Systemic Risk, Institutional Design, and the Regulation of Financial Markets

Hardcover | December 31, 2016

EditorAnita Anand

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Following the recent financial crisis, regulators have been preoccupied with the concept of systemic risk in financial markets, believing that such risk could cause the markets that they oversee to implode. At the same time, they have demonstrated a certain inability to develop and implementcomprehensive policies to address systemic risk. This inability is due not only to the indeterminacy inherent in the term "systemic risk" but also to existing institutional structures which, because of their existing legal mandates, ultimately make it difficult to monitor and regulate systemic riskacross an entire economic system. Bringing together leading figures in the field of financial regulation, this collection of essays explores the related concepts of systemic risk and institutional design of financial markets, responding to a number of questions: In terms of systemic risk, what precisely is the problem and what canbe done about it? How should systemic risk be regulated? What should be the role of the central bank, banking authorities, and securities regulators? Should countries implement a macroprudential regulator? If not, how is macroprudential regulation to be addressed within their respective legislativeschemes? What policy mechanisms can be employed when developing regulation relating to financial markets? A significant and timely examination of one of the most intractable challenges posed to financial regulation.

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Following the recent financial crisis, regulators have been preoccupied with the concept of systemic risk in financial markets, believing that such risk could cause the markets that they oversee to implode. At the same time, they have demonstrated a certain inability to develop and implementcomprehensive policies to address systemic ri...

Anita Anand holds the J. R. Kimber Chair in Investor Protection and Corporate Governance. She is a professor of law at the University of Toronto and is cross-appointed to the School of Public Policy and Governance. She is the Academic Director of the Centre for the Legal Profession including its Program on Ethics in Law and Business. S...

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Format:HardcoverDimensions:240 pages, 9.21 × 6.14 × 0.98 inPublished:December 31, 2016Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198777620

ISBN - 13:9780198777625

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Table of Contents

1. Anita Anand, Michael Trebilcock, and Michael Rosenstock: Institutional Design and the New Systemic Risk in Banking Crises2. Steven L. Schwarcz: Perspectives on Regulating Systemic Risk3. Dan Awrey: Law, Financial Instability and the Institutional Structure of Financial Regulation4. Roberta Romano: Further Assessment of the Iron Law of Financial Regulation: A Postscript to Regulating in the Dark5. Edward M. Iacobucci: Reflections on Financial Crises, Regulation, and Sunsetting6. Weitseng Chen: China's Long March to Dismantling the Financial Great Wall: Renminbi Internationalization and Macroprudential Policy7. Rosa M. Lastra: Emergency Liquidity Assistance and Systemic Risk