Abstract:After the 2008 global financial crisis, the newly revised Basel III international regulatory framework for banks enhanced the macroprudential objective of addressing the systemic risk inherent in financial markets. This revision of the Basel framework was lauded as an example of a paradigm change from an efficient market consensus to a macroprudential consensus in global banking regulation. However, this so-called Basel consensus merely tweaked the market-friendly nature of the Basel II framework rather than f… Show more
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