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A New Agenda for Banking Reform

The dramatic events of the Global Financial Crisis of 2007-2008 have led to the largest reform of global banking regulation since the 1946 Bretton Woods agreement. The primary focus of these reforms has been to prevent disruptive banking failures. But, to what extent have the post-crisis banking reforms succeeded in making the financial system more just? The aim of the proposed project is to put forward a critical justicebased account of post-crisis banking reforms. The project will both (i) critique the post-crisis banking reforms that have already taken place— pointing to blind-spots regarding banks’ impact on economic equality, economic liberty and environmental sustainability, and (ii) contribute to a new way forward. The first part of the project investigates the normative framework that has informed post-crisis reforms so far. It looks at three distinct case studies: (i) mortgage finance, securitizations and economic equality, (ii) Credit to Small and Medium-sized Enterprises (SMEs) and economic liberty, and (iii) bank risk-management and green investment. The second part pursues three thematic studies. Building on the case studies, the first two thematic studies describe and critique the normative framework that has informed post-crisis reforms. The third thematic study develops a normative framework that addresses the identified blind-spots. Together these studies serve to outline a new agenda for banking reform.

Date:1 Oct 2019  →  Today
Keywords:Banking regulation, Distributive justice, Deliberation, Finance, Risk
Disciplines:Political theory, Social and political philosophy