高盛 effective regulation-part 1-Avoiding another meltdown.pdf

Global Markets Instit ute Effective Regulation: Part 1 Avoiding Another Meltdown March 2009 Steve Strongin Jim O’Neill Charles Himmelberg Amanda Hindlian Sandra Lawson 1(212)357-4706 44(20)7774-2699 1(917)343-3218 1(212)902-1915 1(212)902-6821 steve.strongin@ jim.oneill@ charles.himmelberg@ amanda.hindlian@ sandra.lawson@ Goldman, Sachs Co. Goldman Sachs International Goldman, Sachs Co. Goldman, Sachs Co. Goldman, Sachs Co. The Global Markets Institute is the public policy research unit of Goldman Sachs Global Investment Research. Its mission is to provide research and high-level advisory services to policymakers, regulators and investors around the world. The Institute leverages the expertise of Research and other Goldman Sachs professionals, as well as highly-regarded thought leaders outside the firm, to offer written analyses and host discussion forums. March 31, 2009 Effective Regulation: Part 1 Avoiding Another Meltdown Fix the system, not just today’s problems This is the first in a series of papers addressing the topic of financial regulation. We analyze the build-up of global economic imbalances; how these imbalances led to housing bubbles in many countries; and how poorly- managed risk related to securitization, along with inconsistencies in the regulations that applied to different financial activities, helped to transform these imbalances into a global financial crisis. A “global savings glut” fed the housing bubble Imbalances in the real economy in recent years forced the global financial system