'Trust is good, control is better': The 1974 Herstatt Bank Crisis and its Implications for International Regulatory Reform
'Trust is good, control is better': The 1974 Herstatt Bank Crisis and its Implications for International Regulatory Reform
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“信任是好的，控制更好”：1974 年赫施塔特银行危机及其对国际监管改革的影响
DOI：
10.1080/00076791.2014.950956
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发表时间：
2015
期刊：
影响因子：
1.1
通讯作者：
Mourlon-Druol E
中科院分区：
文献类型：
--
作者：
Mourlon-Druol E
由于其国际监管和监管影响，Bankhaus Herstatt的破产是战后金融史上的里程碑之一。这篇文章首次对赫斯塔特危机进行了全面的历史描述，并有助于自20世纪70年代中期以来关于国际监管和监管改革的更广泛讨论，包括监管俘获、市场自我监管和破产银行的解决。在这样做的过程中，它首先辩称，与普遍持有的观点相反，德国当局很早就收到了关于Herstatt交易的反复警告，但这只涉及有限和无效的监管/监管回应，然后转向1974年6月该银行的实际破产，最后探讨Herstatt案提出的更广泛的监管问题。
With its international supervisory and regulatory implications, the failure of Bankhaus Herstatt is one of the landmarks of post-war financial history. This article offers the first comprehensive historical account of the Herstatt crisis, and contributes to the wider discussions on international supervisory and regulatory reform since the mid-1970s, including regulatory capture, markets' self-regulation and resolution of failed banks. In doing so, it first argues that contrary to a widely held view, the German authorities received early and repeated warnings about Herstatt's dealings but this involved only limited and ineffective regulatory/supervisory responses, then it turns to the actual collapse of the bank in June 1974, and finally explores the wider regulatory issues raised by the Herstatt case.