Financial Regulatory Reform After the Crisis: An Assessment

• 成果类型: Article
• 署名作者: Duffie, Darrell
• 署名单位: Stanford University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2017.2768
• 发表日期: 2018
• 页码: 4835-4857
• 关键词: Financial Regulation; banking; Repos; Leverage ratio; failure resolution

摘要

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.