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This monograph is a critical and constructive response to the June 1999 proposal of the Basel Committee on Bank Supervision for reforming international bank capital standards that have been in place since 1989. Demonstrating that the Basel standards have been a distorting and, on the whole, an ineffectual means of linking minimum capital requirements to bank risk, the authors propose a different approach that focuses on market discipline for large banks to supplement regulatory discipline, as well as to ensure that capital standards are credibly enforced.