The U.S. Constitution vests all the "legislative powers" it grants in Congress. The Supreme Court allows Congress to delegate some authority to executive officials provided an "intelligible principle" guides such transfers. Congress quickly wrote and enacted the Emergency Economic Stabilization...

Carr, Mathewson and Quigley (1995) (CMQ) introduce new archival evidence to challenge the hypothesis that Canadian banks enjoyed considerable capital forbearance during the 1930s (Kryzanowski and Roberts 1993) (KR). This note examines what the CMQ evidence has to tell us once opportunity-cost...

At the time they occurred, the savings and loan insolvencies were considered the worst financial crisis since the Great Depression. Contrary to what was then believed, and in sharp contrast with 2007-09, they in fact had little macroeconomic significance. S&L remediation cost between 2 and 3...

Islamic strictures require investors to share risks with the entrepreneurs they finance. Sukuk (Islamic securities) come mostly in two varieties, musharakah (basically a joint venture agreement) and ijarah (more like an operational lease agreement). Yet defaults did happen, even in the case of...