This paper draws on the progress that has occurred in other areas of regulation -- specifically, the "cap-and-trade" program to control SO2 emissions; spectrum auctions; and "dedicated-access-privilege" programs for fisheries - to suggest that financial regulation would benefit from an expanded...

This paper discusses the SEC's regulation of the bond rating industry. Until a few years ago this specific branch of SEC regulation was largely unknown outside the agency and the bond rating industry itself, even among knowledgeable Washington insiders. But the SEC has actually regulated the...

Though the U.S. economy is generally open with respect to international trade in services, there are some notable exceptions as well as some more subtle problems. This essay provides a brief primer on trade in services, examines recent world and U.S. data, and highlights the major trade...