Thoughts on "The Squam Lake Report": Reengineering the Financial System to Better Withstand Extreme Volatility
The most important contributions of "The Squam Lake Report" are its analysis and recommendations not for eliminating the possibility of future crises, but for enabling the financial system to better withstand the bouts of volatility that are a natural outcome of market forces. In this regard, the Report's most promising proposal is its prescription that systemically important financial firms issue "contingent capital" that converts from debt to equity when a financial firm's solvency is at risk. Copyright Copyright (c) 2010 Morgan Stanley.
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Volume (Year): 22 (2010)
Issue (Month): 3 ()
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