Wednesday , September 29 2021
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Reforming the US macroprudential regulatory architecture

Summary:
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. That a shock the size of the Covid-19 pandemic would trigger distress in financial markets is far from surprising. What is surprising is how much

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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.

Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

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