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Secured Transactions and Financial Stability: Regulatory Challenges

SECURED TRANSACTIONS AND FINANCIAL STABILITY: REGULATORY CHALLENGES STEVEN L. SCHWARCZ 0 0 Stanley A. Star Professor of Law & Business, Duke University School of Law; Founding Director, Duke Global ... material risks. 16. Compare Steven L. Schwarcz, Regulating Complexity in Financial Markets, 87 WASH. U. L. REV. 211, 257 (2009) (arguing that, in theory, separation of origination and ownership should not

Rethinking Corporate Governance for a Bondholder Financed, Systemically Risky World

Financed, Systemically Risky World, 58 Wm. & Mary L. Rev. 1335 (2017), http://scholarship.law.wm.edu/wmlr/vol58/iss4/5 - Article 5 STEVEN L. SCHWARCZ* This Article makes two arguments that, combined ... interests into account. See Steven L. Schwarcz, Rethinking a Corporation’s Obligations to Creditors, 17 CARDOZO L. REV. 647, 665-69 (1996) [hereinafter Schwarcz, Rethinking a Corporation’s Obligations to

Changing Law to Address Changing Markets: A Consequence-Based Inquiry

NIKLAS LUHMANN, RISK: A SOCIOLOGICAL THEORY CHANGING LAW TO ADDRESS CHANGING MARKETS: A CONSEQUENCE-BASED INQUIRY STEVEN L. SCHWARCZ 0 1 0 This article is also available online at 1 Stanley A. Star ... public-interest private organizations. See supra note 113 and accompanying text. 132. See infra note 191 and accompanying text. 133. See, e.g., Steven L. Schwarcz, Systemic Risk, 97 GEO. L.J. 193, 204

Macroprudential Regulation of Mortgage Lending

Lending.” I also thank Theodore D. Edwards for excellent research assistance. 1. See Steven L. Schwarcz, Securitization, Structured Finance, and Covered Bonds, 39 J. CORP. L. 129, 130 (2013) (describing

Intrinsic Imbalance: The Impact of Income Disparity on Financial Regulation

INTRINSIC IMBALANCE: THE IMPACT OF INCOME DISPARITY ON FINANCIAL REGULATION STEVEN L. SCHWARCZ Oscar Wilde When I was young I thought that money was the most important thing in life; now that I am ... least as complex as financial regulation. - Copyright © 2015 by Steven L. Schwarcz. This article is also available at http://lcp.law.duke.edu/. * Stanley A. Star Professor of Law & Business, Duke

Bypassing Congress on Federal Debt: Executive Branch Options to Avoid Default

Kaplan and his colleagues at the Yale Journalon Regulation for excellent editing; and Sean S. Bach and Jonathan W. Rash for truly invaluable research assistance. I. Steven L. Schwarcz, Rollover Risk ... want to again create a debt-ceiling showdown. 87. See STEVEN L. SCHWARCZ ET AL., SECURITIZATION, STRUCTURED FINANCE AND CAPITAL MARKETS § 5.02, at 112-17 (4th ed. 2004). 88. Id. §5.02, at 117-27. A

Towards More Sustainable And Less Crisis-Driven Financial Regulation

- Article 4 KEYNOTE ADDRESS TOWARDS MORE CRISIS-DRIVEN SUSTAINABLE AND LESS FINANCIAL REGULATION STEVEN L. SCHWARCZ* INTRODUCTION Most regulatory reform after the global financial crisis represents ... pricing mortgage-backed securities off models that rely on past housing prices. 14. Iman Anabtawi & Steven L. Schwarcz, Regulating Systemic Risk: Towards an Analytical Framework, 86 NOTRE DAME L. REV. 1349

Foreword

. Steven L. Schwarcz, Regulating Complexity in Financial Markets, 87 WASH. U. L. REV. 211, iv to explain why “Congress . . . tends to delegate to financial [regulatory] agencies significant, core questions ... ); Steven L. Schwarcz, Protecting Financial Markets: Lessons from the Subprime Mortgage Meltdown, 93 MINN. L. REV. 373, 405 (2008). 29. Barr, supra note 2, at 120. 30. Id. Cf. supra note 22 and accompanying

The Bankruptcy-Law Safe Harbor for Derivatives: A Path-Dependence Analysis

- Dependence Analysis, 71 Wash. & Lee L. Rev. 1715, 2014 1 Duke University School of Law 2 Steven L. Schwarcz Duke University School of Law 3 Thi s Article is brought to you for free and open access by the Law

Lawyers in the Shadows: The Transactional Lawyer in a World of Shadow Banking

SHADOWS: THE TRANSACTIONAL LAWYER IN A WORLD OF SHADOW BANKING* STEVEN L. SCHWARCZ** This article examines how the role of transactional lawyers should change in the new world of shadow banking. Although ... financial disintermediation world is a has been rapidly changing, and key feature of that change. * Copyright © 2013 by Steven L. Schwarcz. This article, which is an expanded version of the author’s Keynote

Regulating Shadows: Financial Regulation and Responsibility Failure

Responsibility Failure Steven L. Schwarcz* In the modern financial architecture, financial services and products increasingly are provided outside of the traditional banking system—and thus without the need for

Framing Address: A Framework for Analyzing Financial Market Transformation

. Steven L. Schwarcz, Disintermediating Avarice: A Legal Framework for Commercially Sustainable Microfinance, 11 U. ILL. L. REV. 1165, 1169 n.19 (2011). 11. The amount of outstanding domestic debt ... Anabtawi & Steven L. Schwarcz, Regulating Systemic Risk: Towards an Analytical Framework, 86 NOTRE DAME L. REV. 1349, 1366–68, 1386–89 (2011); Geoffrey P. Miller & Gerald Rosenfeld, Intellectual Hazard: How

Marginalizing Risk

Washington University Law Review by an authorized administrator of Washington University Open Scholarship. For more information , please contact , USA VOLUME 89 NUMBER 3 2012 STEVEN L. SCHWARCZ A major ... , complacency, complexity, and a type of tragedy of the commons. See Steven L. Schwarcz, Protecting Financial Markets: Lessons from the Subprime Mortgage Meltdown, 93 MINN. L. REV. 373 (2008); Steven L. Schwarcz

The Custom-to-Failure Cycle

Center 1 Copyright © 2012 by Steven L. Schwarcz and Lucy Chang In areas of complexity, people often rely on heuristics-by which we broadly mean simplifications of reality that allow people to make ... heuristics. For further information on such biases, see generally, for example, NASSIM NICHOLAS TALEB, THE BLACK SWAN (2007); and Iman Anabtawi & Steven L. Schwarcz, Regulating Systemic Risk: Towards an

Compensating Market Value Losses: Rethinking the Theory of Damages in a Market Economy

Formerly University of Florida Law Review VOLUME 63 SEPTEMBER 2011 NUMBER 5 COMPENSATING MARKET VALUE LOSSES: RETHINKING THE THEORY OF DAMAGES IN A MARKET ECONOMY Steven L. Schwarcz* The BP Deepwater ... financial instruments). 13. 716 F. Supp. 1504 (S.D.N.Y. 1989). 14. For a description of how bond ratings are structured, see Steven L. Schwarcz, Private Ordering of Public Markets: The Rating Agency Paradox

Compensating Market Value Losses: Rethinking the Theory of Damages in a Market Economy

Formerly University of Florida Law Review VOLUME 63 SEPTEMBER 2011 NUMBER 5 COMPENSATING MARKET VALUE LOSSES: RETHINKING THE THEORY OF DAMAGES IN A MARKET ECONOMY Steven L. Schwarcz* The BP Deepwater ... financial instruments). 13. 716 F. Supp. 1504 (S.D.N.Y. 1989). 14. For a description of how bond ratings are structured, see Steven L. Schwarcz, Private Ordering of Public Markets: The Rating Agency Paradox

Financial Industry Self-Regulation: Aspiration and Reality

In response to Saule T. Omarova, Wall Street as Community of Fate: To- ward Financial Industry Self-Regulation FINANCIAL INDUSTRY SELF-REGULATION: ASPIRATION AND REALITY STEVEN L. SCHWARCZ 0 2 0 ... “[r]esearch has shown that selfregulatory initiatives tend to fail in the absence of external deterrence pressures like the possibility of sanctions”), with Steven L. Schwarcz, Sovereign Debt

Regulating Complexity in Financial Markets

REGULATING COMPLEXITY IN FINANCIAL MARKETS  STEVEN L. SCHWARCZ As the financial crisis has tragically illustrated, the complexities of modern financial markets and investment securities can trigger ... Steven L. Schwarcz. An early draft of this Article was titled Complexity as a Catalyst of Market Failure.  Stanley A. Star Professor of Law & Business, Duke University School of Law; Founding/Co

Conflicts and Financial Collapse: The Problem of Secondary-Management Agency Costs

causes of failure indicated infra note 2 and accompanying text), systemic risk is theoretically possible. Steven L. Schwarcz, Understandingthe 'Subprime' Financial Crisis, 60 S.C. L. REv. (forthcoming 2009 ... ), available at http://papers.ssm.com/sol3/papers.cftn?abstract_id=1288687 [hereinafter Schwarcz, Understandingthe 'Subprime' FinancialCrisis]. For a general analysis of systemic risk, see Steven L. Schwarcz

SMU Dedman School of Law Roy R. Ray Lecture Markets, Systemic Risk, and the Subprime Mortgage Crisis

Steven L. Schwarcz. This Essay is based on the author's Roy R. Ray Lecture at the Southern Methodist University Dedman School of Law delivered on March 25, 2008. Parts of the essay also derive from the ... ). 12. WESLEY B. TRUIrTT, THE CORPORATION 107-09 (2006); Steven L. Schwarcz, Enron and the Use and Abuse of Special Purpose Entities in CorporateStructures, 70 U. CIN. L. REV. 1309, 1315 (2002). 13. See