Reforming the US macroprudential regulatory architecture

US financial system may be neighbor’s envy especially before the 2008 crisis but its regulatory system is owner’s envy. It is a mess with multiple regulators and chaos. How US financial system grew despite such poor regulatory structure is something worth looking. There are some who will argue size is one thing but efficiency is another. US financial system grew in size tracking the economy but its efficiency has followed the regulatory system.

Kathryn Judge and Anil Kashyap in this voxeu article suggest a way forward to reform the macropru regulatory structure of US. The post is based on this yet another report on reforming the US system.

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