The financial system has undergone far-reaching changes since the global financial crisis of 2008. We cast those changes in terms of shifts in the manner in which financial intermediaries manage their balance sheets. We also discuss the regulatory reform agenda, and we review the impact of regulations on market liquidity and credit availability. Current evidence suggests that the financial system has become safer, at limited unintended cost.

中文翻译：

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全球金融危机爆发十年后的流动性，杠杆和监管

自2008年全球金融危机以来，金融体系发生了深远的变化。我们根据金融中介机构管理其资产负债表的方式的变化对这些变化进行了预测。我们还将讨论监管改革议程，并审查监管对市场流动性和信贷可用性的影响。当前的证据表明，金融系统已经变得更加安全，而意外费用却很少。