The global financial crisis demonstrated the inability and unwillingness of financial market participants to safeguard the stability of the financial system. It also highlighted the enormous direct and indirect costs of addressing systemic crises after they have occurred, as opposed to...

This book chapter, which synthesizes several of the author's articles, attempts to provide useful perspectives on regulating systemic risk. First, it argues that systemic shocks are inevitable. Accordingly, regulation should be designed not only to try to reduce those shocks but also to protect...

There are few types of securities as internationally traded as those issued in securitization (also spelled securitisation) transactions. The post-financial crisis regulatory responses to securitization in the United States and Europe are, at least in part, political and ad hoc. To achieve a...

Although secured transactions traditionally are regulated to protect transacting parties and to make the transactions themselves more efficient, the financial crisis has revealed that regulation should also protect the stability of the financial system. This raises numerous future challenges....

As exemplified by the dramatic failure of AIG, insurance companies and their affiliates played a central role in the 2008 global financial crisis. It is therefore not surprising that the Dodd-Frank Act — the United States' primary legislative response to the crisis — contained an entire...

This brief essay attempts to integrate and critique the papers being published in a law-review symposium issue on “Securitization: 10 Years After the Financial Crisis.” In that process, the essay provides an overview of the current state of securitization, identifying securitization's abuses...

The COVID-19 pandemic has dramatically shown that a localized disease can be transmitted to the broader population, nationally and worldwide. This Article analyzes how to design regulation to help control that transmission. To that end, we first observe that existing healthcare regulation...

This is one of three lectures I am giving in December 2012 at universities and government agencies in Shanghai and Beijing. In the context of comparing Western and Chinese shadow banking concerns and regulatory responses, this lecture addresses three broad questions: What is shadow banking...