Three Principles for Market-Based Credit Regulation
基于2007-09年金融危机的教训，提出更新白芝浩规则，为新兴市场信用体系设计三条现代原则：市场而非银行、外部利差而非内部利差、核心而非外围。
A key lesson of the financial crisis 2007-09 is that the Bagehot Rule, “lend freely but at a high rate,” needs to be updated for the emerging market-based credit system. A modern rule is suggested: Markets, not Banks; Outside spread, not Inside spread; Core, not Periphery.