Durable Financial Regulation: Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions
This paper sets forth a discussion framework for the information requirements of systemic financial regulation. It specifically describes a potentially large macro-micro database for the U.S. based on an extended version of the Flow of Funds. I argue that such a database would have been of material value to U.S. regulators in ameliorating the recent financial crisis and could be of aid in understanding the potential vulnerabilities of an innovative financial system in the future. I also suggest that making these data available to the academic research community, under strict confidentiality restrictions, would enhance the detection and measurement of systemic risk.
|Date of creation:||May 2011|
|Date of revision:|
|Publication status:||published as Durable Financial Regulation: Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions , Leonard Nakamura. in Measuring Wealth and Financial Intermediation and Their Links to the Real Economy , Hulten and Reinsdorf. 2015|
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- Leonard I. Nakamura & Kasper Roszbach., 2010.
"Credit ratings and bank monitoring ability,"
10-21, Federal Reserve Bank of Philadelphia.
- Daniel M. Covitz & Nellie Liang & Gustavo A. Suarez, 2009. "The evolution of a financial crisis: panic in the asset-backed commercial paper market," Finance and Economics Discussion Series 2009-36, Board of Governors of the Federal Reserve System (U.S.).
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- Jacobson, Tor & Lindé, Jesper & Roszbach, Kasper, 2003.
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Working Paper Series
155, Sveriges Riksbank (Central Bank of Sweden).
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- Joshua Coval & Jakub Jurek & Erik Stafford, 2009. "The Economics of Structured Finance," Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 3-25, Winter.
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