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 argues that, once grasped, the fundamental legal principles underlying cross-border finance amount to a kind of universal language that can be utilized in any legal system. The article also explains these fundamental principles

This Article rethinks how derivatives should be regulated. Adapted from Regulating Derivatives: A Fundamental Rethinking, 70 DUKE LAW JOURNAL 545 (2020) for publication in the SCIENCES PO LAW REVIEW’s January 2023 biennial issue (a symposium on “Financial Regulation after the 2008...

According to the World Bank, decentralization of government is a pivotal force that will shape global development policy in the 21st Century. Subnational debt restructuring has emerged, however, as one of decentralization's most difficult problems. Financially troubled municipalities face many...

This book chapter, which synthesizes several of the author's articles, attempts to provide useful perspectives on regulating systemic risk. First, it argues that systemic shocks are inevitable. Accordingly, regulation should be designed not only to try to reduce those shocks but also to protect...

This article rethinks the shareholder-primacy model of corporate governance, arguing that bondholders, who are more risk averse than shareholders, should be included in the governance of systemically important firms. The inclusion of bondholders not only could help to reduce systemic risk but...