Financial Markets
Highly and preemptively regulated, financial markets are a sector of the economy where new firms and their products can find it hard to gain a foothold. It’s also one where politicians, regulators, and financial institutions increasingly use their power to change the behavior of individuals and businesses outside the democratic process. Mercatus research shows how to keep the sector competitive and innovative, focused on finance and not on social causes.
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Latest Work in Financial Markets
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More Bank Equity Means Less Reliance on Deposit Insurance
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Banking Is Slowly Getting Narrower — and Better | Bloomberg Opinion
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- | Expert Commentary Expert Commentary
So Which Is It: Too Much, Just Enough or Not Enough Bank Capital? | FinRegRag
- | Financial Markets Financial Markets
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The Paradox of Valuing Cryptocurrency in America | The Hill
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Historical Perspectives On the Size of Recent Bank Failures | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
The Fed’s Hard Look at Banks Comes Up Short | Barron's
- | Financial Markets Financial Markets
- | TV Appearance TV Appearance
The Real Estate Industry Is Under Deep Stress Right Now | Fox Business Network
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Confusion and Uncertainty About the Section 12(a)(2) Claim at Slack Oral Argument | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Knocking on the Central Bank’s Door | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
The New DAO Model: Legal Protections for Unincorporated For-profit Associations | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Playing Politics: Why Won’t the Federal Reserve Give Us the Unvarnished Truth About the Economy? | The Hill
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Safe Banks Require Harsh Discipline | Barron's
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
‘Air’ Is a Cautionary Tale About ESG | The Wall Street Journal
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Total Loss-absorbing Capacity: More Leverage Is No Solution | FinRegRag
- | Financial Markets Financial Markets
- | TV Appearance TV Appearance
Inflation Has To Be the First Priority for the Fed | CNBC's "Closing Bell"
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
What Should Taxpayers Expect From an Enhanced Federal Revenue Machine? | The Washington Examiner
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
The Adviser Custody Proposal Exceeds Several Restrictions on the SEC
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Annual Tariff Report Card Could Sort the Baptists From the Bootleggers | The Post and Courier (SC)
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
More Questions (And Document Requests) For Regulators in the Wake of SVB and Signature | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Operation Choke Point 2.0, Monopolistic Favoritism, or the Velocity of Money? | FinRegRag
Latest Work in Financial Markets
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
More Bank Equity Means Less Reliance on Deposit Insurance
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Banking Is Slowly Getting Narrower — and Better | Bloomberg Opinion
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
So Which Is It: Too Much, Just Enough or Not Enough Bank Capital? | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
The Paradox of Valuing Cryptocurrency in America | The Hill
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Historical Perspectives On the Size of Recent Bank Failures | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
The Fed’s Hard Look at Banks Comes Up Short | Barron's
- | Financial Markets Financial Markets
- | TV Appearance TV Appearance
The Real Estate Industry Is Under Deep Stress Right Now | Fox Business Network
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Confusion and Uncertainty About the Section 12(a)(2) Claim at Slack Oral Argument | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Knocking on the Central Bank’s Door | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
The New DAO Model: Legal Protections for Unincorporated For-profit Associations | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Playing Politics: Why Won’t the Federal Reserve Give Us the Unvarnished Truth About the Economy? | The Hill
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Safe Banks Require Harsh Discipline | Barron's
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
‘Air’ Is a Cautionary Tale About ESG | The Wall Street Journal
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Total Loss-absorbing Capacity: More Leverage Is No Solution | FinRegRag
- | Financial Markets Financial Markets
- | TV Appearance TV Appearance
Inflation Has To Be the First Priority for the Fed | CNBC's "Closing Bell"
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
What Should Taxpayers Expect From an Enhanced Federal Revenue Machine? | The Washington Examiner
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
The Adviser Custody Proposal Exceeds Several Restrictions on the SEC
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Annual Tariff Report Card Could Sort the Baptists From the Bootleggers | The Post and Courier (SC)
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
More Questions (And Document Requests) For Regulators in the Wake of SVB and Signature | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Operation Choke Point 2.0, Monopolistic Favoritism, or the Velocity of Money? | FinRegRag
Latest Work in Financial Markets
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
More Bank Equity Means Less Reliance on Deposit Insurance
- | Financial Markets Financial Markets
- | Working Papers Working Papers
Regulation, CDO Exposures, and Debt Guarantees through the Financial Crisis
- | Financial Markets Financial Markets
- | Working Papers Working Papers
Administrative Browbeating and Insurance Markets
- | Financial Markets Financial Markets
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Should the Securities and Exchange Commission Adopt a Mandatory ESG-Disclosure Framework?
- | Financial Markets Financial Markets
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A Suggested Mortgage Amortization Structure: Fixed Amortization, Adjustable Principal
- | Financial Markets Financial Markets
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Did Basel III Regulations Dampen Lending at Large Banks?
- | Financial Markets Financial Markets
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Does the SEC Have Legal Authority to Adopt Climate-Change Disclosure Rules?
- | Financial Markets Financial Markets
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Large Bank Holding Company Capital Ratios before and after Basel III
- | Regulation Regulation
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POLICY SPOTLIGHT: Fintech Sandboxes
Promoting Innovation, Encouraging Competition
- | International Freedom and Trade International Freedom and Trade
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Evaluating the Opportunity for US-UK Financial Services Trade Liberalization
- | Financial Markets Financial Markets
- | Working Papers Working Papers
Evidence on the Use of Disclosure Documents in Private Securities Offerings to Accredited Investors
- | Financial Markets Financial Markets
- | Working Papers Working Papers
Abandon the Concept of Accredited Investors in Private Securities Offerings
- | Financial Markets Financial Markets
- | Working Papers Working Papers
Rise of the "Quants" in Financial Services: Regulation and Crowding Out of Routine Jobs
- | Financial Markets Financial Markets
- | Working Papers Working Papers
On Regulation and Excess Reserves: The Case of Basel III
- | Regulation Regulation
- | Working Papers Working Papers
Is Dodd-Frank the Biggest Law Ever?
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Why Government Shouldn’t Regulate Reputation Risk at Banks
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Express Loans for Small Business: Supplementing the CARES Act
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Relief Fund Allocation Is No Place to Play Politics
- | Financial Markets Financial Markets
- | Working Papers Working Papers
The Sandbox Paradox: Balancing the Need to Facilitate Innovation with the Risk of Regulatory Privilege
Latest Work in Financial Markets
- | Financial Markets Financial Markets
- | TV Appearance TV Appearance
The Real Estate Industry Is Under Deep Stress Right Now | Fox Business Network
- | Financial Markets Financial Markets
- | TV Appearance TV Appearance
Inflation Has To Be the First Priority for the Fed | CNBC's "Closing Bell"
- | Financial Markets Financial Markets
- | TV Appearance TV Appearance
Regulators Should Be ‘Scrubbing’ Bank Portfolios | Bloomberg TV
- | Financial Markets Financial Markets
- | TV Appearance TV Appearance
Fed Must Stay the Course on Inflation, Says Former Kansas City Fed President | CNBC
- | Financial Markets Financial Markets
- | TV Appearance TV Appearance
The Fed To Meet This Week To Decide Possible Rate Hike | Fox Business Network
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- | TV Appearance TV Appearance
The Fed, SVB Crash, and More | Bloomberg TV
- | Financial Markets Financial Markets
- | Radio Appearance Radio Appearance
ECB Stays the Course Despite Bank and Investor Opposition | The John Batchelor Show
- | Financial Markets Financial Markets
- | Podcast Appearance Podcast Appearance
Taking a Closer Look at the Plumbing of the Financial System | Down the Middle with Danielle DiMartino Booth
- | Financial Markets Financial Markets
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- | Discourse Magazine Podcast Discourse Magazine Podcast
GameStop, Robinhood and the SEC
- | Financial Markets Financial Markets
- | Radio Appearance Radio Appearance
Brian Knight on Marketplace - Activist Banking
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Carolyn Sissoko on the Collateral Supply Effect and Other Concerns in the Money Market
The collateral supply channel has become very important part of the monetary policy transmission mechanism, and it deserves much heavier analysis.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Thomas Hoenig on Bank Capitalization and Fed Policy after COVID-19
As the economy recovers from the fallout of COVID-19, policymakers should consider committing to a long-term, systematic deleveraging of the banking sector.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Thomas Hoenig on the Federal Reserve and the State of Banking in the US

- | Financial Markets Financial Markets
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Aaron Klein on Real-Time Payments and Financial Regulation

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Andrew Park on Loans, the Financial System, and the Economy
A Macro Musings Transcript

- | Financial Markets Financial Markets
- | Mercatus Original Podcasts Mercatus Original Podcasts
Making US Capital Markets More Resilient

- | Financial Markets Financial Markets
- | Mercatus Original Podcasts Mercatus Original Podcasts
Preventing Bank Failures from Becoming Bank Crises

- | Financial Markets Financial Markets
- | TV Appearance TV Appearance
Veronique de Rugy on Fox Business' "Cavuto: Coast to Coast"
- | Financial Markets Financial Markets
- | TV Appearance TV Appearance
Veronique de Rugy talks about the Market Rally on Fox Business
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
The Plumbing of Monetary Policy
A Macro Musings Transcript

Latest Work in Financial Markets
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
The Adviser Custody Proposal Exceeds Several Restrictions on the SEC
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Adopting the Proposed Order Competition Rule Would Degrade Equity Markets for Retail Traders
- | Financial Markets Financial Markets
- | Federal Testimonies Federal Testimonies
Revamping and Revitalizing Banking in the 21st Century
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Principles for Climate-Related Financial Risk Management for Large Financial Institutions
- | Financial Markets Financial Markets
- | State Testimonies State Testimonies
A Universal Sandbox in Missouri Can Promote Innovation and Regulatory Reform
Missouri House Committee on Economic Development
- | Financial Markets Financial Markets
- | Federal Testimonies Federal Testimonies
Testimony on Workforce Management Disclosures and Other SEC Issues
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
ANPR Resolution-Related Resource Requirements for Large Banking Organizations
- | Financial Markets Financial Markets
- | State Testimonies State Testimonies
A Regulatory Sandbox in Ohio Can Promote Innovation and Regulatory Reform
Ohio House Financial Institutions Committee
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
The FDIC Should Restore the OSA or, at Minimum, Solicit Public Views before Regressing to the SARC
Guidelines for Appeals of Material Supervisory Determinations
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Market-Based Solutions Can Build Public Trust in Decentralized Finance
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Recommendations for Advancing US Competitiveness in the Global Digital Asset Sector
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
The FDIC Should Restore the OSA or, at Minimum, Solicit Public Views before Regressing to the SARC
- | Financial Markets Financial Markets
- | State Testimonies State Testimonies
Ohio Should Consider Creating Regulatory Sandboxes
Ohio House Financial Institutions Committee
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Adopting the SEC's Proposed Climate-Change Disclosure Rules Would Be Unwise
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Benefits, Costs, and Design Considerations of a Central Bank Digital Currency
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
The SEC Lacks Legal Authority to Adopt Climate-Change Disclosure Rules
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Considerations for the ATS Proposal
- | Financial Markets Financial Markets
- | State Testimonies State Testimonies
Maryland Should Consider Creating a Regulatory Sandbox
House Economic Matters Committee
- | Financial Markets Financial Markets
- | State Testimonies State Testimonies
Missouri Should Consider Creating a Regulatory Sandbox
Missouri House of Representatives, Committee on Economic Development
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Bank Instability Concerns Asset Risk and Leverage Rather Than Size
Latest Work in Financial Markets
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Banking Is Slowly Getting Narrower — and Better | Bloomberg Opinion
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
So Which Is It: Too Much, Just Enough or Not Enough Bank Capital? | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
The Paradox of Valuing Cryptocurrency in America | The Hill
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Historical Perspectives On the Size of Recent Bank Failures | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
The Fed’s Hard Look at Banks Comes Up Short | Barron's
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Confusion and Uncertainty About the Section 12(a)(2) Claim at Slack Oral Argument | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Knocking on the Central Bank’s Door | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
The New DAO Model: Legal Protections for Unincorporated For-profit Associations | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Playing Politics: Why Won’t the Federal Reserve Give Us the Unvarnished Truth About the Economy? | The Hill
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Safe Banks Require Harsh Discipline | Barron's
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
‘Air’ Is a Cautionary Tale About ESG | The Wall Street Journal
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Total Loss-absorbing Capacity: More Leverage Is No Solution | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
What Should Taxpayers Expect From an Enhanced Federal Revenue Machine? | The Washington Examiner
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Annual Tariff Report Card Could Sort the Baptists From the Bootleggers | The Post and Courier (SC)
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
More Questions (And Document Requests) For Regulators in the Wake of SVB and Signature | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Operation Choke Point 2.0, Monopolistic Favoritism, or the Velocity of Money? | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Some Suggestions on How to Make the Banking System More Strong, Competitive, and Abuse-resistant | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
The Silicon Valley Bank Crisis and the Waning Private Sector | The Hill
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Some Reasons to Not Raise the FDIC Insurance Cap, at Least Not Yet. | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary