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Articles 1 - 4 of 4
Full-Text Articles in Banking and Finance Law
From The Fuggers To Justice Ginsburg, Nathan B. Oman
From The Fuggers To Justice Ginsburg, Nathan B. Oman
Nathan B. Oman
No abstract provided.
U.S. Tax Reform: Considerations For Service Members [Notes], Kan Samuel
U.S. Tax Reform: Considerations For Service Members [Notes], Kan Samuel
Faculty Scholarship
No abstract provided.
Law And The Blockchain, Usha Rodrigues
Law And The Blockchain, Usha Rodrigues
Scholarly Works
All contracts are necessarily incomplete. The inefficiencies of bargaining over every contingency, coupled with humans’ innate bounded rationality, mean that contracts cannot anticipate and address every potential eventuality. One role of law is to fill gaps in incomplete contracts with default rules. The blockchain is a distributed ledger that allows the cryptographic recording of transactions and permits “smart” contracts that self-execute automatically if their conditions are met. Because humans code the contracts of the blockchain, gaps in these contracts will arise. Yet in the world of “smart contracting” on the blockchain, there is no place for the law to step …
Negotiating The Lender Of Last Resort: The 1913 Federal Reserve Act As A Debate Over Credit Distribution, Nadav Orian Peer
Negotiating The Lender Of Last Resort: The 1913 Federal Reserve Act As A Debate Over Credit Distribution, Nadav Orian Peer
Publications
“Lending of last resort” is one of the key powers of central banks. As a lender of last resort, the Federal Reserve (the “Fed”) famously supports commercial banks facing distressed liquidity conditions, thereby mitigating destabilizing bank runs. Less famously, lender-of-last-resort powers also influence the distribution of credit among different groups in society and therefore have high stakes for economic inequality. The Fed’s role as a lender of last resort witnessed an unprecedented expansion during the 2007–2009 Crisis when the Fed invoked emergency powers to lend to a new set of borrowers known as “shadow banks”. The decision proved controversial and …