Market approach to maintaining systemic stability

David Mayes at the Bank of Finland has written an occasional paper for theFinancial Services Authority in London. It explains how using more marketdiscipline can help improve the stability of the financial system. It has aclear abstract and executive summary at the beginning. Although publishedby the FSA, it is written from a central banking point of view i.e. concernfor the system and the consequences of problems for society as a whole. Itdevelops some ideas in a couple of earlier Bank of

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