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1、TheSquamLakeReportTheSquamLakeGroupis15academicswhohavecometogethertoofferguidanceonthereformoffinancialregulation.Ourgroupfirstconvenedinthefallof2008,amidthedeepeningcapitalmarketscrisis.Althoughinformedbythiscrisis—itseventsandtheongoingpolicyresponses—thegroupisintentionallyfocusedonlonger-t
2、ermissues.Weaspiretohelpguidereformofcapitalmarkets—theirstructure,function,andregulation.Webasethisguidanceonthegroup’scollectiveacademic,privatesector,andpublicpolicyexperience.KennethR.FrenchRaghuramG.RajanDartmouthCollegeUniversityofChicagoMartinN.BailyDavidS.ScharfsteinBrookingsInstitutio
3、nHarvardUniversityJohnY.CampbellRobertJ.ShillerHarvardUniversityYaleUniversityJohnH.CochraneHyunSongShinUniversityofChicagoPrincetonUniversityDouglasW.DiamondMatthewJ.SlaughterUniversityofChicagoDartmouthCollegeDarrellDuffieJeremyC.SteinStanfordUniversityHarvardUniversityAnilKKashyapRenéM.Stulz
4、UniversityofChicagoOhioStateUniversityFredericS.MishkinColumbiaUniversityTheSquamLakeReportFixingtheFinancialSystemKennethR.French,MartinN.Baily,JohnY.Campbell,JohnH.Cochrane,DouglasW.Diamond,DarrellDuffie,AnilKKashyap,FredericS.Mishkin,RaghuramG.Rajan,DavidS.Scharfstein,RobertJ.Shiller,HyunSon
5、gShin,MatthewJ.Slaughter,JeremyC.Stein,RenéM.StulzPRINCETONUNIVERSITYPRESSPRINCETONANDOXFORDCopyright©2010PrincetonUniversityPressPublishedbyPrincetonUniversityPress,41WilliamStreet,Princeton,NewJersey08540IntheUnitedKingdom:PrincetonUniversityPress,6OxfordStreet,Woodstock,OxfordshireOX201TWpr
6、ess.princeton.eduAllRightsReservedLibraryofCongressCataloging-in-PublicationDataTheSquamLakereport:fixingthefinancialsystem/KennethR.French...[etal.].p.cm.Includesindex.ISBN978-0-691-14884-7(hbk.:alk.paper)1.Financialcrises—Prevention.2.Finance—Governmentpolicy.3.Capitalmarket—Governmentpolicy.I
7、.French,KennethR.HB3722.S792010332.1—dc222010009897BritishLibraryCataloging-in-PublicationDataisavailableThisbookhasbeencomposedinITCGaramondStdPrintedonacid-freepaper.∞PrintedintheUnitedStatesofAmerica10987654321ContentsPrefaceviiAckno