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An argument that contagion is the most significant risk facing the financial system and that Dodd¬Frank has reduced the government's ability to respond effectively. The Dodd–Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd–Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis—that is, that financial institutions were overexposed to one another, resulting in a possible chain reaction of failures. In this book, Hal Scott argues that it is not connectedness but contagion that is the most significant element of systemic risk facing the financial s...
Analysing the emerging international legal framework governing financial institutions and markets, including monetary policies and monetary regulation, this book addresses the cross border issues that arise within this area. It highlights the lack of formal international law present, and shows how this contributed to the global financial crisis.
What should we do with teenagers who commit crimes? In this book, two leading scholars in law and adolescent development argue that juvenile justice should be grounded in the best available psychological science, which shows that adolescence is a distinctive state of cognitive and emotional development. Although adolescents are not children, they are also not fully responsible adults.
Common Market Law Reports provide up-to-date coverage of European Union case law. The reports keep readers fully informed of the latest developments by supplying reports from the European Court of Justice, the Court of First Instance, the European Commission, and national courts and tribunals
From 1716 to 1845, Scotland’s banks were among the most dynamic and resilient in Europe, effectively absorbing a series of adverse economic shocks that rocked financial markets in London and on the continent. Legislating Instability explains the seeming paradox that the Scottish banking system achieved this success without the government controls usually considered necessary for economic stability. Eighteenth-century Scottish banks operated in a regulatory vacuum: no central bank to act as lender of last resort, no monopoly on issuing currency, no legal requirements for maintaining capital reserves, and no formal limits on bank size. These conditions produced a remarkably robust banking sy...
The authors argue that the rules and practices of corporate law mimic contractual provisions that parties would reach if they bargained about every contingency at zero cost and flawlessly enforced their agreements. But bargaining and enforcement are costly, and corporate law provides the rules and an enforcement mechanism that govern relations among those who commit their capital to such ventures. The authors work out the reasons for supposing that this is the exclusive function of corporate law and the implications of this perspective.
This book examines the development of the theory and practice of constitutionalism, defined as a political system in which the coercive power of the state is controlled through a pluralistic distribution of political power. It explores the main venues of constitutional practice in ancient Athens, Republican Rome, Renaissance Venice, the Dutch Republic, seventeenth-century England, and eighteenth-century America. From its beginning in Polybius' interpretation of the classical concept of mixed government, the author traces the theory of constitutionalism through its late medieval appearance in the Conciliar Movement of church reform and in the Huguenot defense of minority rights. After noting its suppression with the emergence of the nation-state and the Bodinian doctrine of sovereignty, the author describes how constitutionalism was revived in the English conflict between king and Parliament in the early Stuart era, and how it has developed since then into the modern concept of constitutional democracy.
Pigeonholed in popular memory as a Jazz Age epicurean, a playboy, and an emblem of the Lost Generation, F. Scott Fitzgerald was at heart a moralist struck by the nation’s shifting mood and manners after World War I. In Paradise Lost, David Brown contends that Fitzgerald’s deepest allegiances were to a fading antebellum world he associated with his father’s Chesapeake Bay roots. Yet as a midwesterner, an Irish Catholic, and a perpetually in-debt author, he felt like an outsider in the haute bourgeoisie haunts of Lake Forest, Princeton, and Hollywood—places that left an indelible mark on his worldview. In this comprehensive biography, Brown reexamines Fitzgerald’s childhood, first lo...
This stunning photographic essay opens a new frontier for readers to explore through words and images. Microbial studies have clarified life’s origins on Earth, explained the functioning of ecosystems, and improved both crop yields and human health. Scott Chimileski and Roberto Kolter are expert guides to an invisible world waiting in plain sight.