Law Bubbles and Financial Regulation 1st Edition by Erik Gerding 0415779391 9780415779395

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ISBN 10: 0415779391

ISBN 13: 9780415779395

Author: Erik F. Gerding

Financial regulation can fail when it is needed the most. The dynamics of asset price bubbles weaken financial regulation just as financial markets begin to overheat and the risk of crisis spikes. At the same time, the failure of financial regulations adds further fuel to a bubble. This book examines the interaction of bubbles and financial regulation. It explores the ways in which bubbles lead to the failure of financial regulation by outlining five dynamics, which it collectively labels the “Regulatory Instability Hypothesis.” . The book concludes by outlining approaches to make financial regulation more resilient to these dynamics that undermine law.

Law Bubbles and Financial Regulation 1st Table of contents:

Part I The economics and legal history of bubbles
1 The economics of bubbles
Notes
2 A legal history of bubbles
Lax Antitrust Enforcement and the Rise of Utility Holding Companies
Changes in Banking Laws Facilitate Real Estate Lending and Securities Activities
Regulating Banks in the Sunshine State
Building and Loan Associations, Mortgage-Backed Securities, and the Real Estate Boom
Stock Market: Margin Loans and Manipulation
Conclusion
Appendix
Notes

Part II The Regulatory Instability Hypothesis
3 Boom, bust, and the regulatory stimulus cycle in financial markets
Shocks and the Interest Group Equilibrium
The Corporate Form in the Political Marketplace
If You Can’t Beat ‘Em: Financial Industry Consolidation and Liberalization
No Cohesive Opposition: Consumers and Retail Investors
The Special Case of Financial Institution Regulation
The Structure of Administrative Law
Cost–Benefit Analysis, Prophylactic Rules, and Uncertainty
Booming Markets, Rising Tides, and Expanding Pies
More Boom, More Interest Group Purchasing Power
Information Asymmetries
Revolving Doors and Expanding the Concept of Capture
The Cost of Opposing Regulatory Stimulus
Rationally Discounting the Risk of Being Blamed for a Crisis
Causal Complexity, Collective Action, and the Selfless Regulator
Regulatory Arbitrage and Deregulation
A behavioral model: disaster myopia and other biases
Shifting ideologies and norms: market booms and soft capture
Notes

4 Epidemics of fraud and compliance rot
Notes

5 Regulatory arbitrage frenzies and the hydraulics of investor demand
Notes

6 Deregulation and regulatory arbitrage spirals: A dance for two
Notes

7 Procyclical regulation and herd-promoting regulation
Notes

Part III Fighting bubbles, feeding bubbles
8 Anti-bubble laws
Notes

9 Credit and leverage: The monetary dimension of financial regulation
Notes

Part IV The panic of 2007–2008 as master class in regulatory instability: The shadow banking bubble
10 The shadow banking system: A thumbnail sketch
Notes

11 “Lawyers, runs, and money”: The rise and collapse of shadow banking
Permitting Banks to Invest in Mortgage-Backed Securities
Permitting Banks to Issue and Deal in Mortgage-Backed Securities
Non-Consolidation
Valuing of Residual Interests
Timing and “Window Dressing”
Money: the emergence of a shadow monetary transmission belt, financial regulation, and herding
Runs: the collapse and rescue of shadow banking
Targeted Interventions: Customized Lending and Guarantee Facilities
Broader Facilities to Entire Shadow Banking Markets
Lessons
Notes

Part V Lessons and solutions
12 Conclusion: Adaptive laws and channeling politics: designing robust regulations and institutions
Notes

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Tags: Erik Gerding, Bubbles, Law, Financial