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.
这场危机标志着金融体系历时数十年、从以银行为主导转向以市场为主导的过程发生了逆转。以市场为基础的模式能以更高效率进行风险定价和资金配置。然而，在一些情况下，市场的发展远远领先于起支撑作用的基础设施。事实证明，面对危机，在稳定时期看似具有弹性（且盈利能力非常强）的体系已变得脆弱不堪。
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