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Conference Paper
Comments on banking and commerce: lessons from Japan
Conference Paper
Policies to curb stock market volatility
Journal Article
Hedge funds and investor protection regulation
A recent Securities and Exchange Commission (SEC) ruling requiring hedge fund advisers to register with the SEC aims to foster conduct and compliance to better protect hedge fund investors. This article focuses on investor protection regulation, considering its goals and likely costs and benefits. After reviewing some alternative regulatory approaches, the author examines the current U.S. regulatory structure for hedge funds, which has, perhaps unwittingly, separated hedge fund investors into two distinct classes -- retail and wholesale -- defined by wealth levels. ; The SEC's recent ruling ...
Journal Article
The decline of traditional banking: implications for financial stability and regulatory policy
In recent years, the traditional business of banks--making long-term loans and funding them by issuing short--dated deposits-has declined. This development has raised concerns that more banks will fail or be forced to assume greater risk to remain profitable. This article first examines the economic forces responsible for banks' reduced role in financial intermediation. The authors then consider whether banks may be jeopardizing the stability of the financial system by extending riskier loans or engaging in derivatives dealing and other "nontraditional" financial activities that bring ...