"Presents research from experts in academia and the financial industry on financial instruments and new financial institutions, contrasting developments in the United States and Japan. Highlights innovative ways in which Japanese financiers and government officials have learned from the United...

"Presents research from experts in academia and the financial industry on financial instruments and new financial institutions, contrasting developments in the United States and Japan. Highlights innovative ways in which Japanese financiers and government officials have learned from the United...

I analyze the effects of liquidity risk regulation in a model of investors, mutual funds, and the underlying asset market. Investor redemptions lead mutual funds to sell assets, which may result in fire sales if market liquidity, driven by the anticipation of fire sales, is scarce. Mutual funds...