value added 45 .

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