Per Jacobsson Lecture: What Financial System for the Twenty-First Century?

Publication date: October 2011
ISBN: 9781463904340
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Topics covered in this book

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Banks and Banking , Money and Monetary Policy , Public Finance , PJ , chairman of the BIS , exceptional career , chairman of the Per Jacobsson Foundation , chairman , state failure , general manager of the Bank for International Settlements , chairman of the Per Jacobsson Board of Trustees , SIFI surcharge , Financial sector , Commercial banks , Credit , Global , Europe

Summary

This paper describes a financial system that should be adopted for the 21st century. The paper highlights that the financial crisis of 2008 has raised fundamental questions about how the financial industry is structured, managed, and regulated. The paper discusses that a well-functioning financial system plays an essential role in generating high levels of saving, promoting the efficient allocation of investment, and smoothing economic fluctuations stemming from nonfinancial causes. By facilitating informed risk taking, it is a key element in achieving optimal levels of productivity growth and rising living standards.