The Road to Financial Stability: Capital Regulation, Liquidity Regulation, and Resolution ∗
本文回顾2007-09金融危机后五年间的监管改革，认为巴塞尔III使全球金融体系更安全但尚不足够，提高资本要求的成本远低于预期，并建议避免时变自由裁量政策。
Prior to the 2007–9 financial crisis, regulations addressing risk taking in the financial system were woefully inadequate. In this essay, I summarize the regulatory changes implemented over the past five years and come to three conclusions. First, as a result of the new Basel III standards, the global financial system is now substantially safer than it was, but probably not yet safe enough. Second, the costs of increasing capital requirements have been much smaller than we originally thought. And third, we are best advised to shy away from time-varying discretionary regulatory policies.