NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Durable Financial Regulation: Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions

Leonard Nakamura

Chapter in NBER book Measuring Wealth and Financial Intermediation and Their Links to the Real Economy (2015), Charles R. Hulten and Marshall B. Reinsdorf, editors (p. 67 - 88)
Conference held November 12-13, 2010
Published in January 2015 by University of Chicago Press
© 2015 by the National Bureau of Economic Research
in NBER Book Series Studies in Income and Wealth

This paper sets forth a discussion framework for the information requirements of systemic financial regulation. It specifically describes a potential large macro-micro database for the United States based on an extended version of the Flow of Funds. I argue that such a database would have been of material value to U.S. regulators in ameliorating the recent financial crisis and could be of aid in understanding the potential vulnerabilities of an innovative financial system in the future. I also suggest that making these data available to the academic research community, under strict confidentiality restrictions, would enhance the detection and measurement of systemic risk.

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This paper was revised on April 17, 2014

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This chapter first appeared as NBER working paper w17006, Durable Financial Regulation: Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions, Leonard Nakamura
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