Can the Financial Markets Privately Regulate Risk?: The Development of Derivatives Clearinghouses and Recent over-the-Counter Innovations
探讨了组织与合约设计如何演变以应对风险管理中的监管挑战，分析了清算所的风险共担机制及近期场外衍生品市场如何复制其风险控制优势，对理解公私监管边界有参考价值。
This paper explores how organization and contract design has evolved to address regulatory challenges in risk management. In the early part of the century, futures exchanges responded to credit risks by developing clearinghouses that act as guarantors. The liability structure of the clearinghouse involves mutualization of risks through partial permanent integration of the exchange members. Bank clearinghouses historically involved contingent integration and risk mutualization during panics. Recent organizational innovations have allowed the risk-control benefits of the clearinghouse to be replicated in the decentralized over-the-counter derivatives markets. Credit rating agencies and advances in risk modeling are key to permitting the recent dis-integration, which has implications for the scope of public versus private regulation in banking and financial markets.