In this postmortem, I find that the design, implementation, and maintenance of financial policies during the period from 1996 through 2006 were primary causes of the financial system’s demise. The evidence is inconsistent with the view that the collapse of the financial system was caused only by the popping of the housing bubble (“accident”) and the herding behavior of financiers rushing to cre...

This paper considers three questions: (1) what is the role of financial markets in development, (2) why do some economies have such poorly developed financial markets, and (3) can government policy be used to promote financial market development? With respect to the first question, we formalize the widely-held notion that financial markets promote entrepreneurship, specialization, and learning-...

Physicians are affected by the conflict of interest (COI) policies they help formulate. This study examines whether physicians evaluate these policies impartially. One hundred and seventy-nine physicians, 224 financial advisors, and 1,430 members of the general public evaluated the fairness and efficacy of a COI policy in either a medical or financial context. Physicians were more critical of t...

from among the major problems of iran's present financial resources allocation system, one could refer to unclear relations between financial resources allocation policies and economic indicators as well as insufficient attention to the allocations according to projects priorities, absence of a controlled mechanism for allocation aimed for decreasing or eliminating deviations from the plan...

This paper provides an empirical assessment of the effects of financial sector policies on development of the financial system in Malaysia over the period 1959-2005. The technique of principal component analysis is used to construct a summary measure of interest rate policies in order to account for the joint influence of various interest rate controls imposed on the Malaysian financial system....