Focusing More on Outputs and on Markets: What Financial Regulation Can Learn from Progress in Other Policy Areas

White, Lawrence J.

doi:10.2139/ssrn.947895

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Focusing More on Outputs and on Markets: What Financial Regulation Can Learn from Progress in Other Policy Areas

Networks Financial Institute Policy Brief No. 2006-PB-18

23 Pages Posted: 29 Nov 2006

See all articles by Lawrence J. White

Lawrence J. White

Stern School of Business, New York University; New York University (NYU) - Leonard N. Stern School of Business, Department of Economics

Date Written: November 2006

Abstract

This paper draws on the progress that has occurred in other areas of regulation - specifically, the cap-and-trade program to control SO2 emissions; spectrum auctions; and dedicated-access-privilege programs for fisheries - to suggest that financial regulation would benefit from an expanded focus on outputs and on markets.

Keywords: Financial regulation, command-and-control, technology standards, performance standards, cap-and-trade, auctions, dedicated access privilege

JEL Classification: G18, G28, G38

Suggested Citation: Suggested Citation

White, Lawrence J. and White, Lawrence J., Focusing More on Outputs and on Markets: What Financial Regulation Can Learn from Progress in Other Policy Areas (November 2006). Networks Financial Institute Policy Brief No. 2006-PB-18 , Available at SSRN: https://ssrn.com/abstract=947895 or http://dx.doi.org/10.2139/ssrn.947895