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The long-term economic impact of higher capital levels

The 2007–08 financial crisis exposed the inadequacy of existing prudential regulatory arrangements, spurring various initiatives for reform. One of the main lessons from the crisis was that the banking system held insufficient capital. A key question for policymakers is how much more capital the system should have. This paper presents a framework for assessing the long-run costs and benefits of increasing capital requirements for the economy. It provides background to the analysis presented in Bank of England (2010).