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Progress and ConfusionThe State of Macroeconomic Policy$
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Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers

Print publication date: 2016

Print ISBN-13: 9780262034623

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262034623.001.0001

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A Note from the Session on Systemic Risk and Financial Regulation

A Note from the Session on Systemic Risk and Financial Regulation

(p.41) 4 A Note from the Session on Systemic Risk and Financial Regulation
Progress and Confusion

Paul A. Volcker

The MIT Press

The chapter reviews the discussion in the 2015 “Rethinking Macro III” conference session on systemic risk and financial regulation, the proceedings of which appear in Chapters 5, 6, and 7. It argues that the view that non-bank financial institutions and markets can be lightly supervised—as opposed to the banking system—is no longer tenable: non-banks in the United States account for more financing than commercial banks, often with high leverage.

Keywords:   systemic risk, financial regulation, capital requirements, banking system, non-banks

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