Balancing the Banks: Global Lessons from the Financial Crisis
三位欧洲金融微观经济学研究者分析了金融危机的原因，并提出了金融监管改革的理论框架，但未解释危机为何被宏观放大及如何改革宏观审慎监管。
Until three years ago, we were living in the ‘Great Moderation’. Macroeconomic outcomes were unusually good. It is true that the environment was helpful – with a surge of cheap imports from Asia. But macroeconomic policy – built around inflation‐targeting regimes – was apparently also good. And microeconomic policy seemed good too. In particular, light‐touch regulation of the financial sector seemed just what was needed. Then things fell apart. There are now a number of valuable narrative accounts of the global financial crisis, and some piecemeal reforms are underway.1 But what we still need is a clear theoretical analysis of why the crisis happened and a clear theoretical analysis of how best to reform financial regulation. This short book, by three of Europe’s outstanding researchers on the microeconomics of finance, takes a valuable step towards these two objectives.2 But what it does not do – and the authors would agree with this – is explain why there was such a huge macroeconomic magnification of the crisis. Nor does it explain how macroprudential regulation should be reformed to prevent such magnification happening again.