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Safety First: The Deceptive Allure of Full Reserve Banking
(University of Chicago Law Review Online, 2016)
In Safe Banking, Professor Adam Levitin joins a venerable tradition in the money and banking literature. That tradition, called full reserve banking, has claimed a number of illustrious supporters over the years, including ...
A Simpler Approach to Finance Reform
There is a growing consensus that new financial reform legislation may be in order. The Dodd-Frank Act of 2010, while well-intended, is now widely viewed to be at best insufficient, at worst a costly misfire. Members of ...
Money and (Shadow) Banking: A Thought Experiment
(Review of Banking & Financial Law, 2012)
This paper approaches the shadow banking problem from a monetary point of view. It does so by means of a simple thought experiment. The aim is to strip away the inessentials so as to reveal some of the basic legal-institutional ...
Money as Infrastructure
Traditional infrastructure regulation—the law of regulated industries—rests atop three pillars: rate regulation, entry restriction, and universal service. This mode of regulation has typically been applied to providers of ...