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Full-Text Articles in Law
Lincoln's Populist Sovereignty: Public Finance Of, By, And For The People, Timothy A. Canova
Lincoln's Populist Sovereignty: Public Finance Of, By, And For The People, Timothy A. Canova
Faculty Scholarship
No abstract provided.
The ‘Principles’ Paradox, Steven L. Schwarcz
The ‘Principles’ Paradox, Steven L. Schwarcz
Faculty Scholarship
This essay, prepared for a University of Cambridge conference on ‘Principles Versus Rules in Financial Regulation’, posits a new issue in that debate. Although principles-based regulation is thought to more closely achieve normative goals than rules, the extent to which that occurs can depend on the enforcement regime. A person who is subject to unpredictable liability is likely to hew to the most conservative interpretation of the principle, especially where that person would be a potential deep pocket in litigation. This creates a paradox: unless protected by a regime enabling one in good faith to exercise judgment without fear of …
Regulating Complexity In Financial Markets, Steven L. Schwarcz
Regulating Complexity In Financial Markets, Steven L. Schwarcz
Faculty Scholarship
As the financial crisis has tragically illustrated, the complexities of modern financial markets and investment securities can trigger systemic market failures. Addressing these complexities, this Article maintains, is perhaps the greatest financial-market challenge of the future. The Article first examines and explains the nature of these complexities. It then analyzes the regulatory and other steps that should be considered to reduce the potential for failure. Because complex financial markets resemble complex engineering systems, and failures in those markets have characteristics of failures in those systems, the Article‟s analysis draws on chaos theory and other approaches used to analyze complex engineering …
Peter Mieszkowski And The General Equilibrium Revolution In Public Finance, James R. Hines Jr.
Peter Mieszkowski And The General Equilibrium Revolution In Public Finance, James R. Hines Jr.
Articles
The importance of understanding the implications of general equilibrium is by now abundantly clear to researchers analyzing public fi nance issues. What is perhaps less apparent is that this was not always so. The study of public fi nance was radically transformed during the 15 years between 1959 and 1974 by the pioneering efforts of a small number of leading scholars, notably including Peter Mieszkowski. Thanks to their efforts, the analysis of applied problems in public finance moved from partial equilibrium to general equilibrium, providing the methods and insights that characterize modern public economics. The transformation began with the publication …
The Intellectual Foundations Of The Modern American Fiscal State, Ajay K. Mehrotra
The Intellectual Foundations Of The Modern American Fiscal State, Ajay K. Mehrotra
Articles by Maurer Faculty
No abstract provided.