AbstractThere are bright and dark sides to financial innovation. On the bright side, financial innovations that improve screening and monitoring can facilitate the allocation of resources by financial intermediaries to their most productive use (Greenwood, Sanchez, and Wang, 2010; Laeven, Levine,...

AbstractThe following sections are included:From Bank-Based to Securitization-Based IntermediationA Role-Based Approach to Understanding Bank EvolutionOrganizational Adaptation: An Entity-Based ViewResultsSummary and Normative SuggestionsReferences

AbstractThe following sections are included:Introduction Unintended Consequences of New RegulationRecapitalization, Deleveraging, and Lending ActivityLiquidity and Long-Term Funding NeedsChallenges Associated with the New Forms of SupervisionNew Supervision MethodsA More Intrusive Approach to...

AbstractThe following sections are included:IntroductionA Stronger Financial System: Public and Private ReformsLooking AheadWhy It Matters

AbstractThe following sections are included:IntroductionExamples of Alternative Mechanisms and Problems with the Legal SystemAlternative Mechanisms in China and IndiaAlternative Mechanisms Can Work in Complicated TransactionsIntellectual Property Rights and InnovationsLimited Capacity of the...

AbstractThe following sections are included:IntroductionThe Economics 101 ModelThe Credit Rationing ModelSocial PlannerDecentralized EquilibriumConclusionsReferencesAppendix A

AbstractThe following sections are included:IntroductionSummaryStructureLegal Institutions, Finance, and DevelopmentFinance and Economic PerformanceLaw and FinanceThe IssuesEconometric Considerations—IdentificationTheoretical—ChannelsFuture Research: Understanding Heterogeneity and the Role...

AbstractMy remarks are based on the experience in the run-up to the crisis until 2007 and during the crisis since 2008. In my comments I will discuss the following issues: 1. The G20 financial sector reform agenda; 2. Progress made in implementing reforms; 3. Is the financial system safer today?;...

AbstractThe following sections are included:IntroductionComplexity, Comparability, and CredibilityCan Less Be More in Finance?Leverage versus Risk-Based CapitalModelling the Risk of Small Bank DefaultModeling Financial RiskPublic Policy ImplicationsConclusionReferences

AbstractThe following sections are included:Costs of the Financial CrisisEarlier Statements on the Need to End TBTFDefining and Reducing the Impact of TBTFThe Role of Market and Regulatory DisciplineA Proposal for ReformIt’s Not Just Size–Complexity Matters TooConcluding CommentsReferences