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  • COVID-19
  • Financial Regulation
27 Aug 2020
3 min to read

Financial Stability, Resolution of Systemic Banking Crises and COVID-19: Toward an Appropriate Role for Public Support and Bailouts

Douglas W. Arner | Emilios Avgouleas | Evan C Gibson

Covid-19 is primarily a health and human crisis but is increasingly evolving also into an economic crisis. It is not yet a financial crisis; rather, so far the financial sector has been central to...

OBLB categories

  • COVID-19
  • Commercial Law
23 Jun 2020
4 min to read

Between Public and Private Interest: Insolvency of Significant Non-Financial Enterprises and Lessons from Bank Failures

Ilya Kokorin

At the moment insolvency law is experiencing fundamental transformations to counter the negative economic effects caused by the outbreak of COVID-19, to support businesses and to promote their...
Featured

OBLB categories

  • Financial Regulation
08 Jun 2020
4 min to read

Foundations of System-Wide Financial Stress Testing with Heterogeneous Institutions

Doyne Farmer | Alissa Kleinnijenhuis | Paul Nahai-Williamson | Thom Wetzer, Faculty of Law

In a highly connected financial system, seemingly localised shocks can be amplified and propagated to take on systemic importance. During the financial crisis from 2007-2009, problems that started in...

OBLB categories

  • Corporate Finance
  • Corporate Governance
  • Financial Regulation
  • M&A
05 Jun 2020
1 min to read

In Case You Don’t Want to Miss it: ‘Sustainability and Systemic Risk’ – LSE Conference

OBLB Editors

The LSE Systemic Risk Centre will be hosting an online public event via Zoom. The conference is organised by Eva Micheler (LSE Law, SRC), Jon Danielsson (LSE Finance, SRC) and JP Zigrand (LSE Finance...

OBLB categories

  • Corporate Finance
  • Corporate Governance
31 Mar 2020
2 min to read

Post–Crisis Corporate Culture and Governance In Banking

Anjan Thakor

The 2007-09 financial crisis exposed numerous vulnerabilities of the financial system stemming from unprecedented (idiosyncratic) failures within individual financial institutions that collectively...

OBLB categories

  • COVID-19
27 Mar 2020
6 min to read

Congress Should Endorse the Federal Reserve’s Extraordinary Measures

Kathryn Judge

The rapid spread of Covid-19 and massive change in behavior required to curb it have transformed the trajectory of the world’s economy. Just a few short weeks ago, the United States was basking in...

OBLB categories

  • Competition/ Antitrust
  • Corporate Finance
  • Financial Regulation
26 Mar 2020
4 min to read

Financial Operating Systems

Dirk A. Zetzsche | William A. Birdthistle | Douglas W. Arner | Ross P. Buckley

The impact of technology on finance (FinTech) is one of the hottest topics in business, law, and regulation, with academics and practitioners considering many issues, including cryptocurrencies, robo...

OBLB categories

  • Financial Regulation
12 Mar 2020
4 min to read

Avoiding the ‘Climate Lehman Moment’

Graham Steele

The recent stress in financial markets caused by the COVID-19 pandemic is an important reminder that shocks do not just come from sources that are endogenous to the financial system, as in the case...

OBLB categories

  • Financial Regulation
30 Jan 2020
4 min to read

Three Hidden Issues in the List of Global Systemically Important Banks

Katarzyna Parchimowicz

The Financial Stability Board (FSB), established in the aftermath of the crisis by the G20, is an international entity that issues standards regarding global financial system. Since 2011, every...

OBLB categories

  • Competition/ Antitrust
  • Corporate Finance
  • Corporate Governance
  • Financial Regulation
03 Dec 2019
3 min to read

Implications of Financial Artificial Intelligence

Tom Lin

Artificial intelligence has had a profound impact on finance. In the span of a few decades, it has made finance faster, more accessible, more profitable, and more efficient in many ways. Despite all...

OBLB categories

  • Corporate Governance
  • Financial Regulation
03 Jun 2019
4 min to read

Network-Sensitive Financial Regulation

Luca Enriques, Faculty of Law | Alessandro Romano | Thom Wetzer, Faculty of Law

Shocks that hit part of the financial system, such as the subprime mortgage market in 2007, can propagate and amplify through the complex network of interconnections among financial and non-financial...

OBLB categories

  • Commercial Law
  • Financial Regulation
14 Jan 2019

Border Problems in Fintech Regulation: the ‘Border’ between the ‘Real World’ and ‘Cyberspace’

Jason Grant Allen | Rosa María Lastra

Since the 1990s, the Internet has become the communications channel by which an increasing number of commercial and financial transactions take place. But already in the 1990s, it was clear that the...

OBLB categories

  • Financial Regulation
06 Dec 2018

The Unwise and Illegal Deregulation of Prudential Financial

Jeremy C. Kress

On October 18, federal regulators released the largest U.S. insurance group, Prudential Financial, Inc., from enhanced government oversight. Prudential had been the last remaining systemically...

OBLB categories

  • Financial Regulation
13 Sep 2018

Beyond Common Equity: The Influence of Secondary Capital on Bank Insolvency Risk

Thomas Conlon | John Cotter | Philip Molyneux

The regulatory requirement for banks to hold capital is related to the safety net afforded by (often implicit) government guarantees. Regulators are also concerned about the possibility of systemic...

OBLB categories

  • Financial Regulation
06 Mar 2018

The Regulation of Cryptocurrencies - Between a Currency and a Financial Product

Hadar Jabotinsky

As knowledge of cryptocurrencies becomes more widespread, the number of the people using them grows. Their attractiveness is due in part to their decentralized, peer-to-peer structure. This makes...

OBLB categories

  • Commercial Law
  • Corporate Finance
  • Corporate Governance
  • Financial Regulation
20 Feb 2018

Central Clearing of Financial Contracts: Theory and Regulatory Implications

Steven L. Schwarcz

Since the global financial crisis, an increasing number of countries, including the United States, have been requiring most derivatives contracts to be cleared and settled through central...
Featured

OBLB categories

  • Financial Regulation
09 Feb 2018

Central banks, systemic risk and financial sector structural reform

Saule Omarova

After the 2008 financial crisis, safeguarding financial stability became an integral part of central banks’ mandate, alongside their traditional task of ensuring monetary stability. The renewed...

OBLB categories

  • Financial Regulation
27 Apr 2017

Bank Networks and Systemic Risk: Lessons Learned from the National Banking Acts

Jessie Jiaxu Wang

The financial crisis of 2007-2009 showed how interconnectedness among financial institutions can pose systemic risk to the financial system. When a highly interconnected institution becomes...

OBLB categories

  • Corporate Finance
  • Financial Regulation
30 Mar 2017

The Impact of the Tax Benefits of Debt in the Capital Structure of Firms and the Stability of the Financial System

Aurelio Gurrea Martínez

In a seminal work, Modigliani and Miller pointed out that, in a world with no asymmetries of information, no transaction costs, no taxes and no costs of bankruptcy, the value of the firm is...

OBLB categories

  • Financial Regulation
16 Mar 2017

The Law and Economics of Shadow Banking

Hossein Nabilou | Alessio M. Pacces

In our recent ECGI-Law working paper, ‘The Law and Economics of Shadow Banking’, we discuss the economic case for regulating shadow banking. Our paper asks three questions. First, what is shadow...

OBLB categories

  • Financial Regulation
27 Feb 2017

The Renminbi and Systemic Risk

Chris Brummer

In a new working paper, ‘The Renminbi and Systemic Risk’, I argue that the internationalization of China’s currency, the renminbi (‘RMB’), is arising in ways that depart considerably from historical...

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