01970cas a2200253 a 4500 AALejournalIMF014291 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484335970 1018-5941 BD-DhAAL BD-DhAAL Claessens, Stijn. The Regulatory Responses to the Global Financial Crisis : Some Uncomfortable Questions / Stijn Claessens, Laura Kodres. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (39 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three tenets: adopting a system-wide perspective explicitly aimed at addressing market failures; understanding and incorporating into regulations agents' incentives so as to align them better with societies' goals; and acknowledging that risks of crises will always remain, in part due to (unknown) unknowns - be they tipping points, fault lines, or spillovers. Corresponding to these three tenets, specific areas for further reforms are identified. Policy makers need to resist, however, fine-tuning regulations: a 'do not harm' approach is often preferable. And as risks will remain, crisis management needs to be made an integral part of system design, not relegated to improvisation after the fact. Mode of access: Internet Kodres, Laura. IMF Working Papers; Working Paper ; No. 2014/046 Full text available on IMF http://elibrary.imf.org/view/journals/001/2014/046/001.2014.issue-046-en.xml IMF e-Library