A Darwinian Perspective on the Evolution of Commercial Laws in Financial Crisis
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Published
Nov 14, 2019
Abstract
This research studies the evolution of commercial laws during financial crises and the reciprocal relationship between the development of commercial laws and financial and economic crises. The paper is divided into four sections. The first section offers an overview of the historical development of commercial laws in light of various financial crises, especially in the United States of America, since the beginning of the 20th century. The second section addresses the impact of the financial crisis that hits the world economy in 2008. It also looks at the legislative interventions of an economic nature. The third section deals with the legislative interventions in the United States of America, as a result of the financial crisis of 2008. It highlights the reforms that took place in the financial sector resulted in the introduction of one of the most current important legislation. This section also addresses the most important legislative objectives of the law of financial reform and then moves to the so-called “Volcker Rule”. Finally, this section reviews the legal framework of “Whistleblower Protection Policy”, and deals with the legal framework of systematic risk companies “Too Big to Fail”.
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Keywords
Commercial lawFinancial lawFinancial crisisEvolution of commercial lawsDodd-Frank Wall Street ReformVolcker RuleWhistleblower Protection PolicySystematic risk companies
References
أولًا: الكتب
1. Aronsohn, Jennifer, From Too big to Fail to Too Costly to Comply; A Closer Look at How Financial Regulations Have Changed the Industry Over Time, (Undergraduate Theses, School of Public and Environmental Affairs, Indiana University, Spring 2016).
2. Bernanke, Ben, The Federal Reserve and the Financial Crisis, Princeton University Press, 2013, Print, 1st ed.
3. Calomiris, Charles W., & White, Eugene N., “The Origins of Federal Deposit Insurance”, in: Goldin, Claudia & Libecap, Gary D. (editors), The Regulated Economy: A Historical Approach to Political Economy, University of Chicago Press, 1994, Print, 1st ed.
4. Coffee Jr., John, Sale, Hillary & Henderson, Todd. M., Securities regulation: Cases and materials, Foundation Press, 13th ed., 2015.
5. Drezner, Daniel W., The system worked: How the world stopped another great depression, Oxford University Press, 2014.
6. Galbraith, John Kenneth, The great crash 1929, Houghton Mifflin Harcourt, 2009.
7. Maramba, Kathrina, “The Dodd-Frank Act: Framing Financial Reform”, in: Candidacy for The Degree of Master of Arts Directed Research Project, The Faculty of The Public Communication Graduate Program, School Of Communication, American University Washington, D.C., April 2012.
8. Sobel, Robert, The great bull market: Wall Street in the 1920s, W.W. Norton & Company, 1968, Print, 1st ed.
9. Sorkin, Andrew R., Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save The Financial System and Themselves, New York: Viking, 2009, Print, 1st ed.
10. Stiglitz, Joseph, “Regulation and Failure”, in: Moss, David & Cisternino, John, New Perspectives on Regulation, Cambridge, MA: The Tobin Project, 2009, 11-23. Print, 1st ed.
ثانيًا: التقارير
1. Bank for International Settlements, OTC Derivatives Statistics at End-June 2015, Monetary and Economic Department, November 2015, Available at BIS website (Accessed: 8/13/2017, 1:20 PM).
2. Financial Services Compensation Scheme, Compensation Limits, (accessed: 8/13/2017, 11:49 AM).
3. Federal Deposit Insurance Corporation (FDIC), A Brief History of Deposit Insurance in the United States, Prepared for the International Conference on Deposit Insurance, FDIC publications, Washington, D.C., September 1998.
4. Federal Deposit Insurance Corporation (FDIC), Annual Report 2010, FDIC publications, Washington, D.C., 31 March 2011.
5. Hensarling, Jeb & Mchenry, Patrick, Failing to End “Too Big to Fail”; An Assessment of the Dodd-Frank Act Four Years Later, Report Prepared by the Republican Staff of the Committee on Financial Services, US House of Representatives, 113th Congress, Second Session, July 2014.
6. Morrison & Foerster Report, The Dodd-Frank Act: a Cheat Sheet, Morrison & Foerster publications, San Francisco, California, United States.
7. The Federal Reserve System, H.15 Selected Interest Rates: Effective Federal Funds Rate, Board of Governors of The Federal Reserve System (US), Last updated: 2017-08-01, (Accessed: 8/9/2017, 11:48 AM).
8. US Securities Exchange Commission, 2015 Annual Report to Congress on the Dodd-Frank Act Whistleblower Program, Office of the Whistleblower, Washington, D.C., 2015.
ثالثًا: الأبحاث والمقالات
1. Acharya, Viral V., et al., “Market failures and regulatory failures: Lessons from past and present financial crises”, ADBI Working Paper Series, Tokyo: Asian Development Bank Institute, No. 264, (2011).
2. Banner, Stuart, “What Causes New Securities Regulation? 300 Years of Evidence”, Washington University Law Review, Volume 75, No. 2, 1997, 849-855.
3. Bao, Jack, O’Hara, Maureen & Zhou, Xing, The Volcker Rule and Market-Making in Times of Stress, Board of Governors of the Federal Reserve System (US), FEDS Working Paper No. 2016-102, September 2016.
4. Baruch, Douglas W., & Barr, Nancy N., “The SEC’s Whistleblower Program: What the SEC Has Learned from the False Claims Act about Avoiding Whistleblower Abuses”, Harvard Business Law Review, Volume 2, Online 25 July 2011, 28-43.
5. Beachy, Ben, A Financial Crisis Manual: Causes, Consequences and Lessons of the Financial Crisis, Global Development and Environment Institute, Working Paper, No. 12-06, Tufts University, December 2012.
6. Benston, George J., “Required disclosure and the stock market: An evaluation of the Securities Exchange Act of 1934”, The American Economic Review, Volume 63, No. 1, 1973, 132-155.
7. Blundell-Wignall, Adrian, Atkinson, Paul E. & Lee, Se Hoon, “The Current Financial Crisis: Causes and Policy Issues”, OECD Journal: Financial Market Trends 2008, Volume 2, Paris, 2008.
8. Buenstorf, Guido & Fornahl, Dirk, “B2C-Bubble to Cluster: The Dot-Com Boom, Spin-Off Entrepreneurship, And Regional Agglomeration”, Journal of Evolutionary Economics, Volume 19, No. 3, Springer International Publishing, 2009, 349-378.
9. Chow, Julian T.S., & Surti, Jay, Making Banks Safer: Can Volcker and Vickers Do It?, IMF Working Paper Number WP/11/236, 2011.
10. Coates, David & Dickstein, Kara, “A tale of two cities: Financial meltdown and the Atlantic divide”, in: Casey T. (eds): The Legacy of the Crash- How the Financial Crisis Changed America and Britain, Palgrave Macmillan, London, 2011, 60-78. Print, 1st ed.
11. Coates, John C., The Volcker Rule as Structural Law: Implications for Cost-Benefit Analysis and Administrative Law, European Corporate Governance Institute, Working Paper Series in Law, No. 299/2015.
12. Coffee Jr., John, “What Went Wrong? A Tragedy in Three Acts”, University of St. Thomas Law Journal, Volume 6, Issue 2, No. 8, 2009, 403-420.
13. Coffee Jr., John, “The Political Economy of Dodd-Frank: Why Financial Reform Tends to be Frustrated and Systemic Risk Perpetuated”, Cornell Law Review, Volume 97, 2012.
14. Dam, Kenneth W., “The Subprime and Financial Regulation: International and Comparative Perspectives”, Chicago Journal of International Law, Volume 10, No. 2, Winter 2010.
15. Eberosle, Dave, “Blowing the Whistle on the Dodd-Frank Whistleblower Provisions”, Ohio State Entrepreneurial Business Law Journal, Volume 6, No. 1, 2011, 123-174.
16. Edmonds, Timothy, Financial Crisis Timeline, Parliament UK: House of Commons Briefing Paper, No. 04991, 12 April 2010.
17. Eubanks, Walter W., The European Union's Response to the 2007-2009 Financial Crisis, Volume 1, Congressional Research Service, Library of Congress, 2010.
18. Evanoff, Douglas D., & Moeller, William F., “Dodd-Frank: Content, Purpose, Implementation Status and Issues”, Economic Perspectives, Federal Reserve Bank of Chicago, Quarter 3, 2012, 75-84.
19. Goldstein, Morris & Veron, Nicolas, Too Big to Fail: The Transatlantic Debate, Bruegel Working Paper, Volume 3, (February 2011).
20. Kraay, Aart & Ventura, Jaume, “The Dot-Com Bubble, The Bush Deficits, And the US Current Account”, in: Clarida, Richard H. (editor): G7 Current Account Imbalances: Sustainability and Adjustment, National Bureau of Economic Research, Conference June 1-2, 2005, University of Chicago Press, 2007, Print, 1st ed. 457-496.
21. Lehman, Matthias, Volcker Rule, Ring-Fencing or Separation of Bank Activities: Comparison of Structural Reform Acts Around the World, LSE Law, Society and Economy, London School of Economics and Political Science, Working Paper No. 25, 2014.
22. Marshall, John, The financial Crisis in the US: Key Events, Causes and Responses, House of Commons Library, Research Paper 09/34, April 2009.
23. Nelder, Chris, “The "Big Three" Automakers Bailout”, Energy and Capital, Posted 19 November 2008 at 7:38 PM, (Accessed: 8/13/2017, 11:13 AM).
24. Romano, Roberta, Regulating in the Dark, Yale Law & Economics Research Paper, No. 442, Yale Law School John M. Olin Center for Studies in Law, 2011.
25. Skeel, David A. Jr., The New Financial Deal: Understanding the Dodd-Frank Act and its (Unintended) Consequences, Institute for Law and Economics, University of Pennsylvania, Research Paper No. 329, 2010.
26. Webel, Baird, Troubled Asset Relief Program (TARP): Implementation and Status, Congressional Research Service, June 2013.
27. Whitehead, Charles K., “The Volcker Rule and Evolving Financial Markets”, Harvard Business Law Review, Volume 1, 2011, 40-73.
1. Aronsohn, Jennifer, From Too big to Fail to Too Costly to Comply; A Closer Look at How Financial Regulations Have Changed the Industry Over Time, (Undergraduate Theses, School of Public and Environmental Affairs, Indiana University, Spring 2016).
2. Bernanke, Ben, The Federal Reserve and the Financial Crisis, Princeton University Press, 2013, Print, 1st ed.
3. Calomiris, Charles W., & White, Eugene N., “The Origins of Federal Deposit Insurance”, in: Goldin, Claudia & Libecap, Gary D. (editors), The Regulated Economy: A Historical Approach to Political Economy, University of Chicago Press, 1994, Print, 1st ed.
4. Coffee Jr., John, Sale, Hillary & Henderson, Todd. M., Securities regulation: Cases and materials, Foundation Press, 13th ed., 2015.
5. Drezner, Daniel W., The system worked: How the world stopped another great depression, Oxford University Press, 2014.
6. Galbraith, John Kenneth, The great crash 1929, Houghton Mifflin Harcourt, 2009.
7. Maramba, Kathrina, “The Dodd-Frank Act: Framing Financial Reform”, in: Candidacy for The Degree of Master of Arts Directed Research Project, The Faculty of The Public Communication Graduate Program, School Of Communication, American University Washington, D.C., April 2012.
8. Sobel, Robert, The great bull market: Wall Street in the 1920s, W.W. Norton & Company, 1968, Print, 1st ed.
9. Sorkin, Andrew R., Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save The Financial System and Themselves, New York: Viking, 2009, Print, 1st ed.
10. Stiglitz, Joseph, “Regulation and Failure”, in: Moss, David & Cisternino, John, New Perspectives on Regulation, Cambridge, MA: The Tobin Project, 2009, 11-23. Print, 1st ed.
ثانيًا: التقارير
1. Bank for International Settlements, OTC Derivatives Statistics at End-June 2015, Monetary and Economic Department, November 2015, Available at BIS website
2. Financial Services Compensation Scheme, Compensation Limits,
3. Federal Deposit Insurance Corporation (FDIC), A Brief History of Deposit Insurance in the United States, Prepared for the International Conference on Deposit Insurance, FDIC publications, Washington, D.C., September 1998.
4. Federal Deposit Insurance Corporation (FDIC), Annual Report 2010, FDIC publications, Washington, D.C., 31 March 2011.
5. Hensarling, Jeb & Mchenry, Patrick, Failing to End “Too Big to Fail”; An Assessment of the Dodd-Frank Act Four Years Later, Report Prepared by the Republican Staff of the Committee on Financial Services, US House of Representatives, 113th Congress, Second Session, July 2014.
6. Morrison & Foerster Report, The Dodd-Frank Act: a Cheat Sheet, Morrison & Foerster publications, San Francisco, California, United States.
7. The Federal Reserve System, H.15 Selected Interest Rates: Effective Federal Funds Rate, Board of Governors of The Federal Reserve System (US), Last updated: 2017-08-01,
8. US Securities Exchange Commission, 2015 Annual Report to Congress on the Dodd-Frank Act Whistleblower Program, Office of the Whistleblower, Washington, D.C., 2015.
ثالثًا: الأبحاث والمقالات
1. Acharya, Viral V., et al., “Market failures and regulatory failures: Lessons from past and present financial crises”, ADBI Working Paper Series, Tokyo: Asian Development Bank Institute, No. 264, (2011).
2. Banner, Stuart, “What Causes New Securities Regulation? 300 Years of Evidence”, Washington University Law Review, Volume 75, No. 2, 1997, 849-855.
3. Bao, Jack, O’Hara, Maureen & Zhou, Xing, The Volcker Rule and Market-Making in Times of Stress, Board of Governors of the Federal Reserve System (US), FEDS Working Paper No. 2016-102, September 2016.
4. Baruch, Douglas W., & Barr, Nancy N., “The SEC’s Whistleblower Program: What the SEC Has Learned from the False Claims Act about Avoiding Whistleblower Abuses”, Harvard Business Law Review, Volume 2, Online 25 July 2011, 28-43.
5. Beachy, Ben, A Financial Crisis Manual: Causes, Consequences and Lessons of the Financial Crisis, Global Development and Environment Institute, Working Paper, No. 12-06, Tufts University, December 2012.
6. Benston, George J., “Required disclosure and the stock market: An evaluation of the Securities Exchange Act of 1934”, The American Economic Review, Volume 63, No. 1, 1973, 132-155.
7. Blundell-Wignall, Adrian, Atkinson, Paul E. & Lee, Se Hoon, “The Current Financial Crisis: Causes and Policy Issues”, OECD Journal: Financial Market Trends 2008, Volume 2, Paris, 2008.
8. Buenstorf, Guido & Fornahl, Dirk, “B2C-Bubble to Cluster: The Dot-Com Boom, Spin-Off Entrepreneurship, And Regional Agglomeration”, Journal of Evolutionary Economics, Volume 19, No. 3, Springer International Publishing, 2009, 349-378.
9. Chow, Julian T.S., & Surti, Jay, Making Banks Safer: Can Volcker and Vickers Do It?, IMF Working Paper Number WP/11/236, 2011.
10. Coates, David & Dickstein, Kara, “A tale of two cities: Financial meltdown and the Atlantic divide”, in: Casey T. (eds): The Legacy of the Crash- How the Financial Crisis Changed America and Britain, Palgrave Macmillan, London, 2011, 60-78. Print, 1st ed.
11. Coates, John C., The Volcker Rule as Structural Law: Implications for Cost-Benefit Analysis and Administrative Law, European Corporate Governance Institute, Working Paper Series in Law, No. 299/2015.
12. Coffee Jr., John, “What Went Wrong? A Tragedy in Three Acts”, University of St. Thomas Law Journal, Volume 6, Issue 2, No. 8, 2009, 403-420.
13. Coffee Jr., John, “The Political Economy of Dodd-Frank: Why Financial Reform Tends to be Frustrated and Systemic Risk Perpetuated”, Cornell Law Review, Volume 97, 2012.
14. Dam, Kenneth W., “The Subprime and Financial Regulation: International and Comparative Perspectives”, Chicago Journal of International Law, Volume 10, No. 2, Winter 2010.
15. Eberosle, Dave, “Blowing the Whistle on the Dodd-Frank Whistleblower Provisions”, Ohio State Entrepreneurial Business Law Journal, Volume 6, No. 1, 2011, 123-174.
16. Edmonds, Timothy, Financial Crisis Timeline, Parliament UK: House of Commons Briefing Paper, No. 04991, 12 April 2010.
17. Eubanks, Walter W., The European Union's Response to the 2007-2009 Financial Crisis, Volume 1, Congressional Research Service, Library of Congress, 2010.
18. Evanoff, Douglas D., & Moeller, William F., “Dodd-Frank: Content, Purpose, Implementation Status and Issues”, Economic Perspectives, Federal Reserve Bank of Chicago, Quarter 3, 2012, 75-84.
19. Goldstein, Morris & Veron, Nicolas, Too Big to Fail: The Transatlantic Debate, Bruegel Working Paper, Volume 3, (February 2011).
20. Kraay, Aart & Ventura, Jaume, “The Dot-Com Bubble, The Bush Deficits, And the US Current Account”, in: Clarida, Richard H. (editor): G7 Current Account Imbalances: Sustainability and Adjustment, National Bureau of Economic Research, Conference June 1-2, 2005, University of Chicago Press, 2007, Print, 1st ed. 457-496.
21. Lehman, Matthias, Volcker Rule, Ring-Fencing or Separation of Bank Activities: Comparison of Structural Reform Acts Around the World, LSE Law, Society and Economy, London School of Economics and Political Science, Working Paper No. 25, 2014.
22. Marshall, John, The financial Crisis in the US: Key Events, Causes and Responses, House of Commons Library, Research Paper 09/34, April 2009.
23. Nelder, Chris, “The "Big Three" Automakers Bailout”, Energy and Capital, Posted 19 November 2008 at 7:38 PM,
24. Romano, Roberta, Regulating in the Dark, Yale Law & Economics Research Paper, No. 442, Yale Law School John M. Olin Center for Studies in Law, 2011.
25. Skeel, David A. Jr., The New Financial Deal: Understanding the Dodd-Frank Act and its (Unintended) Consequences, Institute for Law and Economics, University of Pennsylvania, Research Paper No. 329, 2010.
26. Webel, Baird, Troubled Asset Relief Program (TARP): Implementation and Status, Congressional Research Service, June 2013.
27. Whitehead, Charles K., “The Volcker Rule and Evolving Financial Markets”, Harvard Business Law Review, Volume 1, 2011, 40-73.
How to Cite
Al-Zumai , F. A. . (2019). A Darwinian Perspective on the Evolution of Commercial Laws in Financial Crisis. International Review of Law, 2018(2&3). https://doi.org/10.29117/irl.2018.0026
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