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Articles 1 - 14 of 14
Full-Text Articles in Law
The Global Corporate Minimum Tax And Mne Home Countries, Reuven S. Avi-Yonah
The Global Corporate Minimum Tax And Mne Home Countries, Reuven S. Avi-Yonah
Other Publications
This Perspective explores the implications for the home countries of large MNEs of the agreement reached by over 140 countries in 2021 to enact a corporate minimum tax of 15%. It argues that the corporate minimum tax complements the trend to reduce the negative impact of unfettered globalization on labor, and it protects the ability of home countries to finance a robust social safety net. Home countries should adopt the corporate minimum tax, and that includes the US, which last year failed to adapt its Global Intangible Low-Taxed Income approach to the corporate minimum tax.
Should Central Banks Use Distributed Ledger Technology And Digital Currencies To Advance Financial Inclusion?, Michael S. Barr, Adrienne A. Harris, Lev Menand, Karin Thrasher
Should Central Banks Use Distributed Ledger Technology And Digital Currencies To Advance Financial Inclusion?, Michael S. Barr, Adrienne A. Harris, Lev Menand, Karin Thrasher
Other Publications
This paper examines how central banks might use distributed ledger technology (“DLT”) to improve access to safe and affordable financial products and services. We consider how central banks might use DLT to advance objectives such as Anti-Money Laundering (“AML”) compliance and discuss both central bank digital currencies (“CBDC”) and private digital currencies. We consider implementation challenges for these new approaches relating to interoperability, privacy, and efficiency. We conclude that financial inclusion is far from an assured outcome: central banks must work to ensure that any new technologies they adopt or foster do not exclude marginalized groups and instead focus with …
Behavioral Finance Symposium Summary Paper, Michael S. Barr, Annabel Jouard, Andrew Norwich, Josh Wright, Katy Davis
Behavioral Finance Symposium Summary Paper, Michael S. Barr, Annabel Jouard, Andrew Norwich, Josh Wright, Katy Davis
Other Publications
On September 14-15, 2017, the University of Michigan’s Center on Finance, Law, and Policy and behavioral science research and design lab ideas42 brought together influential leaders from academia, government, nonprofits and the financial sector for a two-day symposium on behavioral finance. Behavioral finance is the study of how behavioral biases and tendencies affect financial decisions, and in turn how those impact financial markets.
Minority And Women Entrepreneurs: Building Capital, Networks, And Skills, Michael S. Barr
Minority And Women Entrepreneurs: Building Capital, Networks, And Skills, Michael S. Barr
Other Publications
The United States has an enviable entrepreneurial culture and a track record of building new companies. Yet new and small business owners often face particular challenges, including lack of access to capital, insufficient business networks for peer support, investment, and business opportunities, and the absence of the full range of essential skills necessary to lead a business to survive and grow. Women and minority entrepreneurs often face even greater obstacles. While business formation is, of course, primarily a matter for the private sector, public policy can and should encourage increased rates of entrepreneurship, and the capital, networks, and skills essential …
An Opt-Out Home Mortgage System, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
An Opt-Out Home Mortgage System, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
Other Publications
The current housing and financial crisis has led to significant congressional and executive action to manage the crisis and stem the harms from it, but the fundamental problems that caused the crisis remain largely unaddressed. The central features of the industrial organization of the mortgage market with its misaligned incentives, and the core psychological and behavioral phenomena that drive household financial decisionmaking remain. While the causes of the mortgage meltdown are myriad and the solutions likely to be multifaceted, a central problem that led to the crisis was that brokers and lenders offered loans that looked much less expensive and …
Issue Brief: Overcoming Legal Barriers To The Bulk Sale Of At-Risk Mortgages, Michael S. Barr, James A. Feldman
Issue Brief: Overcoming Legal Barriers To The Bulk Sale Of At-Risk Mortgages, Michael S. Barr, James A. Feldman
Other Publications
This memorandum argues that the sale of loans and loan pools to new owners would help to stabilize housing prices, and that such a modification to the REMIC rules would be desirable and well within Congress’ constitutional authority. Furthermore, it would not lead to successful legal claims by investors in securitized loan pools under the Just Compensation or Due Process clauses, which provide the primary constitutional protections for property interests.
Behaviorally Informed Financial Services Regulation, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
Behaviorally Informed Financial Services Regulation, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir
Other Publications
Financial services decisions can have enourmous consequences for household well-being. Households need a range of financial services - to conduct basic transactions, such as receiving their income, storing it, and paying bills; to save for emergency needs and long-term goals; to access credit; and to insure against life's key risks. But the financial services system is exceedingly complicated and often not well-designed to optimize house-hold behavior. In response to the complexity of out financial system, there has been a long running debate about the appropriate role and form of regulation. Regulation is largely stuck in two competing models - disclosure, …
Article 5 - Recent Developments, James J. White
Article 5 - Recent Developments, James J. White
Other Publications
I. Mitigation in Letter of Credit Transactions Assume a Buyer has procured a letter of credit to pay for contracted goods but no longer wants the goods. The Buyer and the Issuer would like to force the Beneficiary to mitigate. Assume that both the Issuer and Applicant repudiate their obligation or that the Applicant has failed and the Issuer repudiates its obligation to pay under the letter of credit. At the moment of repudiation the price for a gallon of the underlying oil that is the subject of the letter of credit is $.75 and that the letter of credit …
Letters Of Credit: Highlights Of Revised Article 5, Edwin E. Smith, James J. White
Letters Of Credit: Highlights Of Revised Article 5, Edwin E. Smith, James J. White
Other Publications
1. Under what circumstances is it bad faith for an issuer to honor a letter of credit in the face of an applicant's offer of proof of fraud by the beneficiary? 2. What is the issuer's obligation where there is a waiver by the applicant that the issue chooses not to honor? 3. What are the rights of transferees of transferable letters of credit and assigness of proceeds?
Article 5: Highlights Of The Proposed Revision, James J. White
Article 5: Highlights Of The Proposed Revision, James J. White
Other Publications
I. The Current Status of Article 5: Drafting, Approval and Promulgation--The Most Significant Changes or Clarifications -- II. The Most Contentious Issues in the Revision of Article 5 -- III. More Subtle Questions About Revised Article 5
Imposters And Fictitious Payees, James J. White
Imposters And Fictitious Payees, James J. White
Other Publications
Uniform Commercial Code section 3-405. I. Basic Liabilities II. Defense and Miscellaneous Issues
Checks Lost In The Collection Process, James J. White
Checks Lost In The Collection Process, James J. White
Other Publications
Given the millions of checks that are transferred among banks every year, the opportunity for loss and misplacement of such checks is enormous and the liabilities associated with such loss can be significant. This section deals with the collecting bank's liability for the check's loss before it is delivered to payer bank. If the payer bank receives and then loses the check, it will be subject to a different set of liabilities; those liabilities will be discussed elsewhere in the program.
Wrongful Dishonor, James J. White
Wrongful Dishonor, James J. White
Other Publications
Uniform Commercial Code section 4-402. I. Basic Liability II. Damages III. Miscellaneous Asides
Consumer Credit In The Ghetto: Ucc Free Entry Provisions And The Federal Trade Commission Study (Business In The Ghetto), James J. White
Consumer Credit In The Ghetto: Ucc Free Entry Provisions And The Federal Trade Commission Study (Business In The Ghetto), James J. White
Other Publications
Like the former speakers, I will not speak on the topic for which I was scheduled. Instead I am going to talk about two things which are not closely related to one another but which are both related to the profitability of the retail sale of goods and credit in the ghetto. I propose to leave the law on consumer credit to Mr. Dostert and Professor Hogan. First I wish to say a word on the so-called "free entry" aspects of the Uniform Consumer Credit Code; then I will comment on the Federal Trade Commission study.