Financial Regulatory Reform After the Crisis: An Assessment
评估了G20国家在金融危机后对金融体系的五项监管改革进展，包括增强金融机构韧性、终结“太大而不能倒”、提高衍生品市场安全性、改造影子银行以及改善市场竞争和透明度，指出改革在提升金融稳定方面取得成效但也带来二级市场流动性下降等问题。
This is a survey of progress with the postcrisis global (G20) reform of the financial system, in five key areas of new regulation: (1) making financial institutions more resilient; (2) ending “too-big-to-fail”; (3) making derivatives markets safer; (4) transforming shadow banking; and (5) improving trade competition and market transparency. The resiliency reforms, particularly bank capital regulations, have been increasingly successful in improving financial stability, but have been accompanied by some reduction in secondary-market liquidity. I review specific areas where reforms are far from complete, or have even been counterproductive. This paper was accepted by Gustavo Manso, finance. Conflict of Interest Statement: The author's webpage at http://www.stanford.edu/~duffie/ provides related research and disclosure of potential conflicts of interest.