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American Economic Review: Vol. 102 No. 3 (May 2012)
AER Volume. 102, Issue 3 | 
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Three Principles for Market-Based Credit Regulation
Article Citation
Mehrling, Perry. 2012. "Three Principles for Market-Based Credit Regulation."
American Economic Review,
102(3): 107-12.
DOI: 10.1257/aer.102.3.107
DOI: 10.1257/aer.102.3.107
Abstract
A key lesson of the financial crisis 2007-09 is that the Bagehot Rule, "lend freely but at a high rate," needs to be updated for the emerging market-based credit system. A modern rule is suggested: Markets, not Banks; Outside spread, not Inside spread; Core, not Periphery.
Article Full-Text Access
Full-text Article
Authors
Mehrling, Perry (Barnard College)
JEL Classifications
G21: Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
L51: Economics of Regulation
E32: Business Fluctuations; Cycles
E44: Financial Markets and the Macroeconomy
G28: Financial Institutions and Services: Government Policy and Regulation
L51: Economics of Regulation
E32: Business Fluctuations; Cycles
E44: Financial Markets and the Macroeconomy
G28: Financial Institutions and Services: Government Policy and Regulation
