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Full-Text Articles in Law
Protecting The Sovereign's Money Monopoly, Gary B. Gorton, Jeffery Zhang
Protecting The Sovereign's Money Monopoly, Gary B. Gorton, Jeffery Zhang
Articles
Sovereign states have held a monopoly over the production of circulating money for well over a century. Governments, not private entities, issue circulating money. The advent of stablecoins—privately issued digital money that can circulate—raises the question of the sovereign’s money monopoly from the grave. Should private money circulate alongside sovereign money in the twenty-first century? We argue against coexistence to preserve financial stability and monetary sovereignty.
Through the lens of economic theory, we explore the coexistence question by revisiting the original debates that led to the sovereign’s money monopoly in England, the United States, Canada, and Sweden. In each case, …
Fenceposts Without A Fence, Katherine E. Dr Lucido, Nicholas K. Tabor, Jeffery Y. Zhang
Fenceposts Without A Fence, Katherine E. Dr Lucido, Nicholas K. Tabor, Jeffery Y. Zhang
Articles
Banking organizations in the United States have long been subject to two broad categories of regulatory requirements. The first is permissive: a “positive” grant of rights and privileges, typically via a charter for a corporate entity, to engage in the business of banking. The second is restrictive: a “negative” set of conditions on those rights and privileges, limiting conduct and imposing a program of oversight and enforcement, by which the holder of that charter must abide. Together, these requirements form a legal cordon, or “regulatory perimeter,” around the U.S. banking sector.
Breaking Up Is Hard To Do: The Interconnection Problem In Financial Markets And Financial Regulation, A European (Banking) Union Perspective, Caroline Bradley
Breaking Up Is Hard To Do: The Interconnection Problem In Financial Markets And Financial Regulation, A European (Banking) Union Perspective, Caroline Bradley
Articles
No abstract provided.
Transparency Is The New Opacity: Constructing Final Regulation After The Crisis, Caroline Bradley
Transparency Is The New Opacity: Constructing Final Regulation After The Crisis, Caroline Bradley
Articles
No abstract provided.
Private International Law-Making For The Financial Markets, Caroline Bradley
Private International Law-Making For The Financial Markets, Caroline Bradley
Articles
No abstract provided.
The Separation Of Banking And Commerce Reconsidered, Stephen K. Halpert
The Separation Of Banking And Commerce Reconsidered, Stephen K. Halpert
Articles
No abstract provided.