Ebook: Connectedness and contagion: protecting the financial system from panics
Author: Scott Hal S
- Tags: Financial crises, Financial crises--History--21st century, Global Financial Crisis 2008-2009, Global Financial Crisis 2008-2009--Government policy, Government policy, History, Financial crises -- History -- 21st century, Global Financial Crisis 2008-2009 -- Government policy
- Year: 2017
- Publisher: The MIT Press
- City: Cambridge;Massachusetts
- Language: English
- epub
The Dodd-Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd-Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis - that is, that financial institutions were overexposed to one another, resulting in a possible chain reaction of failures. In this work, Hal Scott argues that it is not connectedness but contagion that is the most significant element of systemic risk facing the financial system.
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