recurring nightmare for financial watchdogs must be the possibility that regulatory arbitrage now works like a ratchet. As each new crisis prompts attempts to re-regulate the system, those attempts simply lead to more regulatory arbitrage.
Remember, among the many things that lay behind the financial crisis of 2008-9 was the banks’ urge to game the Basel capital adequacy regime.
They shovelled real estate loans into collateralised debt obligations and shunted them off the balance sheet in order to economise on capital and take on more risk. Policymakers have tried to address such problems but sometimes with perverse results.
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