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Innovation-Framing Regulation

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  • Cristie Ford

Abstract

This article provides insights into the effective regulation of private sector innovation. It coins a term—“innovation-framing regulation†—to describe a particular quality of much of financial regulation in the recent era. It sketches a particular financial innovation (securitization and the marketing of securitized assets on derivatives markets), and describes three regulatory interactions having to do with that innovation. I identify three key assumptions that are ripe for re-evaluation: the notion that private sector innovation is beneficial, virtually by definition; the assumption that the regulatory moment is the crucial moment in regulatory design; and the belief that regulation somehow sits outside innovation and can be untouched by it. I argue that effective regulation of private sector innovation requires a clearer and more nuanced understanding of innovation, and engagement with the normative choices underpinning innovation-framing regulation.

Suggested Citation

  • Cristie Ford, 2013. "Innovation-Framing Regulation," The ANNALS of the American Academy of Political and Social Science, , vol. 649(1), pages 76-97, September.
    • Handle: RePEc:sae:anname:v:649:y:2013:i:1:p:76-97
    DOI: 10.1177/0002716213489249
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    References listed on IDEAS

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