The Eurozone today is going into the same deflationary situation that the U.S. did under Jackson's destruction of the Second Bank, and the post-Civil War budget surpluses that deflated the economy. But whereas the Fed's creation was designed to inflate the U.S. economy, Europe's European Central...

Research on 'trust' now forms a prominent part of the research agenda in history and the social sciences. Although this research has generated useful insights, the idea of trust has been used so widely and loosely that it risks creating more confusion than clarity. This essay argues that to the...

The naming of eleven banks as “too big to fail (TBTF)” in 1984 led bond raters to raise their ratings on new bond issues of TBTF banks about a notch relative to those of other, unnamed banks. The relationship between bond spreads and ratings for the TBTF banks tended to flatten after that...

This paper analyzes and explains the disparate paths of development among venture capital organizations in the United States and Germany over the post-World War II period, contrasting the early emergence and burgeoning of the sector in the U.S. with the lagging development in Germany. The...

This article continues what has now become a comprehensive series examining the new U.S. reporting and withholding system for foreign account tax compliance. Part VI provides a new four-point analysis to determine if an FFI or USFI has a withholding tax liability for pass-through payments under...

This article compares the direct regulation of hedge funds in the U.S. prior to the Dodd-Frank Act with the direct regulatory measures to address potential systemic risks of hedge funds ensued in its aftermaths. The direct regulation involves regulatory measures focusing immediately on the...

The author compares the U.S. with other G-10 countries regarding key aspects of permissible banking activities. One conclusion is that banks in the U.S. face greater restrictions, and possibly more intensive supervisory oversight, than do banks in most other G-10 countries. Second, the majority...

This paper provides a new interpretation of the early rise of rating agencies in the United States (initially known as Mercantile Agencies). We explain this American exceptionality through an inductive approach that revisits the conventional parallel with the UK. In contrast with earlier...

Research on "trust" now forms a prominent part of the research agenda in history and the social sciences. Although this research has generated useful insights, the idea of trust has been used so widely and loosely that it risks creating more confusion than clarity. This essay argues that to the...