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Toward A Legal Theory Of Finance, Katharina Pistor Nov 2012

Toward A Legal Theory Of Finance, Katharina Pistor

Katharina Pistor

This paper develops the building blocks for a legal theory of finance. LTF holds that financial markets are legally constructed and as such occupy an essentially hybrid place between state and market, public and private. At the same time, financial markets exhibit dynamics that frequently put them in direct tension with commitments enshrined in law or contracts. This is the case especially in times of financial crises when the full enforcement of legal commitments would result in the self-destruction of the financial system. This law-finance paradox tends to be resolved by suspending the full force of law where the survival …


Transparencia Y Anticorrupción, Primera Llamada De Peña, Norma E. Pimentel Sep 2012

Transparencia Y Anticorrupción, Primera Llamada De Peña, Norma E. Pimentel

Norma E Pimentel

No abstract provided.


Towards A New Transition Economics, Katharina Pistor Sep 2012

Towards A New Transition Economics, Katharina Pistor

Katharina Pistor

In these brief comments I take issue with the thesis expressed in Konstantin Sonin’s conference review that economic transition is a thing of the past. To the contrary, I argue that it has only just begun and so has the process of rethinking the economic theories and models that have framed the subfield of transition economics. Specifically, I point out that the many surprises economists have encountered when confronted with the actual results of the transition process reveal deeper flaws in the analytical framework that informs their analyses and policy prescriptions. If protecting theories and models is of first order …


El Derecho Al Trato Justo, A La Equidad Y A La Educación Financiera De Los Consumidores, Jose R. Nina Cuentas Jul 2012

El Derecho Al Trato Justo, A La Equidad Y A La Educación Financiera De Los Consumidores, Jose R. Nina Cuentas

Jose R. Nina Cuentas

Tema de Protección del Usuario Financiero en la Contratación de Créditos de Consumo.


On The Theoretical Foundations For Regulating Financial Markets, Katharina Pistor Jun 2012

On The Theoretical Foundations For Regulating Financial Markets, Katharina Pistor

Katharina Pistor

How we think about financial markets determines how we regulate them. Since the 1970s modern finance theory has shaped how we think about and regulate financial markets. It is based on the notion that markets are or can be made (more) efficient. Financial markets have been deregulated when they were thought to achieve efficient outcomes on their own; and regulation was designed to lend crutches to them when it appeared that they needed support. While modern finance theory has suffered some setbacks in the aftermath of the global crisis, defenders hold that improving market efficiency should still be the overriding …


Running In The Shadows, Joshua A. Craven Jun 2012

Running In The Shadows, Joshua A. Craven

joshua a craven

The financial crisis of 2007-2008 can be characterized as a run on the shadow banking system. Over several decades, the United States slowly and quietly developed a massive shadow banking system—a complex chain of borrowers and investors entering into repo agreements financed by money-market mutual funds and primary dealers, collateralized with asset-backed securities derived from mortgages originated by lenders and securitized through special purpose vehicles, then purchased by banks with capital raised by entering into repo agreements. For years, this chain of transactions operated to meet banks’ short-term liquidity needs, until uncertainty in the value of the asset-backed securities used …


El Rostro Público De La Propaganda Administrativa, Norma E. Pimentel May 2012

El Rostro Público De La Propaganda Administrativa, Norma E. Pimentel

Norma E Pimentel

No abstract provided.


Cuando La Educación Sea Diferente, Norma E. Pimentel May 2012

Cuando La Educación Sea Diferente, Norma E. Pimentel

Norma E Pimentel

No abstract provided.


¿Quién Fue El (La) Gran Ausente En El #Debate2012?, Norma E. Pimentel May 2012

¿Quién Fue El (La) Gran Ausente En El #Debate2012?, Norma E. Pimentel

Norma E Pimentel

Reflexión personal sobre el "debate" del día 06.05.2012


La Transparencia En La Protección De Datos Personales, Bruno L. Costantini García May 2012

La Transparencia En La Protección De Datos Personales, Bruno L. Costantini García

Bruno L. Costantini García

La Transparencia en la Protección de Datos Personales, ponencia elaborada dentro de los trabajos del VII Congreso Nacional de Organismos Públicos Autónomos (OPAM)


Celebrando Un Año Más Del Día Internacional Del Trabajo, Norma E. Pimentel May 2012

Celebrando Un Año Más Del Día Internacional Del Trabajo, Norma E. Pimentel

Norma E Pimentel

No abstract provided.


Construyendo Cultura De La Legalidad Y Participación Ciudadana, Norma E. Pimentel Apr 2012

Construyendo Cultura De La Legalidad Y Participación Ciudadana, Norma E. Pimentel

Norma E Pimentel

No abstract provided.


Las Leyes Como Parte Integrante Del Derecho, Norma E. Pimentel Apr 2012

Las Leyes Como Parte Integrante Del Derecho, Norma E. Pimentel

Norma E Pimentel

No abstract provided.


Real Vs. Imagined Financial Markets The Regulatory Challenge, Katharina Pistor Apr 2012

Real Vs. Imagined Financial Markets The Regulatory Challenge, Katharina Pistor

Katharina Pistor

We have grown accustomed to regulating financial markets based on imagined, not real markets. Real markets are shaped by and co-­‐evolve with institutional arrangements within two fundamental constraints: Imperfect knowledge and the threat of illiquidity. Imperfect knowledge implies that the future is unknown and unknowable and that, therefore, investment strategies developed today will need to be revised, if not reversed, when the future arrives. Illiquidity means that it is impossible to convert all claims into cash at any given moment. It follows that when far-­‐reaching downward adjustments to past investment strategies become necessary the illiquidity threat manifests itself and can …


Hablando Del Derecho Y Las Leyes, Norma E. Pimentel Mar 2012

Hablando Del Derecho Y Las Leyes, Norma E. Pimentel

Norma E Pimentel

No abstract provided.


Ante 74 Años De Petróleo Nacional, Norma E. Pimentel Mar 2012

Ante 74 Años De Petróleo Nacional, Norma E. Pimentel

Norma E Pimentel

No abstract provided.


The Alternative Forms Of Dispute Settlement And The Essential Difference Between These And Arbitration, Michael Diathesopoulos Mar 2012

The Alternative Forms Of Dispute Settlement And The Essential Difference Between These And Arbitration, Michael Diathesopoulos

Michael Diathesopoulos

The paper examines the characteristics of some common alternative forms of dispute settlement and their key differences from arbitration regarding their nature and scope. Its purpose is to explore each mechanism's suitability for specific types of disputes.


La Noción De Consumidor En El Código De Protección Y Defensa Del Consumidor, David García Mar 2012

La Noción De Consumidor En El Código De Protección Y Defensa Del Consumidor, David García

David García

This work contains a legal analysis of the notion of consumer in the Peruvian law


¿Transparencia En El Endeudamiento Público?, Norma E. Pimentel Mar 2012

¿Transparencia En El Endeudamiento Público?, Norma E. Pimentel

Norma E Pimentel

No abstract provided.


Las Pymes A Través Del Mercado De Valores En El Perú: Una Visión Comparada Con España, John Pineda Galarza Feb 2012

Las Pymes A Través Del Mercado De Valores En El Perú: Una Visión Comparada Con España, John Pineda Galarza

John Pineda Galarza

En el presente Working Paper se pone en evidencia el problema por el que atraviesan las medianas empresas, que como parte de su crecimiento en el mercado buscan una forma alternativa de financiación. En ese contexto, se plantea como alternativa al mercado bursátil a través de emisiones de Instrumentos de Corto Plazo; sin embargo, aunque a la fecha existen medianas empresas financiándose por esta modalidad aun no hay muchos inversionistas interesados en adquirir estos valores echando por tierra el tiempo e inversión realizada por estas empresas. En el presente artículo de investigación se analizan los principales problemas identificando a los …


Aspectos Generales Dela Publicidad En México. "La Publicidad De Productos, Servicios, Y Actividades Reguladas Por La Ley General De Salud", Bruno L. Costantini García Feb 2012

Aspectos Generales Dela Publicidad En México. "La Publicidad De Productos, Servicios, Y Actividades Reguladas Por La Ley General De Salud", Bruno L. Costantini García

Bruno L. Costantini García

Introducción a las generalidades de la regulación en materia de publicidad de insumos para el consumo humano (salud) en México.


Are Short Sellers Really The Enemy Of Efficient Securities Markets Or Are They Just Public Patsies?, Abel C. Ramirez Jr. Jan 2012

Are Short Sellers Really The Enemy Of Efficient Securities Markets Or Are They Just Public Patsies?, Abel C. Ramirez Jr.

Abel C Ramirez Jr.

When the 2008 global financial crisis caused the stock market to drastically decline, short selling generated intense political and economic scrutiny that negatively characterized the practice as a predatory scheme. When the 2008 global financial crisis caused the stock market to drastically decline, short selling generated intense political and economic scrutiny that negatively characterized the practice as a predatory scheme. As a legitimate investment strategy, short selling is a method by which investors can capitalize on over-valued stocks that decline – this is NOT the same as “contributing” to the stock’s decline, which short selling’s detractors might believe.


Cultura De La Legalidad. La Participación Ciudadana En La Transparencia, Norma E. Pimentel Jan 2012

Cultura De La Legalidad. La Participación Ciudadana En La Transparencia, Norma E. Pimentel

Norma E Pimentel

No abstract provided.


The Volcker Rule, Joshua A. Craven Jan 2012

The Volcker Rule, Joshua A. Craven

joshua a craven

No abstract provided.