Traded privately, or "over the counter", by Banks, they seemed to prove that large, newfangled markets could function perfectly well with minimal regulation.

银行间进行私下交易，或者“场外交易”，似乎证明大型、新式的市场可以在最小化的管理下良好运转。

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But there are plenty of examples where regulation could be counter-productive: a permanent ban on short-selling, for instance, would make markets more volatile.

但是大量的事实证明，监管也会产生适得其反的效果：例如，永久性地禁止空头卖跌会使得市场更加弱不禁风。

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As co-integration test reflects regulation between international trades and real exchange rate, correction mechanism suggests certain counter-regulation effect on export and weak effect on import.

协整检验揭示国际收支与实际汇率之间存在协整关系，误差修正模型揭示对出口额的波动具有一定的反向调节作用，而对进口额的反向调节作用则很微弱。

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But there are plenty of examples where regulation could be counter-productive: a permanent ban on short-selling, for instance, would make markets more volatile.

ECONOMIST: The world economy

Similarly, as I pointed out in The Damnable Politics of Regulation, the counter-productive turf wars among and between competing regulators and prosecutors must cease.

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"The decision by the President's Working Group to recommend no detailed regulation of the over-the-counter market was wrong, " says David Ruder, a former SEC chairman and now law professor at Northwestern University.

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