Hanson, Samuel G.; Kashyap, Anil K.; Stein, Jeremy C. - In: Journal of Economic Perspectives 25 (2011) 1, pp. 3-28
Many observers have argued that the regulatory framework in place prior to the global financial crisis was deficient because it was largely "microprudential" in nature. A microprudential approach is one in which regulation is partial equilibrium in its conception and aimed at preventing the...