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A Simpler Approach to Finance Reform
(Regulation, 2013)
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 ...
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 ...
Information Asymmetries in Consumer Credit Markets
(American Economic Journal: Applied Economics, 2013)
This paper tests for incentive and selection effects in a subprime consumer credit market. We estimate the incentive effect of loan size on default using sharp discontinuities in loan eligibility rules. This allows us to ...
Regulation of Payday Loans
(Washington & Lee Law Review, 2012)
Since payday lenders came on the scene in 1990s, regulation of
their ')redatory" practices has been swift and often severe. Fourteen
states now ban payday loans outright. From an economist's
perspective, high-interest, ...
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
(2018)
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 ...