What's the difference between issuers and borrowers?
Policy-makers are terrified of hurting the banking industry's lending capacity, but are happy to constrain market-making - even though it could have a similar economic impact
Issuers have been ignored in the public debate about post-crisis financial reform. The focus, instead, has been on borrowers. Assessments of the economic impact of regulation have looked solely at the cost and availability of bank loans; politicians, when they address the topic, have talked about the need to balance prudential reform and credit supply; and in one of the few cases that a rule has
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