Law, Bubbles, and Financial Regulation PDF Download

Author: Erik F. Gerding
Publisher: Routledge
ISBN: 1134642695
Category : Business & Economics
Languages : en
Pages : 560

View

Book Description
Financial regulation can fail when it is needed the most. The dynamics of asset price bubbles weaken financial regulation just as financial markets begin to overheat and the risk of crisis spikes. At the same time, the failure of financial regulations adds further fuel to a bubble. This book examines the interaction of bubbles and financial regulation. It explores the ways in which bubbles lead to the failure of financial regulation by outlining five dynamics, which it collectively labels the "Regulatory Instability Hypothesis." . The book concludes by outlining approaches to make financial regulation more resilient to these dynamics that undermine law.

Author: Erik F. Gerding
Publisher:
ISBN:
Category :
Languages : en
Pages : 32

View

Book Description

Author: Niels Philipsen
Publisher: Routledge
ISBN: 131775039X
Category : Business & Economics
Languages : en
Pages : 368

View

Book Description
This book explores the role of law and regulation in sustaining financial markets in both developed and developing countries, particularly the European Union, United States and China. The central argument of this book is that law matters for the operation of financial markets, which, in turn, significantly influences the performance of firms, industries, and economies. The Role of Law and Regulation in Sustaining Financial Markets is divided into four parts. Part one addresses the connection between law, financial development, and economic growth. Part two deals with the role of financial regulation, which can be used to correct market failures, such as negative externalities, information asymmetries, and monopolies. Part three focuses on the design, functioning, and performance of different financial instruments. Part four examines the topic of Corporate Social Responsibility. This book contributes to the ‘law and finance’ literature by studying certain conventional issues, such as the relationship between finance and economic growth, and the effects of regulatory quality on financial development, from new perspectives and/or with new evidence, data, and cases. It also explores novel topics, such as project finance contracts, insurance and climate change, the shadow banking system, that have been overlooked in current literature. This book is meaningful not only for the EU and the US, which have suffered considerably from the financial crisis of 2008, but also for China, which is struggling to build a sound institutional infrastructure to govern its increasingly complicated financial system. By comparing the regulatory philosophies and practices of the EU, the US and China, this book will help the reader to understand the diverse nature of the global ‘law and finance’ nexus and avoid succumbing to the myth of "one size fits all".

Author: Michael Barr
Publisher: Foundation Press
ISBN: 9781647084837
Category :
Languages : en
Pages : 1528

View

Book Description
The Third Edition of Financial Regulation: Law and Policy continues to offer students and faculty an innovative and accessible introduction to the field. Financial regulation has long been at the intersection of technological innovation, market forces, and the political economy, punctuated from time to time by financial and economic crises. Since the turn of the millennium, we have seen these pressures intensify and multiply. We have lived through the most systemic Financial Crisis in 70 years, a major shift in regulatory design, the digital transformation of the economy, including the financial sector, and a worldwide Pandemic with still uncertain economic impact, playing out against an increasingly divided and shifting political landscape. The Third Edition has been updated to keep pace with all of these changes. You will find extensive discussions of fintech, climate change, and racial equality across the Third Edition, as these topics move from the periphery to the center of the regulatory agenda. The Third Edition also adds a stand-alone Chapter on supervision, an important topic that we expect will be receiving more academic research and attention, as well as an expanded Chapter on enforcement. Like the Second Edition, the Third Edition analyzes and compares the market and regulatory architecture of the entire U.S. financial sector, from banks, insurance companies, and broker-dealers, to asset managers, fintech companies of many types, complex financial conglomerates, and government-sponsored enterprises. The Third Edition explores a range of financial activities, including consumer finance and investment, digital and traditional payment systems, securitization, short-term wholesale funding, money markets, and derivatives. Throughout the book, the authors note the cross-border implications of U.S. rules, and compare, where appropriate, the U.S. financial regulatory framework and policy choices to those in other places around the globe, especially the UK and the European Union.

Author: Morgan Ricks
Publisher: University of Chicago Press
ISBN: 022633046X
Category : Business & Economics
Languages : en
Pages : 360

View

Book Description
An “intriguing plan” addressing shadow banking, regulation, and the continuing quest for financial stability (Financial Times). Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a “public” or “private” activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch? In The Money Problem, Morgan Ricks addresses these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad. “Highly recommended.” —Choice

Author: Niamh Moloney
Publisher:
ISBN: 019968720X
Category : Business & Economics
Languages : en
Pages : 817

View

Book Description
The financial system and its regulation have undergone exponential growth and dramatic reform over the last thirty years. This period has witnessed major developments in the nature and intensity of financial markets, as well as repeated cycles of regulatory reform and development, often linked to crisis conditions. The recent financial crisis has led to unparalleled interest in financial regulation from policymakers, economists, legal practitioners, and the academic community, and has prompted large-scale regulatory reform. The Oxford Handbook of Financial Regulation is the first comprehensive, authoritative, and state of the art account of the nature of financial regulation. Written by an international team of leading scholars in the field, it takes a contextual and comparative approach to examine scholarly, policy, and regulatory developments in the past three decades. The first three parts of the Handbook address the underpinning horizontal themes which arise in financial regulation: financial systems and regulation; the organization of financial system regulation, including regional examples from the EU and the US; and the delivery of outcomes and regulatory techniques. The final three Parts address the perennial objectives of financial regulation, widely regarded as the anchors of financial regulation internationally: financial stability, market efficiency, integrity, and transparency; and consumer protection. The Oxford Handbook of Financial Regulation is an invaluable resource for scholars and students of financial regulation, economists, policy-makers and regulators.

Author: Andrew Godwin
Publisher: Cambridge University Press
ISBN: 1316946886
Category : Law
Languages : en
Pages : 595

View

Book Description
First proposed in 1994, the Twin Peaks model of financial system regulation employs two specialist peak regulators: one charged with the maintenance of financial system stability, and the other with market conduct and consumer protection. This volume, with contributions from over thirty scholars and senior regulators, provides an in-depth analysis of the similarities and differences in the Twin Peaks regimes that have been adopted around the world. Chapters examine the strengths and weaknesses of the model, provide lessons from Australia (the first to adopt the model), and offer a comparative look at the potential suitability of the model in leading non-Twin Peaks jurisdictions. A key resource for central bankers, public policy analysts, lawyers, economists, politicians, academics and students, this work provides readers with a comprehensive understanding of the Twin Peaks model, and a roadmap for countries considering its adoption.

Author: Emilios Avgouleas
Publisher: Cambridge University Press
ISBN: 1108578403
Category : Law
Languages : en
Pages : 531

View

Book Description
This collection of cutting-edge scholarship examines the law and policy of financial regulation using a combination of conceptual analysis and strong empirical research. The book's authors range from global leaders to rising stars in the field, all of whom shed light on complex questions of financial sector regulation theory and practice in key economies ranging from the EU to China. Key topics include the role of law in constituting financial markets, the efficiency of markets, the role of interest groups in shaping financial regulation, the interdependence and interactions of international financial regulation with international trade and monetary regimes, and problems of regulation in state capitalism economies. This exciting volume opens the road for further enrichment of the academic and policy-making dialogue on financial regulation and regulatory practice, and reflects new trends in legal and social-science scholarship.

Author: Panagiotis Delimatsis
Publisher: Kluwer Law International B.V.
ISBN: 9041137645
Category : Law
Languages : en
Pages : 424

View

Book Description
This book brings outstanding expertise and provides insightful perspectives from nineteen authors with diverse backgrounds, including officials from international organizations, national regulators, and commercial banking, as well as academics in law, economics, political economy, and finance. The authors not only shed light on the causes of the financial turmoil, but also present thoughtful proposals that contribute to the future policy debate, and discuss opportunities that financial services can offer in funding activities which raise standards of living through initiatives in microfinance, renewable energy, and food distribution. The contributions to this volume tackle several of the thorniest issues of financial regulation in a post-crisis environment, such as: the mechanics of contagion within the financial system and the role of liquidity; moral hazard when large financial institutions are no longer subject to the disciplinary effects of bankruptcy; bank capital requirements; management compensation; design of bank resolution schemes; a function-centric versus institution-centric regulatory approach; subsidization and compatibility of stimulus packages with EU rules on state aid; trade finance and the role of the GATS prudential carve-out; and the role of financial services in promoting human rights or combating climate change.

Author: John Armour
Publisher: Oxford University Press
ISBN: 0191090050
Category : Law
Languages : en
Pages : 780

View

Book Description
The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution continues to accelerate. It is now clear that regulation must focus on the financial system as a whole, but this poses significant challenges for regulators. Principles of Financial Regulation describes how to address those challenges. Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of regulation by drawing on economics, finance, and law methodologies. The volume examines regulation in a purposive and dynamic way by framing the book in terms of what the financial system does, rather than what financial regulation is. By analysing specific regulatory measures, the book provides readers to the opportunity to assess regulatory choices on specific policy issues and encourages critical reflection on the design of regulation.