recurring nightmare for financial watchdogs must be the possibility that regulatory arbitrage now works like a ratchet. As each new crisis prompts attempts to re-regulate the system, those attempts simply lead to more regulatory arbitrage.
對於金融監管部門來說，監管套利如今呈現出棘輪效應的可能性，肯定是其反覆出現的噩夢。隨著每場新危機促使他們重新調整監管體系，這些努力只會催生更多的監管套利行爲。
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