Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Basel III (1)
- Central Banks (1)
- Domestic financial institutions (1)
- Economic democracy (1)
- Eminent domain (1)
-
- Financial Regulation (1)
- Financial democracy (1)
- GSEs (1)
- Government Sponsored Enterprises (1)
- Housing market crisis (1)
- Macroprudential Regulation (1)
- Monetary Policy (1)
- Mortgage-backed securities (1)
- Negative equity (1)
- Principal write-down (1)
- Private Law (1)
- Private-label securitization (1)
- Public/Private Divide (1)
- Soveign Wealth Funds (1)
- Underwater mortgages (1)
Articles 1 - 6 of 6
Full-Text Articles in Law
Insource The Shareholding Of Outsourced Employees: A Global Stock Ownership Plan, Robert C. Hockett
Insource The Shareholding Of Outsourced Employees: A Global Stock Ownership Plan, Robert C. Hockett
Robert C. Hockett
With the American economy stalled and another federal election campaign season well underway, the “outsourcing” of American jobs is again on the public agenda. Latest figures indicate not only that claims for joblessness benefits are up, but also that the rate of American job-exportation has more than doubled since the last electoral cycle. This year’s political candidates have been quick to take note. In consequence, more than at any time since the early 1990s, continued American participation in the World Trade Organization, in the North American Free Trade Agreement, and in the processes of global economic integration more generally appear …
Materializing Citizenship: Finance In A Producers' Republic, Robert C. Hockett
Materializing Citizenship: Finance In A Producers' Republic, Robert C. Hockett
Robert C. Hockett
This invited essay critically assesses a movement of which I consider myself to be part – the movement to “redemocratize” financial institutions in a manner that restores, to non-wealthy citizens, access to basic financial services comparable to those enjoyed by wealthy citizens. I argue that while financial redemocratization of this sort is necessary to the larger project from which it draws most of its meaning – viz that of redemocratizing access to the resources requisite to productive enterprise and meaningful citizenship more generally – it is far from sufficient to this task. We must therefore take special care not to …
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
Robert C. Hockett
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, …
“Private” Means To “Public” Ends: Governments As Market Actors, Robert C. Hockett, Saule T. Omarova
“Private” Means To “Public” Ends: Governments As Market Actors, Robert C. Hockett, Saule T. Omarova
Robert C. Hockett
Many people recognize that governments can play salutary roles in relation to markets by (a) “overseeing” market behavior from “above,” or (b) supplying foundational “rules of the game” from “below.” It is probably no accident that these widely recognized roles also sit comfortably with traditional conceptions of government and market, pursuant to which people tend categorically to distinguish between “public” and “private” spheres of activity. There is a third form of government action that receives less attention than forms (a) and (b), however, possibly owing in part to its straddling the traditional public/private divide. We call it the “government as …
The Macroprudential Turn: From Institutional “Safety And Soundness” To “Systemic Stability” In Financial Supervision, Robert C. Hockett
The Macroprudential Turn: From Institutional “Safety And Soundness” To “Systemic Stability” In Financial Supervision, Robert C. Hockett
Robert C. Hockett
This Working Paper is no longer available. The published version of this article is available at: http://scholarship.law.cornell.edu/facpub/1405/ Since the global financial dramas of 2008-09, authorities on financial regulation have come increasingly to counsel the inclusion of macroprudential policy instruments in the standard ‘toolkit’ of finance-regulatory measures employed by financial supervisors. The hallmark of this perspective is its focus not simply on the safety and soundness of individual financial institutions, as is characteristic of the traditional ‘microprudential’ perspective, but also on certain structural features of financial systems that can imperil such systems as wholes. Systemic ‘financial stability’ thus comes to supplement, …
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
Robert C. Hockett
No abstract provided.