Louis Kasekende, 19 September 2016

How to strengthen and create institutions that support development? In this video, Louis Kasekende discusses the role of formal and informal institutions in the financial sector.

Markus K Brunnermeier, José De Gregorio, Philip Lane, Hélène Rey, Hyun Song Shin, 07 October 2012

Many argue that the financial sector is in dire need of reform but there is always the danger of solving one problem by creating another. This column outlines the findings of the Committee for International Economic Policy and Reform. It takes stock of the traditional case for financial liberalisation and asks which principles have withstood the test of recent events and which ones now need re-thinking.

Christina Wang, 08 December 2011

The financial system is like an organ in the body of the economy. But is it the heart or the appendix? This column, part of the Vox Debate on whether we need a financial sector, argues that we should measure the value banks create through their management of risk, not simply their bearing of risk. Under this measure, banks may well be less valuable to the economy.

Thomas Philippon, 02 December 2011

Has the financial industry become less efficient? This lead commentary in the Vox debate on the financial sector argues that, despite all of its fast computers and credit derivatives, the current financial system is no better at transferring funds from savers to borrowers than the financial system of 1910.

Andrew Haldane, Vasileios Madouros, 22 November 2011

While few would argue that the financial crisis has not brought the real economy down with it, there is considerably less clarity about what the positive contribution of the financial sector is during normal times. This lead commentary in the current Vox debate on the issue focuses on the value-added of risk and government subsidies in national accounting, and makes an important distinction between risk-taking and risk management.

Wouter den Haan, 04 November 2011

Wouter den Haan of the London School of Economics talks to Viv Davies about his lead commentary in the current Vox Debate on the value of the financial sector. He argues that standard measures of the sector's economic contribution overestimate its true value to a modern economy. They also discuss the views of other notable economists, as well as how regulation could curb excesses in the sector and prevent socially negative spillovers. The interview was recorded in London on 1 November 2011. [Also read the transcript]

Wouter den Haan, 24 October 2011

This column launches a new Vox Debate titled “Why do we need a financial sector and how much should we pay for it”. The column argues standard measures of the financial sector’s economic contribution overestimate its true value to a modern economy. As such, regulation that makes it more difficult for the sector to perform some activities is not necessarily a bad thing.

Harry Huizinga, Wolf Wagner, Johannes Voget, 11 July 2011

What new policies should be included in financial and regulatory reforms? This column argues that banks are under-taxed along many dimensions and analyses a proposed broad tax on financial-sector income.

Esther Duflo, 08 October 2008

With its relatively high wages, the financial sector has, over the last two decades, attracted many brilliant minds, probably too many. In this column, Esther Duflo explains how the current financial crisis could lead to a better allocation of talent where creative energies would be socially more useful.

Events