The run on the shadow banking system in 2008 is routinely identified as the event that transformed the nonprime mortgage securities meltdown into a full-blown Global Financial Crisis. Yet, the components of this shadow sector have not been brought into the light let alone under adequate...

Financial consumers are canaries in a goldmine. They are often the first who show visible signs of suffering from emerging toxic products and practices that if not suspended could spread and bring about a systemic collapse. This article considers the historical evidence linking consumer finance...

Despite pronouncements and promises of sweeping reform, many of the conditions that caused the financial crisis of 2008 persist six years after the multi-trillion-dollar bank bailouts began. While several steps have been taken to curb reckless practices, the U.S. financial system is still not...

The author contends that current legislative proposals that would require hedge fund managers to register as Investment Advisers with the SEC are necessary but insufficient. In order to protect investors and reduce systemic risk, hedge fund operations and investment strategies should be subject...

A relatively narrow version of Law and Economics has dominated public policy for several decades. This school of thought has mainly focused on neoclassical microeconomics. It fails to recognize the pluralism of contemporary economics in general, and the relevance of macroeconomics in particular....