AbstractLast year, I was a discussant of a session at this conference on the social productivity of the financial sector, and those of us at that session—Ross Levine, Alex Popov, and Josh Lerner — must have really whet appetites for the subject, as it was decided to make that the theme of...

AbstractThe following sections are included:The Great Leveraging: Five Facts and Five Lessons for PolicymakersFact 1. Crises: Almost Forgotten, Now They’re BackFact 2. Consequences: Crises are Depressing and DeflationaryFact 3. Extreme Leverage: Size of the Banking Sector Is UnprecedentedFact...

AbstractThe following sections are included:IntroductionBank Deregulation and Competition in Nonfinancial IndustriesBlacks’ Relative Wages and the Racial Bias IndexResultsPrerequisitesThe Impact of Deregulation on Blacks’ Relative WagesExtensionsConclusionsReferences

AbstractThe following sections are included:The ProblemHow and Why Regulatory Discipline FailsSome Specific IdeasReferences

AbstractWhere to from here? Such a great question and obviously none of us has the answer, in fact there is no single answer. But I have been watching financial services policy being formulated for 25 years, and I truly don’t have a dog in this fight, so let me take a stab at an answer…

AbstractIn these comments, I will mostly focus on the presentations by Nicola Cetorelli and Javier Suarez, since I only learned yesterday evening that Ed Kane was going to be part of the session. At the end, I will say a couple of words about Ed’s presentation. Let me start with Javier’s...

AbstractThe following sections are included:IntroductionThe Procyclical Effects of Bank Capital RegulationA Macroeconomic Model of Endogenous Systemic Risk-TakingConclusionsReferences

AbstractThe following sections are included:IntroductionBackground1Three Usual SuspectsCredit Default SwapsStructured Investment VehiclesSecuritizationConclusionsReferences

AbstractThe following sections are included:IntroductionRecognition of the Systemic Dimension of Regulation and SupervisionBasel III and Systemic ResilienceInternational CoordinationConclusionReferences