Sunday, April 18, 2010

Bankers' conflicts of interest in the interwar years: Lessons for today’s regulators

My (joint with Marc Flandreau and Norbert Gaillard) new piece on VOX

The global crisis is frequently compared to the Great Depression and the interwar debt crises. This column argues that, contrary to prevailing opinion, the interwar debt crisis had little to do with bankers’ conflicts of interest – intermediaries were in fact careful in selecting and placing sovereign bonds. Then, as now, public opinion may not be the best guide to policy

The rest is here

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