Three Principles for Market-Based Credit Regulation

A key lesson of the financial crisis 2007-09 is that the Bagehot Rule, "lend freely but at a high rate," needs to be updated for the emerging market-based credit system. A modern rule is suggested: Markets, not Banks; Outside spread, not Inside spread; Core, not Periphery.

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Year of publication:	2012
Authors:	Mehrling, Perry
Published in:	American Economic Review. - American Economic Association - AEA. - Vol. 102.2012, 3, p. 107-12
Publisher:	American Economic Association - AEA

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Extent:	application/pdf
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010815727