The global financial crisis demonstrated the inability and unwillingness of financial market participants to safeguard the stability of the financial system. It also highlighted the enormous direct and indirect costs of addressing systemic crises after they have occurred, as opposed to...

This article, which is based on the author's keynote address at an April 5, 2013 conference at American University Washington College of Law on “Transactional Lawyering: Theory, Practice, & Pedagogy,” examines the role of transactional lawyers in a world of shadow banking. By reducing the...

This is one of three lectures I am giving in December 2012 at universities and government agencies in Shanghai and Beijing. In the context of comparing Western and Chinese shadow banking concerns and regulatory responses, this lecture addresses three broad questions: What is shadow banking...

In the modern financial architecture, financial services and products increasingly are provided outside of the traditional banking system — and thus without the need for bank intermediation between capital markets and the users of funds. Most corporate financing, for example, no longer is...

This is a relatively brief “firestarter” talk prepared by the author for the World Economic Forum's Industry Partnership Strategists Meeting 2012 (held on October 3, 2012) on transformation of the real estate sector in light of ongoing shifts in the financial markets and broader global trends