While other countries dismantled their segmented housing finance systems and linked housing finance to capital markets through deregulated depositories, the US linked housing finance to capital markets through depository deregulation and securitization. Elsewhere securitization has not...

This response to the 2009 UK White Paper on ‘Reforming Financial Markets' argues for stronger democratic oversight of regulators and for regulatory diversity in order to reduce ‘market herding' and the consequent systemic risks. In the context of hitherto weak democratic accountability and...

Section I: The Broad Picture1 Is the European Union going to help us overcome the COVID-19 crisis (Danny Busch)2 COVID-19 and European banks: no time for lawyers (Wolf-Georg Ringe)3 The COVID-19 crisis and financial regulation (Eddy Wymeersch)4 Culutral reforms in Irish banks. Walking the walk...

The paper analyzes the role of financial regulation in facilitating the development of organizational norms to enhance risk culture in banking institutions. Specifically, it examines the regulatory responses and industry-led initiatives taken since the financial crisis of 2007-08 to address...

The working hypothesis of international financial regulation is that it should be globally harmonized. This paper contends, to the contrary, that we should be wary about the efficacy of global harmonization, and in particular, harmonization of systemic risk measurement and regulation. The thesis...

Do stock markets act as a spare tire during banking crises, providing an alternative corporate financing channel and mitigating the economic severity of these crises? Using firm-level data in 36 countries from 1990 through 2011, we find that the adverse consequences of banking crises on equity...

Regulatory arbitrage in financial markets refers to a number of strategies that market participants use to avoid the reach of regulation, in particular by virtue of shifting trading abroad or else relocating activities or operations of financial institutions to other jurisdictions. Where this...

This is a chapter for a forthcoming volume Oxford Handbook of Financial Regulation (Oxford University Press 2014) (eds. Eilís Ferran, Niamh Moloney, and Jennifer Payne). It provides an overview of EU financial regulation from the first banking directive up until its most recent developments in...