It is difficult to imagine financial markets without a state regulator. But it was not so long ago that financial markets in Britain developed their own regulation, without government intervention. This monograph examines the economic case for a statutory regulator of investment transactions and finds it wanting. Private stock exchanges can provide regulation at less cost and less intrusively than the FSA.
It is difficult to imagine financial markets without a state regulator. But it was not so long ago that financial markets in Britain developed their own regulation, without government intervention. This monograph examines the economic case for a statutory regulator of investment transactions and finds it wanting. Private stock exchanges can provide regulation at less cost and less intrusively than the FSA.
Introduction; Apart from investment market regulation, what else should the FSA not be doing?; The evolution of stock exchange regulation in the UK; Stock exchanges around the world; The long tentacles of the FSA; The FSA, regulation and statutory law; Current developments and the role of the European Union; The economic case for government regulation examined; The case against government regulation.
Philip Booth is Academic and Research Director at the Institute of Economic Affairs and Professor of Finance, Public Policy and Ethics at St Mary's University, Twickenham. From 1 November 2016, he will be Director of Research and Public Engagement at St Mary's. Previously, he worked for the Bank of England as an advisor on financial stability issues and has been Associate Dean of Cass Business School. He has written widely, including a number of books, on investment, finance, social insurance and pensions as well as on the relationship between Catholic social teaching and economics. Philip has a BA in economics from the University of Durham and a PhD from City University.
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