financial markets and the nature and pace of financial innovation. Utilizing three case studies drawn from the world of over … thus to start us down the path toward a more robust understanding of complexity, financial innovation and the regulatory … challenges stemming from complexity, they effectively disregard those generated by financial innovation …

Clear rules of the game (e.g., established property rights and institutions of exchange) are important for innovation … and entrepreneurship to flourish, but how those rules are defined is important. The scope and reach of federal regulation … available to, and assumptions made by, the analyst. These analyses cannot capture the organic, dynamic nature of innovation nor …

innovations. Although justified and necessary, this systems-based strategy discounts the reality that U.S. financial regulation is … financial innovation, and equip policymakers with necessary empirical data. Our empirical study compares how the SEC and the … reaction to regulation may be explained by who enforces substantive law (the CFTC or the SEC). We provide theoretical …