我和卡马西（Jacopo Carmassi）的最新研究《设置银行监管权正逢其时 》 （ Time to Set Banking Regulation Right）指出，巴塞尔银行规则允许大型国际银行使用过度杠杆、承担过多风险 — — 在某些案例中，银行可以累积相当于权益资本四五十倍之多的总负债 — — 这不但埋下了危机的种子，而且颇为讽刺地起到了火上加油之效。
My recent study with Jacopo Carmassi, Time to Set Banking Regulation Right, shows that by permitting excessive leverage and risk-taking by large international banks – in some cases allowing banks to accumulate total liabilities up to 40, or even 50, times their equity capital – the Basel banking rules not only enabled, but, ironically, intensified the crisis.