As the COVID-19 crisis intensified, policymakers at the federal, state, and local levels started suspending or rescinding laws and regulations that hindered sensible, speedy responses to the pandemic. These “rule departures” raised many questions. Were the paused rules undermining public...

Regulators aiming to ward off the next financial market failure need to implement rules to smooth the boom-bust cycle in margin requirements and haircuts used in securities financing and derivative transactions, which seriously exacerbated the last financial crisis. In this study, the author...

The paper aims to explain how deep the ongoing crisis of neoclassical political economy – NCPE is and if this crisis can be overcome through an inside-out change. For this purpose, the paper first investigates the roots of this crisis across the NCPE's epistemological, economic, and political...

This chapter of the forthcoming Oxford Handbook of Financial Regulation considers, in broad historical perspective and also with respect to the global financial crisis, why financial systems are crisis-prone and the relationship between financial crises and regulation. It begins with an overview...

This paper examines the impact of financial crises on employment. Using employment data from 32 countries between 1975 and 2005 and financial crisis from Reinhart and Rogoff (2009), we examine the resilience of eight economic sectors. As a test of robustness, we contrast these findings with...

Walter Bagehot is remembered today primarily as a proponent of the doctrine of lender of last resort, in which central banks pump money into the economy to ameliorate the damage from a financial crisis. But none of the growing number of publications about him appear to investigate in depth...

The financial collapse of 2007 witnessed free fall of “debt-financed euphoria” caused by complex set of regulations and policies, enacted to direct modern capitalism. The action and policies of regulatory institutions facilitated financial institutions to indulge in risky lending and thus,...

Financial systems and public treasuries are communicating vessels: strength or weakness in one flows to the other, and back. This chapter considers the implications of this insight using case studies from Europe, Asia, and Latin America. The connection is not unique to Europe, although it does...

We use employment data for 2008-12 to analyse the impact of the subprime and Eurozone crises on the British and German financial sector. In the UK the sector contracted and its spatial concentration increased across regions and urban hierarchy, with London as the sole winner. In Germany there...

This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes in-trinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the...