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Articles 1 - 9 of 9
Full-Text Articles in Law
Market Collaboration: Finance, Culture, And Ethnography After Neoliberalism, Annelise Riles
Market Collaboration: Finance, Culture, And Ethnography After Neoliberalism, Annelise Riles
Cornell Law Faculty Publications
In the wake of the disasters of March 2011, financial regulators and financial-risk management experts in Japan expressed little hope that much could be done nor did they take great interest in defining possible policy interventions. This curious response to regulatory crisis coincided with a new fascination with culturalist explanations of financial markets, on the one hand, and a resort to what I term “data politics”—a politics of intensified data collection—on the other. In this article, I analyze these developments as being exemplary of a new regulatory moment characterized by a loss of faith in both free market regulation and …
Beyond Finance: Permissible Commercial Activities Of U.S. Financial Holding Companies, Saule T. Omarova
Beyond Finance: Permissible Commercial Activities Of U.S. Financial Holding Companies, Saule T. Omarova
Cornell Law Faculty Publications
!is essay explains the legal basis for, and examines public policy implications of, recent expansion of large U.S. financial holding companies’ non-financial business activities. Despite its potentially significant impact on economic growth and systemic stability, this phenomenon of financial conglomeration beyond finance remains poorly understood. Yet, any truly comprehensive and effective reform of financial services regulation must address public policy issues that arise when “too-big-to-fail” banks grow even bigger and more systemically significant by combining finance with commerce.
The Merchants Of Wall Street: Banking, Commerce, And Commodities, Saule T. Omarova
The Merchants Of Wall Street: Banking, Commerce, And Commodities, Saule T. Omarova
Cornell Law Faculty Publications
This Article explores the legal, regulatory, policy, and theoretical aspects of an ongoing transformation of large U.S. banking organizations into global merchants of physical commodities and energy. In the absence of detailed and reliable information, it is difficult to draw definitive conclusions as to the social efficiency and desirability of allowing this transformation to continue. What we can already ascertain about U.S. financial institutions' physical commodity assets and activities, however, raises potentially serious public policy concerns that must be addressed through a fully-informed public deliberation. Even if big U.S. FHCs were, in fact, to scale down their physical commodity operations …
Is New Governance The Ideal Architecture For Global Financial Regulation?, Annelise Riles
Is New Governance The Ideal Architecture For Global Financial Regulation?, Annelise Riles
Cornell Law Faculty Publications
A central challenge for international financial regulatory systems today is how to manage the impact of global systemically important financial institutions (G-SIFIs) on the global economy, given the interconnected and pluralistic nature of regulatory regimes. This paper focuses on the Financial Stability Board (FSB) and proposes a new research agenda for the FSB’s emerging regulatory forms. In particular, it examines the regulatory architecture of the New Governance (NG), a variety of approaches that are supposed to be more reflexive, collaborative, and experimental than traditional forms of governance. A preliminary conclusion is that NG tools may be effective in resolving some …
Debt, Deflation, And Debacle: Of Private Debt Write-Down And Public Recovery, Richard W. Vague, Robert C. Hockett
Debt, Deflation, And Debacle: Of Private Debt Write-Down And Public Recovery, Richard W. Vague, Robert C. Hockett
Cornell Law Faculty Publications
Most public discussion of the world’s continuing financial and macroeconomic troubles focuses rightly on debt. It focuses wrongly, however, on public debt. The real source of our ills is global-trade-related private debt overhang among millions of households below the top of the wealth distribution in the “developed” world. That is the provenance of both (a) the asset price bubbles and busts in whose aftermath we still struggle, and (b) the fact that we’re still struggling. Public sector debt growth in the developed world since 2009 is merely a symptom – the product of thus far failed treatment – of this …
Managing Regulatory Arbitrage: An Alternative To Harmonization, Annelise Riles
Managing Regulatory Arbitrage: An Alternative To Harmonization, Annelise Riles
Cornell Law Faculty Publications
This policy-oriented article argues for deploying conflict of laws doctrines as a tool of coordination in international financial governance.
Domestic Bank Regulation In A Global Environment - A Comparative Dialogue, Robert C. Hockett
Domestic Bank Regulation In A Global Environment - A Comparative Dialogue, Robert C. Hockett
Cornell Law Faculty Publications
No abstract provided.
Bretton Woods 1.0: A Constructive Retrieval For Sustainable Finance, Robert C. Hockett
Bretton Woods 1.0: A Constructive Retrieval For Sustainable Finance, Robert C. Hockett
Cornell Law Faculty Publications
Global trade imbalance and domestic financial fragility are intimately related. When a nation runs persistently massive current account deficits to maintain global liquidity as has the United States now for decades, its central bank effectively relinquishes exchange rate flexibility to become a de facto central bank to the world. That in turn prevents the bank from playing its essential credit-modulatory role at home, at least absent strict capital controls that are difficult to administer and have long been taboo. And this can in turn render credit-fueled asset price bubbles and busts all but impossible to prevent, irrespective of the nation's …
Paying Paul And Robbing No One: An Eminent Domain Solution For Underwater Mortgage Debt, Robert C. Hockett
Paying Paul And Robbing No One: An Eminent Domain Solution For Underwater Mortgage Debt, Robert C. Hockett
Cornell Law Faculty Publications
In the view of many analysts, the best way to assist “underwater” homeowners — those who owe more on their mortgages than their houses are worth — is to reduce the principal on their home loans. Yet in the case of privately securitized mortgages, such write-downs are almost impossible to carry out, since loan modifications on the scale necessitated by the housing market crash would require collective action by a multitude of geographically dispersed security holders. The solution, this study suggests, is for state and municipal governments to use their eminent domain powers to buy up and restructure underwater mortgages, …