Financial crises are often presented as triggers for important innovations in international regulation of financial markets, but existing evidence for this claim primarily derive from the analyses of individual initiatives, assessed against noncomparable benchmarks. In order to provide systematic evidence of financial crises' impact on international financial regulatory change, this paper develops a novel text-as-data approach to measure regulatory novelty. We use this approach to analyze the full population of international banking and securities standards between 1975 and 2016. Contrary to theoretical expectations, our empirical findings indicate rules designed by international banking and securities regulators following financial crises are on average as likely to build on existing international regulations as those designed before a crisis. We also find that international banking rules published after the 2008 Global Financial Crisis are an important exception.

中文翻译：

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金融危机后的监管创新：来自国际银行和证券标准的证据，1975-2016

金融危机通常被认为是金融市场国际监管重要创新的触发因素，但这一主张的现有证据主要来自对个别举措的分析，并根据不可比较的基准进行评估。为了提供金融危机对国际金融监管变化影响的系统证据，本文开发了一种新的文本数据方法来衡量监管新颖性。我们使用这种方法来分析 1975 年至 2016 年间国际银行和证券标准的总体情况。与理论预期相反，我们的实证结果表明，国际银行和证券监管机构在金融危机之后制定的规则平均有可能建立在现有国际标准的基础上。危机前制定的法规。