Two focus on an important aspect of the recent financial crisis – namely, the rise and fall of mortgage securitization and associated swings in real estate lending.2 Other papers study the causes and indicators of systemic risk more generally and look at how well macroprudential regulations and policies can address those causes.3 Finally, several papers examine specific regulations from a macroprudential perspective, including capital requirements and risk retention rules for securitization.4 The discussants’ remarks, the general discussions, and the policy panel will surely be very helpful in identifying fruitful directions for further research.
In fact, it is clear that the swap curve constitutes a widely used reference for the pricing of private sector debt instruments as well as the measurement of market risk on these instruments. With regard to derivatives instruments, I am confident that financial market institutions will come up with solutions to any possible shortage of the underlying government bonds.