Containing a Systemic Crisis: Is There Really No Playbook?

There is a clear playbook for resolving systemic risk, but regulators have difficulty following it, says AEI resident scholar Vincent R. Reinhart at the Federal Reserve Bank of Chicago. A playbook can tell regulators how to treat insolvent institutions, but it does not solve the difficulty of deciding if an institution, especially a nonbank, is insolvent or a victim of panic.

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Vincent R. Reinhart is a resident scholar at AEI.

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