Regulation consists of rulemaking and enforcement. Economic theory offers two complementary rationales for regulating … arise in multi- party relationships and that regulation introduces opportunities to impose rules that enhance the welfare of … discretion and choose actions for the common good. Agency-cost theories portray regulation as a way to raise the quality of …

Regulation of economic activity is ubiquitous around the world, yet standard theories predict it should be rather … uncommon. I argue that the ubiquity of regulation is explained not so much by the failure of markets, or by asymmetric … accounts for the ubiquity of regulation, for its growth over time, as well as for the fact that contracts themselves are …

as they attempt to reform their frameworks for financial regulation. These economies are striving to balance the quest … objectives can in fact reinforce one another. I also discuss aspects of macroeconomic policies and cross-border regulation that …

This paper sets forth a discussion framework for the information requirements of systemic financial regulation. It …

imbalances across the world. Since the onset of the crisis, these imbalances have contracted to a significant extent. In this …