This accessible analysis of systemic risk regulation was delivered as the keynote speech at an October 20, 2011 … European Central Bank conference on regulation of financial services. Many regulatory responses, like the Dodd-Frank Act in the … not they exist). To be most effective, however, the regulation must be situated within a more analytical framework. In …

the absence of regulation, market participants cannot be relied upon to disrupt or otherwise limit the transmission of … systemic risk. Finally, we advance an analytical framework to inform systemic risk regulation …

the absence of regulation, market participants are poorly situated to disrupt the transmission of systemic risk. Finally …