Debt capital markets : law, regulation, and policy /
This monograph deals with the law and regulation of debt capital markets. It explores in particular the role that these markets and products have in fuelling episodes of crisis and financial instability. The central argument proposed in this book is that instability in financial markets - culminatin...
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| Format: | eBook |
| Language: | English |
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Oxford :
Oxford University Press,
[2024]
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| Online Access: | Connect to the full text of this electronic book |
| Summary: | This monograph deals with the law and regulation of debt capital markets. It explores in particular the role that these markets and products have in fuelling episodes of crisis and financial instability. The central argument proposed in this book is that instability in financial markets - culminating with the global financial crisis of 2008 and resurfacing with urgency in 2020 - is the offspring of a process of transformation that started in the 1980s. The analysis in this book proceeds by charting the evolution of debt capital markets and their growth propelled by undisputed belief in neoclassical economics, and attendant assumptions of efficient markets. This orthodoxy in turn informed the changes that shaped, between the 1980s and 1990s, the regulatory edifice of capital markets. This book explains how this process of transformation and liberalization led to debt capital markets - from bonds to more sophisticated forms of securitized credit—becoming uncontrolled engines of private debt creation, excessive levels of leverage, and inevitably, financial instability. Ultimately, this book contends that the regulatory reactions engineered after the global financial crisis of 2008 have not gone far enough in re-evaluating those underlying beliefs and assumptions, which in fact are at the heart of current policies. As a result, debt capital markets remain the main locus of financial instability, and the financial system as a whole is as fragile and exposed to shocks as it was before 2008. |
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| Physical Description: | 1 online resource : illustrations. |
| Audience: | Specialized. |
| Bibliography: | Includes bibliographical references and index. |
| ISBN: | 9780191997020 0191997021 |