US Financial Crisis:A Story of Smart Bankers and Laid Back Regulators?
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Code : ECC0011
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Region : US |
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Introduction: Joseph E. Stiglitz, theNobel Prize-winning economist, believes that financial crises are not an unusual phenomenon. However, he suggests that those countrieswhich have strong regulatory frameworks are not exposed to financial crises.He and his allies,with similar opinion, argue that in safeguarding the interests of citizens, the governments have to ensure that such crises are averted by having a strong administrative frame work to oversee the functions of all participants in economic activity – prevention is better than cure.When prevention is not possible, they say, damagemust beminimised by timely and appropriatemeasures... |
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