The impact of the great financial crisis that started in the United States with the implosion of “subprime” loans, has drawn the public’s attention on one of the most innovative branches of financial market, the famous derivatives. The financial crisis and the involvement of major banking institutions thus call for some thinking about the concept of control in Italy and in a globalized world. In Italy, even though the scale of the risks connected with transactions in derivatives is limited. some banks may have damaged their reputations by pushing complex derivative products onto unwitting clients. Apart from reassurance and all kinds of justifications, and without arguing whether this was deliberate or not, the monetary authorities, Consob, and ABI have clearly reported the risk of a world financial crisis too late.
The role of controls in the international financial crisis / G. Tagliabue - In: Micro and macroeconomic effects of financial innovation / [a cura di] G. Goisis, P. Parravicini. - Milano : LED, 2010 Feb. - ISBN 9788879164450. - pp. 163-177 (( Intervento presentato al 8. convegno Round table of Costantino Bresciani Turroni foundation tenutosi a Milano nel 2009.
The role of controls in the international financial crisis
G. TagliabuePrimo
2010
Abstract
The impact of the great financial crisis that started in the United States with the implosion of “subprime” loans, has drawn the public’s attention on one of the most innovative branches of financial market, the famous derivatives. The financial crisis and the involvement of major banking institutions thus call for some thinking about the concept of control in Italy and in a globalized world. In Italy, even though the scale of the risks connected with transactions in derivatives is limited. some banks may have damaged their reputations by pushing complex derivative products onto unwitting clients. Apart from reassurance and all kinds of justifications, and without arguing whether this was deliberate or not, the monetary authorities, Consob, and ABI have clearly reported the risk of a world financial crisis too late.Pubblicazioni consigliate
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.