We Are Not Microprudentialists: A Skeptical View of Prudential Regulation to Deal with Systemic Externalities
By Flavia Anghel, Bogdan Glăvan
This article appeared in the Winter 2013 issue of The Independent Review

The 2008 financial crisis is widely touted as supporting the case for more bank regulation and taxation to deal with “systemic” risk. This claim, however, often rests on dubious ideas about the effects of borrowing and the causes of herd behavior.

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