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Deregulating Wall Street

Author

Listed:
  • Matthew Richardson

    (Department of Finance, Stern School of Business, New York University, New York, NY 10012, USA)

  • Kermit L. Schoenholtz

    (Department of Economics, Stern School of Business, New York University, New York, NY 10012, USA)

  • Lawrence J. White

    (Department of Economics, Stern School of Business, New York University, New York, NY 10012, USA)

Abstract

We argue that implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act has contributed significantly to the reduction of systemic risk in the United States. However, Dodd-Frank also introduced burdensome rules that have little to do with systemic risk. This article evaluates the trade-off between capital regulation and regulation of scope in the context of Dodd-Frank, with a particular emphasis on the Volcker Rule. Recent regulatory reforms aimed at rolling back Dodd-Frank are evaluated and discussed.

Suggested Citation

  • Matthew Richardson & Kermit L. Schoenholtz & Lawrence J. White, 2018. "Deregulating Wall Street," Annual Review of Financial Economics, Annual Reviews, vol. 10(1), pages 199-217, November.
    • Handle: RePEc:anr:refeco:v:10:y:2018:p:199-217
    DOI: 10.1146/annurev-financial-110217-022513
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. The Costs of Inefficient Regulation: The Volcker Rule
      by Kim Schoenholtz in Money, Banking and Financial Markets on 2019-09-23 12:54:49

    Citations

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    Cited by:

    1. Alexander, Gordon J. & Baptista, Alexandre M. & Yan, Shu, 2021. "Regulation of bank proprietary trading post 2007–09 crisis: An examination of the Basel framework and Volcker rule," Journal of International Money and Finance, Elsevier, vol. 119(C).
    2. Natalya Zelenyuk & Robert Faff, 2022. "Effects of incentive pay on systemic risk: evidence from CEO compensation and CoVar," Empirical Economics, Springer, vol. 63(6), pages 3289-3311, December.

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