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April 29, 2009

Financial Markets
A Systemic Regulator for Financial Markets

Overview Financial regulations in almost all countries are designed to ensure the soundness of individual institutions, principally commercial banks, against the risk of loss on their assets. This…

July 29, 2009

Financial Markets
Regulation of Retirement Saving

Overview Retirement saving is undergoing a fundamental change as employers shift from defined benefit pension plans to defined contribution plans, such as 401(k) accounts. Defined contribution pla…

February 22, 2010

Corporate Governance
Regulation of Executive Compensation in Financial Services

Overview Many people argue that inappropriate compensation policies in financial companies contributed to the global financial crisis. Some say the overall level of pay was too high. Others critic…

February 19, 2009

Financial Markets
A New Information Infrastructure for Financial Markets

Overview Information about prices and quantities of assets lies at the heart of well-functioning capital markets. In the current financial crisis, it has become clear that many important actors—bo…

April 1, 2009

Financial Markets
Reforming Capital Requirements for Financial Institutions

Overview This Working Paper, the second in a series from the Squam Lake Working Group distributed by the Center for Geoeconomic Studies, argues that regulators consider systemic effects when setti…

October 28, 2009

Economic Crises
Improving Resolution Options for Systemically Relevant Financial Institutions

Overview There are critical holes in the existing regulatory framework for handling large complex financial institutions that become impaired. This uncertainty makes it difficult for regulators to…

April 1, 2009

Economic Crises
An Expedited Resolution Mechanism for Distressed Financial Firms

Overview This Working Paper, the third in the Squam Lake Working Group series distributed by the Center for Geoeconomic Studies, recommends support for a new regulatory hybrid security that will e…

April 7, 2010

Economic Crises
Prime Brokers and Derivatives Dealers

Overview Runs by prime-brokerage clients and derivatives counterparties were a central cause of the global financial crisis. These runs precipitated the failures of Bear Stearns and Lehman Brother…

July 9, 2009

Financial Markets
Credit Default Swaps, Clearinghouses, and Exchanges

Overview Credit default swaps (CDS) are contracts that provide protection against the risk of default by borrowers. The buyer of the CDS makes periodic payments to the seller, and in return the bu…

May 26, 2009

Financial Markets
Reforming Global Finance: The Squam Lake Papers

Watch members of the Squam Lake Working Group on Financial Regulation, a collection of fifteen leading economists and academics, discuss their recommendations for reforming global capital markets.