Problems afflicted both the fragmented system of the United States and the unified systems of other countries. They cropped up where the central bank was deeply involved in regulation and where it played only a consultative role. And it occurred both in systems that were principles-based and those that had thick rule books.
Although the SCF is focused on families, not businesses, it does collect substantial information on the closely held businesses families own. The survey clearly shows a high degree of interdependence of personal and business finances for many families with businesses.