This article describes the causes of the boom and bust in the U.S. housing market, which brought down not just the U.S. financial system but the global economy. How did this vicious cycle begin? How did home prices appreciate so far and so fast? Why did rational investors not recognize and stop...

This Foreword to a themed volume of the University of Miami Law Review relates the different contributions to the volume to emerging narratives of the financial crisis: monetary policy, deregulation, bad regulation, innovation run amok, and greed. It emphasizes how this crisis has been different...

The challenge of financial inclusion is among the most intractable policy problems in banking. Despite being the world’s wealthiest economy, many Americans are shut out of the financial system. Five percent of households lack a bank account, and an additional thirteen percent rely on expensive...