Policy and Regulation

Designating Bank SIFIs: An Arbitrary Threshold for Risk

11 Jun 2019

In response to the recent severe financial crisis and the worst recession since the Great Depression, the U.S. Congress enacted and President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) in July...

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James R. Barth and Moutusi Sau

11 Jun 2019

Report

Bank Competition and Opacity

11 Jun 2019

When banks manipulate financial statements to smooth earnings, circumvent capital requirements, and reduce taxes, investors are unable to accurately evaluate their performance. Bank opacity impedes sound governance and also hampers...

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Ross Levine, Liangliang Jiang, and Chen Lin

11 Jun 2019

Why a Commission for CFPB May Be in Agency's Best Interest

11 Jun 2019

Despite the House Financial Services Committee's passage of a bill to convert the Consumer Financial Protection Bureau's leadership structure from a single director to a commission, Democrats have largely opposed the bill. Industry...

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Report

Proxy Advisory Firms, Governance, Market Failure, and Regulation

11 Jun 2019

Proxy advisory firms have arisen due to market failures underlying voting and the broader system of corporate governance. However, proxy advisory firms, which are not subject to mandatory regulation, reflect market failures of their own...

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Report

Macroprudential Policy: Silver Bullet or Refighting the Last War?

11 Jun 2019

In the wake of the global financial crisis, policymakers, investors, and lenders analyzed the lead-up to the meltdown to see what changes could prevent another near-collapse. The result: a new focus on how macroprudential policy can reduce...

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Donald Markwardt, Keith Savard, and Claude Lopez

11 Jun 2019

Report

Trade Finance: A Catalyst for Growth in Asia

11 Jun 2019

While large businesses have resumed international trade at levels seen before the financial crisis, small- and medium-sized enterprises (SMEs) have not fared as well. For these firms — the backbone of economies everywhere — growth is...

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Stephen Lin, Jakob Wilhelmus , and Claude Lopez

11 Jun 2019

Report

California's Innovation-Based Economy: Policies to Maintain and Enhance It

10 Jun 2019

To maintain its leadership in innovation, California must provide a competitive business environment in which prospective and existing companies can conduct research. For this report, Milken Institute researchers conducted one of the most...

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Report

Rx for Innovation: Recommendations for the New Administration

6 Jun 2019

FasterCures wants President-elect Donald Trump to be ready to address biomedical innovation on day one. Biomedical innovation is vital to America's health and economic well-being. However, these benefits, and U.S. leadership in the life...

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Report

2016 California Summit Review: An Action Plan for Growth and Innovation

5 Jun 2019

The Milken Institute’s fourth annual California Summit provided an opportunity to assemble prominent state leaders in business, policy, philanthropy, and academia to address the issues facing the world’s seventh-largest economy and one of...

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Kevin Klowden, Jason Barrett , Carlo De La Cruz, Matt Horton, Sindhu Kubendran, and Donald Markwardt

5 Jun 2019

Containing Cacophonous Central Bankers Does Not Ensure Credible Policymaking

30 May 2019

Why are financial markets obsessed with reducing the “noise” surrounding central bank policy statements? That is because of the widespread belief that financial markets are more efficient in pricing assets when central bank actions are...

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