Financial Regulation: Lessons from the Recent Financial Crises
从美国和日本金融危机中总结出两条教训：缺乏大型金融机构有序处置机制，以及需区分单个机构健康与系统稳定。对政策制定者和监管者评估《多德-弗兰克法案》等改革有参考价值。
The experiences of the financial crises in the United States recently and in Japan in the 1990s suggest two lessons for future financial regulations. First, the lack of an orderly resolution mechanism for large and complex financial institutions created serious problems. Second, it is important to distinguish between individual financial institutions' health and stability of the whole financial system. Policy recommendations in the Squam Lake Report address these issues well. The Dodd–Frank Act could provide an effective regulatory framework to implement these recommendations, but the success depends on the details of the regulations that have not been specified.