Credit as Contract

Understanding Money Markets

Sep 30, 2013

Overview

This seminar will examine the relationship between money markets, and contract and payments law. It will offer an historical and contemporary overview of different forms of financial instruments and the legal principles that have guided their evolution, as well as the evolution of their markets. Questions to be addressed include:

What is the function and design of money markets?

How are financial instruments - i.e. money, bonds and stocks - legally created and enforced?

How have financial instruments evolved over time, and what role has law played in that evolutionary process?

Participants

Speaker

Marshall Auerback

Director of Institutional Partnerships

Institute for New Economic Thinking

Speaker

Zoltan Poszar

Director

Department of Global Strategy and Research, Credit Suisse

Speaker

Joseph Sommer

Counsel

The Federal Reserve Bank of New York

Moderator

Jeffrey N. Gordon

Richard Paul Richman Professor of Law

Columbia Law School

Core Reading

Commentary: Where Is The Economic Analysis Of Payment Law?

Sommer, Joseph H.. “Commentary: Where is the Economic Analysis of Payment Law?” Chicago-Kent Law Review. 83.2 (2009).

Sommer Where is the Economic Analysis of Payment Law.pdf

Institutional Cash Pools And The Triffin Dilemma Of The U.S. Banking System

Pozsar, Zoltan Institutional Cash Pools and the Triffin Dilemma of the U.S. Banking System. Working Paper No. 11/190. International Monetary Fund, 2011.

Banks Running Wild: The Subversion Of Insurance By “Life Settlements” And Credit Default Swaps

Auerback, Marshall, and Randall L. Wray Banks Running Wild: The Subversion of Insurance By “Life Settlements” And Credit Default Swaps. Policy Note. Levy Economics Institute, 2009.

Auerback and Wray Banks Running Wild.pdf

Monetary Mechanics: A Financial View

Tymoigne, Éric Monetary Mechanics: A Financial View. Working Paper No. 799. Levy Economics Institute, 2014.

Tymoigne Monetary Mechanics.pdf