I study rollover risk in the wholesale funding market when intermediaries can hold liquidity ex ante and are subject to fire sales ex post. Precautionary liquidity restores multiple equilibria in a global rollover game. An intermediate liquidity level supports both the usual run equilibrium and...

Redesigning financial regulation -- Taming the corporation : Sarbanes-Oxley and the politics of symbolism -- Enforcing power : the contested role of Eliot Spitzer -- The limitations of the criminal process -- Corporate governance and the institutionalisation of compliance -- The efficacy and...

The past few years have seen enormous change in US financial market regulation, with the specifics of some of the most radical changes, in the securities area, yet to be decided. This chapter explores US regulation of the insurance, banking, securities and futures trading sectors, and seeks to...

The concept of regulatory systemic risk – a long-term imbalance, resulting from the misalignment between regulatory initiatives and market realities, that impacts multiple areas of the regulatory framework – is developed in the context of US securities regulation. The discussion offers two...

Regulatory independence forms a foundation for modern financial systems. To illuminate the value of this ubiquitous institution, we examine a Progressive Era policy experiment in which hitherto independent regulators came under gubernatorial supervision. After this change, failure rates declined...

Based on the author's post-doctoral project conducted at the Montesquieu Institute at Maastricht University from 2009-2012. Parts of this book were presented in conferences and workshops in Maastricht (The Netherlands), Oxford (UK), Leuven (Belgium), Herztliya (Israel), Tallinn (Estonia) and...