One of the manifestations of platform power is the ability of platforms to successfully ignore existing rules and disrupt established patterns of regulation, thereby challenging the pillars of the regulatory state. But while the disruptive nature of the platform economy has often been invoked,...

The rise of intermediary-less decentralized finance (“DeFi”) lending has led many to wonder how it should be regulated. Although DeFi lending could potentially offer reduced risks of centralization and market frictions, investors in DeFi lending are currently exposed to centralized risks and...

Purpose - Debate is growing around the expansion of risk-based regulation. The regulation scholarship provides evidence of regulatory failure of the risk-based approach in different domains, including financial regulation. Therefore, this paper aims to provide cautionary evidence about the risk...

Around the world, regulatory institutions have assumed central roles in making and implementing public policy decisions. How well regulatory leaders manage these institutions ultimately shapes the degree to which regulation can succeed in solving social and economic problems. This chapter seeks...

We propose a path dependence approach to analyze the evolution of the financial supervisory architecture, focusing on the institutional role of the central bank, and then apply our framework to describe the institutional settings in a selected sample of countries. The policymaker who decides to...