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α: calibrated so average coauthorship-adjusted count equals average raw count
Thirty years ago, the 1986 Oxford Review of Economic Policy assessment of financial innovation foretold the events leading up to the financial crisis and the factors that lay behind it. Those same insights suggest significant deficiencies in the response to the financial crisis and a failure to identify the limits to, as well as requirements for, strengthened regulation. In particular, there is a need for institutional reforms that have received insufficient attention to date.