My two cents on Ross Levine's expert report: deep thinking on incentives, dynamics, and moral hazard.

Last week, the RBNZ released the three independent international experts’ assessments of the New Zealand Capital Review. The RBNZ commissioned three international experts in May as part of the bank capital review.

The reports by Cummings, Miles and Levine offer interesting views on bank capital. The reports are different in substance and style. However, …