Regulatory Agencies and the Inclusion Trilemma
Regardless of economic cycles, financial regulation can be understood to be bound by an uncomfortable social policy trilemma. When faced with 1) providing market integrity, 2) fostering innovation, and 3) enabling financial inclusion, regulators have long been able to achieve, at best, only two of these three goals. In this article, based on the 2023 Chorley Lecture, I argue that addressing the trilemma will require novel innovations.