Omarova on the Global Financial Crisis

The New Crisis for the New Century: Some Observations on the 'Big - Picture' Lessons of the Global Financial Crisis of 2008, by Saule T. Omarova, University of North Carolina at Chapel Hill School of Law, was recently posted on SSRN.  Here is the abstract:

Two key factors made the financial crisis of 2008-09 qualitatively different from all prior crises and panics. First, it was the world's first truly global financial crisis. Second, it was a crisis rooted fundamentally in the successes of financial innovation and an unprecedented complexity of financial products, which resulted from such innovation. Each of these unique characteristics of the current crisis has major implications from the perspective of regulatory reform in the financial services sector, both domestically and on the international level. This essay sketches in broad strokes some of these high-level implications.