The recent financial crisis demonstrated that, contrary to longstanding regulatory assumptions, nonbank financial firms — such as investment banks and insurance companies — can propagate systemic risk throughout the financial system. After the crisis, policymakers in the United States and...

Following the 2008 financial crisis, countercyclical regulation emerged as one of the most promising breakthroughs in years to halting destructive cycles of booms and busts. This new approach to systemic risk posits that financial regulation should clamp down during economic expansions and ease...

The financial crisis of 2008 gave rise to renewed discussion about whether financial innovations should undergo higher scrutiny for potential harm and, if so, what type? In this Article, the authors propose a new system for monitoring financial innovations through a system of registration, data...

After the 2008 financial crisis, policymakers developed two different approaches to systemic risk arising from insurance conglomerates and other nonbank financial firms. The first, dubbed an entity-based approach, empowers a public entity like the Financial Stability Board or Financial Stability...

This Article takes stock of post-financial crisis regulatory developments to tell a tale of two markets within a political economy of financial regulation. The financial crisis stemmed from excessive risk-taking and dodgy practices in the subprime home mortgage market, a market that owed its...