Yasuyuki Fuchita is senior managing director at the Nomura Institute of Capital Markets Research in Tokyo. He is coeditor, with Robert Litan, of Pooling Money (Brookings, 2008) and New Financial Instruments and Institutions (Brookings, 2007).Richard J. Herring is the Jacob Safra Professor of International Banking and professor of finance at the Wharton School, University of Pennsylvania, where he is also codirector of the Wharton Financial Institutions Center.Robert E. Litan is a senior fellow in Economic Studies at the Brookings Institution and vice president for research and policy at the Kauffman Foundation. Among his books is Good Capitalism, Bad Capitalism, and the Economics of Growth Prosperity (Yale, 2007), written with William J. Baumol and Carl J. Schramm.

Yasuyuki Fuchita is senior managing director at the Nomura Institute of Capital Markets Research in Tokyo. He is coeditor, with Robert Litan, of Pooling Money (Brookings, 2008) and New Financial Instruments and Institutions (Brookings, 2007).Richard J. Herring is the Jacob Safra Professor of International Banking and professor of finance at the Wharton School, University of Pennsylvania, where he is also codirector of the Wharton Financial Institutions Center.Robert E. Litan is a senior fellow in Economic Studies at the Brookings Institution and vice president for research and policy at the Kauffman Foundation. Among his books is Good Capitalism, Bad Capitalism, and the Economics of Growth Prosperity (Yale, 2007), written with William J. Baumol and Carl J. Schramm.

Yasuyuki Fuchita is senior managing director at the Nomura Institute of Capital Markets Research in Tokyo. He is coeditor, with Robert Litan, of Pooling Money (Brookings, 2008) and New Financial Instruments and Institutions (Brookings, 2007).Richard J. Herring is the Jacob Safra Professor of International Banking and professor of finance at the Wharton School, University of Pennsylvania, where he is also codirector of the Wharton Financial Institutions Center.Robert E. Litan is a senior fellow in Economic Studies at the Brookings Institution and vice president for research and policy at the Kauffman Foundation. Among his books is Good Capitalism, Bad Capitalism, and the Economics of Growth Prosperity (Yale, 2007), written with William J. Baumol and Carl J. Schramm.