We propose a regulatory approach for restricting debt financing as an amplification mechanism across the financial system. A small stylised model illustrates the trade-off between static and time varying limits on leverage in dampening the financial cycle. The policy section proposes its...

This note discusses the basic economics of central clearing for derivatives and the need for a proper regulation, supervision and resolution of central counterparty clearing houses (CCPs). New regulation in the U.S. and in Europe renders the involvement of a central counterparty mandatory for...

Chapter 1: Introduction -- Part 1: The Regulation of Cross-Border Finance -- Chapter 2: Financial Regulation and Systemic risk -- Chapter 3: The Regulation of Globalized Finance -- Part 2: Cross-Border Regulation in the EU: The Passport and the Equivalence Regime -- Chapter 4: The Passport...

Brexit is not only a historical chapter of the British — EU relationship, but it also carries immense challenges for fi nancial market stability in the short and medium run for the 28 member states of the European Union. The scale of these challenges depends heavily on the outcome of EU-UK...

Following the financial crisis that began in 2007, Congress and regulators acted to address perceived gaps in the regulation of corporate boards, including boards of large, complex financial institutions. With the goal of improving the stability of global financial markets, regulators have...