This crisis marks the reversal of a decades-long transition from a bank-dominated to a market-dominated financial system. The market-based model has the potential to price risk and to allocate capital more efficiently. In some cases, however, the development of markets ran well ahead of the supporting infrastructure. A system that appeared resilient (and enormously profitable) in times of low volatility has proven brittle in the face of shocks.
這場危機標誌着金融體系歷時數十年、從以銀行爲主導轉向以市場爲主導的過程發生了逆轉。以市場爲基礎的模式能以更高效率進行風險定價和資金配置。然而，在一些情況下，市場的發展遠遠領先於起支撐作用的基礎設施。事實證明，面對危機，在穩定時期看似具有彈性（且盈利能力非常強）的體系已變得脆弱不堪。
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