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Risks, Rules, And Institutions: A Process For Reforming Financial Regulation, Saule Omarova, Adam Feibelman
Risks, Rules, And Institutions: A Process For Reforming Financial Regulation, Saule Omarova, Adam Feibelman
Saule T. Omarova
It is fair to say that reforming the regulation of the financial sector is currently one of the most hotly debated issues on the policymaking agenda. Proposals for such reform are proliferating, and the official sector appears committed to adopting at least some meaningful reforms in the near-term. Broadly speaking, this movement toward regulatory reform emphasizes the need for structural reforms, outlines specific rules and regulations targeting primarily the perceived causes of the current crisis, and is carried along by a strong sense of the moment. Rather than add to the body of institutional and substantive proposals, this Article articulates …
Bretton Woods 1.0: A Constructive Retrieval For Sustainable Finance, Robert Hockett
Bretton Woods 1.0: A Constructive Retrieval For Sustainable Finance, Robert Hockett
Robert C. Hockett
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 …