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Beyond Macro-Prudential Regulation: Three Ways Of Thinking About Financial Crisis, Regulation And Reform, Tamara Lothian
Beyond Macro-Prudential Regulation: Three Ways Of Thinking About Financial Crisis, Regulation And Reform, Tamara Lothian
Tamara Lothian
This paper considers the debate about the "macro-prudential regulation" of finance in the context of a broader view of the relation of finance to the real economy. Five ideas are central to the argument. The first idea is that the two dominant families of ideas about finance and its regulation share a failure of institutional imagination. Neoclassical economists blame localized market and regulatory failures for the troubles of finance. Keynesians invoke the way in which the money economy may amplify cycles of despondency and euphoria. Neither current of thought recognizes that the institutions of finance in particular, and of the …
Rethinking Finance Through Law: A Theoretical Perspective, Tamara Lothian
Rethinking Finance Through Law: A Theoretical Perspective, Tamara Lothian
Tamara Lothian
Finance is traditionally studied by lawyers as well as by economists on the basis of the premise that a market economy has, at its core, a single natural and necessary institutional form, expressed, for example, in the basic rules and doctrines of contract and property. The literature about "varieties of capitalism" has proved insufficient to challenge this assumption. A corollary of this premise is the view that, barring particular market defects, a market economy can be counted on to channel the savings of society to its most efficient possible uses. The first task of regulation is supposedly to redress such …
O Passado E O Futuro Financeiro Dos Estados Unidos Da America: O Experimentalismo Americano Sem O Excepcionalismo Americano, Tamara Lothian
O Passado E O Futuro Financeiro Dos Estados Unidos Da America: O Experimentalismo Americano Sem O Excepcionalismo Americano, Tamara Lothian
Tamara Lothian
Este trabalho apresenta uma distincao entre a reforma regulatoria financeira e a reconstrucao institucional, e argumenta que os esforcos dos EUA e do outros paises para reformar a regulacao de financas podem e devem servir como um primeiro passo para a reconstrucao institucional. A crise financeira revelou uma serie de problemas que nao podem ser resolvidos atraves da simples regulacao. Tais problemas exigem inovacoes destinadas a reorganizar a relacao das financas com a economia real. Para isso, precisamos de uma pratica de analise juridica e economica atenta as realidades e possibilidades institucionais. Este trabalho exemplifica essa pratica no cenario da …