AbstractWhere to from here? Such a great question and obviously none of us has the answer, in fact there is no single answer. But I have been watching financial services policy being formulated for 25 years, and I truly don’t have a dog in this fight, so let me take a stab at an answer…

AbstractIn these comments, I will mostly focus on the presentations by Nicola Cetorelli and Javier Suarez, since I only learned yesterday evening that Ed Kane was going to be part of the session. At the end, I will say a couple of words about Ed’s presentation. Let me start with Javier’s...

AbstractThe following sections are included:IntroductionThe Procyclical Effects of Bank Capital RegulationA Macroeconomic Model of Endogenous Systemic Risk-TakingConclusionsReferences

AbstractThe following sections are included:IntroductionBackground1Three Usual SuspectsCredit Default SwapsStructured Investment VehiclesSecuritizationConclusionsReferences

AbstractThe following sections are included:IntroductionRecognition of the Systemic Dimension of Regulation and SupervisionBasel III and Systemic ResilienceInternational CoordinationConclusionReferences

AbstractThere are bright and dark sides to financial innovation. On the bright side, financial innovations that improve screening and monitoring can facilitate the allocation of resources by financial intermediaries to their most productive use (Greenwood, Sanchez, and Wang, 2010; Laeven, Levine,...

AbstractThe following sections are included:From Bank-Based to Securitization-Based IntermediationA Role-Based Approach to Understanding Bank EvolutionOrganizational Adaptation: An Entity-Based ViewResultsSummary and Normative SuggestionsReferences

AbstractThe following sections are included:Introduction Unintended Consequences of New RegulationRecapitalization, Deleveraging, and Lending ActivityLiquidity and Long-Term Funding NeedsChallenges Associated with the New Forms of SupervisionNew Supervision MethodsA More Intrusive Approach to...

AbstractThe following sections are included:IntroductionA Stronger Financial System: Public and Private ReformsLooking AheadWhy It Matters

AbstractThe following sections are included:IntroductionThe Economics 101 ModelThe Credit Rationing ModelSocial PlannerDecentralized EquilibriumConclusionsReferencesAppendix A