Financial Regulatory Reform: Challenges Ahead
指出当前金融监管聚焦于存款机构，未能应对2008年危机暴露的市场化风险，提出改革应避免监管套利导致风险转移至影子银行，并提升透明度以减少不确定性。
Today's financial system is dominated by markets with institutions connected by short-term financing, securitization, derivatives, and other means. Yet regulations have focused on depositories, leaving regulators unprepared for the 2008 crisis. We suggest two key principles for regulatory reform. First, some changes in the financial system came as institutions lowered the burden of regulations through “regulatory arbitrage.” Reform needs to avoid driving businesses “into the shadows,” where risks may accumulate and sow seeds of future crises. Second, reform ought to improve transparency to reduce uncertainty and inter-linkages between players. We evaluate some of Dodd-Frank Act in light of these principles.