This article explores the extent to which social capital theory can respond to the crisis in the subprime mortgage markets. Building on the groundbreaking theories of Robert Putnam in his book BOWLING ALONE: THE COLLAPSE AND REVIVAL OF AMERICAN COMMUNITY, this article seeks to explore the role...

This chapter provides a detailed analysis of the economic, legal and public policy rationales for the application of taxes and other fiscal measures on health-related commodities. The motivation for such taxes has been more often linked to the fiscal revenues generated than to their potential...

This essay reviews differences in regulatory structure across sectors of the financial services industry in the United States and then explores the difficulties these differences pose to our current system of regulation and also to proposals for financial modernization. The Essay begins with a...

In this Paper, we assess the performance and efficiency of OECD countries with respect to broadband Internet subscription. Using the econometric technique of Stochastic Frontier Analysis, we estimate scores indicating the efficiency with which a country converts its economic and demographic...

Using data on the annual resources of state insurance departments we investigate several issues regarding the state production of insurance regulation. First, we demonstrate that the majority of insurance transactions are conducted across state lines suggesting there are potential trans-state...

The paper provides a comprehensive overview of the gradual evolution of the supervisory policy adopted by the Basle Committee for the regulatory treatment of asset securitisation. We carefully highlight the pathology of the new quot;securitisation frameworkquot; to facilitate a general...

The study examines the economic consequences of regulated disclosure in the banking sector, focusing on its impacts on the stability of banking systems. In a cross-country study of banking systems across 49 countries in the 90s, I find that banking crises are less likely in countries with...

The paper shows how excessive reporting, called crying wolf, can dilute the information value of reports. Excessive reporting is investigated by undertaking the first formal analysis of money laundering enforcement. Banks monitor transactions and report suspicious activity to government...

This paper explores the reasons for and the implications of the failure of the Securities and Exchange Commission to engage in meaningful cost-benefit analysis of its proposed rulemakings. While most government agencies are required by statute or executive order to demonstrate that their major...

Banks will want to influence the bank regulator to favor their interests, and they typically have the means to do so. It is shown that such 'regulatory capture' in banking does not imply ineffectual regulation; a 'captured' regulator may impose very tight, costly prudential requirements to...