which help me to change this paragraph to another way From the beginning of the crisis, many economists had predicted that the output would not be so easy. Thus, the theme of the crisis has been much debate, and analysts opinions ranged from one side or the other of the Atlantic. Actions were also different depending on the time spread of the crisis. To this end, several economists have called the early American organizations to adopt a European regulation as advocated notably Georges Hübner, Professor at HEC. He points out in his report What capitalism for tomorrow? Innovation and finance that efforts to exert greater control over the financial sector should primarily result in measures and actions of the various appropriate banking authorities must be coordinated. It is precisely in monetary firefighters, the U.S. central bank (FED) and (ECB) decided on several occasions to provide liquidity in the monetary system to allow affected to bail out banks and then send the signal of confidence that operators they are ready to act before risks materialize. But despite the coordinates of different interventions by central banks, several economists have warned that the solution will not be without consequences for the global economy. For the French economists, the current capitalist model itself and the current crisis is only part of a periodic cycle that will be resolved without government intervention. Besides the fact that it does not really make money injected by central banks exist, promotes an increase in the price of inflation. Over by Canadian economist Bernard Elias, the medium-term risk was a tightening of credit policy. Professor of economics at the University of Paris IX Dauphine, Pascal Salin, was of the same mind and in his book Back to capitalism to avoid crises (March 2010), he argues that the intervention of the monetary authorities has not enlarge the crisis. According to him, this would not have happened if interest rates had been released on the financial markets without arbitrary interference by the monetary authorities. According to him, the regulation prevents the regulation and deregulation is the best way to allow self-regulation. From the time the state intervenes, it is in the field of immorality, because we are in the field of constraint allows us to prejudice the legitimate rights of others. Therefore, the moral and ethical aspect began to take place in the various debates. Many economists have argued that state intervention is immoral because savings institutions worst managed bankruptcy, we rooted the idea that irresponsibility is not serious and that the state and taxpayers will be there to avoid punishment private banks uncontrolled bankruptcy. This is why Georges Hübner report recommends to aim, first, that products and services are subject to a better understanding by the parties concerned. He felt that a better understanding would pair with increased accountability. Hübner also indicates that techniques such as securitization must be analyzed. Compromise between their contribution to the objectives of maturity transformation and efficient allocation of risks between the actors, and the dangers they cause in the absence of control risk they entail. In the same vein, Bernard Ely says in his book The origin of the crisis (February 2009) it is not possible to moralize banks force, less political and prudential authorities can play their weight to refocus their activities on the theme of financial intermediation and facilitation of development investments over the long term. Governments can also become significant shareholders in many institutions. As such, they are expected to play an active role in ensuring, in accordance with their fiduciary responsibility vis-a-vis other shareholders, banks provide specific impulses in projects focused on the long term. Similarly, Joseph Stieglitz has one of the great lessons of the financial crisis is that the state has a crucial role to play in economic development, in both crisis prevention and the implementation of appropriate measures to avoid role amplify and transform them into depression. And it is always in the direction of moralization of banking observers noted particularly strong resilience demonstrated some systems, so-called ethical in the financial crisis. This was notably the case of Islamic finance. Indeed, thanks to a real traceability of its operations and because of his membership in compartment Finance to promote moral and ethical values. She was able to juggle risk of speculation and systemic risk playing safety. In addition, Jamie Bowden, British Ambassador to Bahrain, is that Islamic finance is an attractive alternative for companies and the British should continue to integrate this funding to become a partner of choice for investors. According to him, Islamic finance is a tool of the future. This same idea was reiterated in several recent economic literature whose book The Islamic finance, a solution to the crisis and co-written by Olivier Pastre Elies Jouiny, where they argue that Islamic finance could be a system that would allow for avoid another subprime crisis. Thus, Islamic finance is beginning to establish itself as a credible alternative to the current system and present a protection against failures before and during the crisis thanks to its moral values and sense of ethics. Thus, the Economist journalist Vincent Beaufils, editor of Challenges magazine says that ... when we are in a financial crisis sweeping all growth indices in its path, but rather the Quran must be read Papal texts. For if our bankers, eager to return on equity, had met a little sharia, we would not be here. . Thus, according to this reporter the Islamic principle that says money does not produce money, could mean that any credit should be clearly identified all of the assets and toxic products that contribute significantly to this crisis such as ABS and CDO would be prohibited in an Islamic system time complexity beyond the control systems in place******
Posted on: Fri, 11 Jul 2014 22:47:31 +0000
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