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Law, Bubbles and Financial Regulation

ISBN13: 9781138674394
Published: May 2016
Publisher: Routledge
Country of Publication: UK
Format: Paperback (Hardback in 2016)
Price: £46.99
Hardback edition , ISBN13 9780415779395

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This book aims to unpack the complex economic relationships between law, asset price bubbles and financial regulation. The failure to thoroughly understand these interactions has had severe consequences, as law has proven ill-equipped to prevent or mitigate financial crises caused by bubbles. Bubbles represent prolonged, but unsustainable booms in the price of assets, such as securities or real estate. They form due to herd behavior by investors and other economic feedback loops. These same feedback loops render financial regulations designed for normal market conditions ineffective or counterproductive.

Unpacking the interactions of bubbles and law reveals common threads among the epidemic of financial fraud in the Enron era, the subprime crisis, and previous financial crises throughout the world. A systematic examination of these interactions points to reforms for making regulation more effective and markets more stable.

Banking and Finance
1. The Economics of Bubbles
2. A Historical Overview of Asset Price Bubbles and Laws
3. Epidemics of Fraud and Bubbles: Explaining the Correlation
4. The Cycle of Regulation and De-Regulation
5. Laws Against Bubbles: An Appraisal
6. Law and Credit: Close Substitutes for Monetary Policy
7. Law, Risk-taking, and Resiliency from Collapsed Bubbles
8. Regulatory Boundaries and Regulatory Competition: Of Monocultures and Dominoes
9. Nonlinearity and Procyclicality
10. Conclusion: Towards More Robust Financial Regulation