Oxford Business Law Blog

When it comes to responding to the coronavirus outbreak in the U.S., the Federal Reserve has emerged as one of the most active institutions at the national level. Its bold and timely interventions...

Shadow banking – now labeled as non-bank financial intermediation (NBFI) by the Financial Stability Board (FSB) – maneuvers outside of the realm of prudential banking regulation. NBFI entities often...

The death of the Glass-Steagall Act was the result of affirmative policy decisions by federal regulators and Congress. It was not the inevitable byproduct of market forces. Economic disruptions and...

In a new paper, ‘A Public Option for Bank Accounts (or Central Banking for All),’ we propose that the Federal Reserve (the ‘Fed’) offer bank account services to the general public and not just to...

The recent developments in European financial regulation might represent either an opportunity or an obstacle for microfinance institutions (MFIs), ie providers of small loans with frequent...

Since its launch in the early 2010s, China’s renminbi (‘RMB’) internationalization scheme (the ‘Scheme’) has made impressive progress internationally, as evidenced by IMF’s recent move to include RMB...

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...