Financial Regulation

Ester Faia holds the Chair in Monetary and Fiscal Policy at Goethe University, Frankfurt am Main, Germany, and is Program Director of the macro-finance area at the Research Center SAFE. Andreas Hackethal is Professor of Finance at Goethe University, Frankfurt am Main, Germany, where he is also Dean of the Faculty of Economics and Business Administration. Michael Haliassos holds the Chair of Macroeconomics and Finance at Goethe University Frankfurt, and is Director of the Center for Financial Studies and of the CEPR Network on Household Finance. Katja Langenbucher is Professor for Private Law, Corporate and Financial Law at Goethe University, Frankfurt am Main, Germany, and an affiliated professor of the Institut d'Etudes Politiques (SciencesPo), Paris.

Part I. Micro- and Macroprudential Regulation: 1. The road from micro-prudential to macro-prudential regulation Ester Faia and Isabel Schnabel; 2. Lessons from the European financial crisis Marco Pagano; 3. Bank stress tests as a policy tool: the European experience during the crisis Athanasios Orphanides; 4. Monetary policy in a Banking Union Frank Smets and Tobias Linzert; 5. Competition and state aid rules in the time of Banking Union Ignazio Angeloni and Niall Lenihan; 6. Bail-in clauses Jan Pieter Krahnen and Laura Moretti; 7. Shadow resolutions as a no-no in a Sound Banking Union Gerard Hertig and Luca Enriques; 8. A political economy perspective on common supervision in the Eurozone Tobias Tröger; Part II. Investor and Borrower Protection: 9. Keeping households out of financial trouble Michael Haliassos; 10. Financial market governance and consumer protection in the EU Niamh Moloney; 11. Financial advice Andreas Hackethal; 12. Regulation of financial institutions in the United States Howell Jackson; 13. Risk aversion and financial crisis Luigi Guiso; 14. Household finance and the law – a case study on economic transplants Katja Langenbucher.