As Asia considers greater harmonization and integration of its financial systems, it would be well-advised to consider the experience of Europe, particularly the eurozone. There are many lessons to be drawn from Europe about how to implement such integration, mostly negative. It is particularly...

In the United States, on April 1, 2014, the set of rules commonly known as the Volcker Rule, prohibiting proprietary trading activities in banks, became effective. The implementation of this rule took more than three years, as proprietary trading is an inherently vague concept, overlapping...

As Asia considers greater harmonization and integration of its financial systems, it would be well-advised to consider the experience of Europe, particularly the eurozone. There are many lessons to be drawn from Europe about how to implement such integration, mostly negative. It is particularly...

In the United States, on April 1, 2014, the set of rules commonly known as the Volcker Rule, prohibiting proprietary trading activities in banks, became effective. The implementation of this rule took more than three years, as proprietary trading is an inherently vague concept, overlapping...

The federal government's role as lender and insurer is very important, with over $1.4 trillion of loans and guarantees and at least $7 trillion of insured risk. Tens of millions of Americans benefit from housing loans, student loans, flood insurance, etc. Yet the federal financial institutions...

Since the financial crisis of 2007-2009, policymakers have debated the need for a new toolkit of cyclical "macroprudential" policies to constrain the build-up of risks in financial markets, for example, by dampening credit-fueled asset bubbles. These discussions tend to ignore America's long and...

In the United States, on April 1, 2014, the set of rules commonly known as the "Volcker Rule", prohibiting proprietary trading activities in banks, became effective. The implementation of this rule took more than three years, as "proprietary trading" is an inherently vague concept, overlapping...