Strategic Complementarity, Fragility, and Regulation
研究了金融中介资产负债表构成、信息信号精度和市场压力如何影响投资者策略的战略互补性，进而影响金融体系脆弱性，并探讨了偿付能力和流动性监管要求的设计。
Fragility is affected by how the balance sheet composition of financial intermediaries, the precision of information signals, and market stress parameters all influence the extent of strategic complementarity among investors' strategies. A solvency and a liquidity ratio are required to control the likelihood of insolvency and illiquidity. The solvency requirement must be strengthened in the face of increased competition, whereas the liquidity requirement must be strengthened under more conservative fund managers and higher penalties for fire sales. Greater disclosure may aggravate fragility and require an increase in the liquidity ratio, so regulators should establish prudential and disclosure policies in tandem.