Cover Per Jacobsson Lecture
Per Jacobsson Lecture
What Financial System for the Twenty-First Century?
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Abstract

This paper describes a financial system that should be adopted for the 21st century. The paper highlights that the financial crisis of 2008 has raised fundamental questions about how the financial industry is structured, managed, and regulated. The paper discusses that a well-functioning financial system plays an essential role in generating high levels of saving, promoting the efficient allocation of investment, and smoothing economic fluctuations stemming from nonfinancial causes. By facilitating informed risk taking, it is a key element in achieving optimal levels of productivity growth and rising living standards.

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Author: International Monetary Fund
Series:
Per Jacobsson lecture
Publisher:
International Monetary Fund
Language:
English
Publication Date:
14 Oct 2011
DOI:
https://doi.org/10.5089/9781463904340.028
ISBN:
9781463904340
ISSN:
0252-3108
Pages:
68
Keywords:
PJ; chairman of the BIS; exceptional career; chairman of the Per Jacobsson Foundation; chairman; state failure; general manager of the Bank for International Settlements; chairman of the Per Jacobsson Board of Trustees; SIFI surcharge; Financial sector; Commercial banks; Credit; Global; Europe