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&C;D"G@F=%s~k¤q%2012 7t16¯'
Globally Financial Crisis and Its Damages
on Transnational Banks in the US and Europe
NAKANO Mitsuhiko
After the Lehman Shock in September 2008 a few US and European finan-cial institutions were in trouble. In the US the five investment banks faded out and many commercial banks were rescued by the TARP. In Europe North-ern Rock, Fortis and Dexia were resolved although RBS, HBOS, USB were rescued by their governments.
In order to avoid future financial crises and systemic risks financial authori-ties mainly in developed countries have moved to tighten their regulations. They are the DoddFrank Act in the US and Basel* Accord by BIS.
However it is not certain whether the tougher regulation could prevent fu-ture financial crises. Financial institutions like banks are just agents of money. The intrinsic reasons of financial crises are excessive capital and lev-eraged funds compared with the size of real economy. It should be discussed how to control swelling money instead of financial institutions.