Although financial development is good for long-term growth, not all countries pursue policies that render full financial development. This paper builds on an extensive political economy literature to construct a theoretical model showing that the intensity of opposition to financial development...

Financial development is good for long term growth. So why doesn't every country pursue policies that render full financial development? In this paper, building on a profuse political economy literature, we build a theoretical model that shows that the intensity of opposition by incumbents...

Although financial development is good for long-term growth, not all countries pursue policies that render full financial development. This paper builds on an extensive political economy literature to construct a theoretical model showing that the intensity of opposition to financial development...

I examine the association between politician ownership and accounting conservatism for a sample of S&P 1500 firms between 2005 and 2011. The contracting explanation predicts that politician owned firms adopt less conservative accounting because lenders are less concerned with downside default...

We propose a simple network–based methodology for ranking systemically important financial institutions. We view the risks of firms –including both the financial sector and the real economy– as a network with nodes representing the volatility shocks. The metric for the connections of the...

From the economists' perspective, the Capital Markets Union (CMU) represents a policy experiment that allows studying how legal conditions, economic incentives and financial activity interact. Recent papers provide economic support for the overall objective of CMU, but the robustness of this...

In order to reach climate neutrality by 2050, the European Union is taking action in the form of extensive sustainability regulations with the aim to push the private sector towards sustainable economic activities. In this context, a new instrument to finance a company's sustainability...

A lot happened even before the perceived beginning of this crisis in 2007, so although the events are recent, I will review the period from 2001 to date, as part of our inquiry into the lessons to be learned. Much of it is probably familiar, but worth revisiting. This necessarily simplified...

This note discusses the case for exempting foreign exchange derivatives from recent regulatory requirements for over-the-counter derivatives, including clearing, trade competition, and minimum collateral requirements. My conclusion is that the arguments that have been made for such an exemption...