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| Tekijä: | Crockett, A. |
| Otsikko: | Market discipline and financial stability |
| Lehti: | Journal of Banking and Finance
2002 : MAY, VOL. 26:5, p. 977-988 |
| Asiasana: | MARKETS FINANCE ANALYTICAL REVIEW |
| Kieli: | eng |
| Tiivistelmä: | The last quarter of the 20th century saw a profound transformation of the global financial system. Advances in information technology and financial liberalisation underpinned a quantum jump in the role of market forces in shaping economic outcomes. By the end of the period, the transformation from a government-led to a market-led financial system, to use a famous phrase, was largely complete. As a result, market discipline has come to play a greater role in ensuring financial stability. The author examines in some detail the nature of this role, its strengths and limitations, with a view to drawing policy lessons. The author argues that more can and should be done to strengthen market discipline. |
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