Debt Capital Markets
Law, Regulation, and Policy
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47 775 Ft
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Product details:
- Publisher OUP Oxford
- Date of Publication 12 December 2024
- ISBN 9780198893257
- Binding Hardback
- No. of pages256 pages
- Size 240x162x20 mm
- Weight 556 g
- Language English 620
Categories
Short description:
A critical and detailed analysis of the evolution of the current law and regulation of debt capital markets both in the EU and globally.
MoreLong description:
Debt capital markets have been at the heart of regulatory and policy debates since the global financial crisis of 2008. In this work, Vincenzo Bavoso explores the role financial markets and products have in fuelling episodes of crises and financial instability.
Focussing on the law and regulation, but also drawing on current economics and finance scholarship, Debt Capital Markets examines both the pre-2008 regulatory environment, and the framework that has emerged from post-crisis regulatory corrections since. Charting the evolution of debt capital markets and the transformation and liberalisation of the financial markets throughout the 1980s and 1990s, the book outlines how debt capital markets - from bonds to more sophisticated forms of securitised credit - have become engines of private debt creation, excessive levels of leverage, and inevitably, financial instability. It covers all the main channels of debt intermediation in capital markets (bonds, commercial paper, covered bonds, securitisation, collateralised debt obligations, collateralised loan obligations), and explains relevant synergies with adjacent markets and products (such as credit derivatives, repurchase agreements, or FinTech lending).
Bavoso argues that the regulatory response after the 2008 global financial crisis has been insufficient so that debt capital markets remain the main locus of financial instability today. His book provides a complex analysis of financial markets that accounts for theoretical, practical, and regulatory aspects. It provides a multifaceted and contextual appraisal of the role of debt capital markets, together with the legal and regulatory challenges posed by their development.
Vincenzo Bavoso explores the origins of the rise of modern debt capital markets and the risks they pose to the financial system. He skilfully explains how substantial growth and innovation in debt capital markets contributed in Europe and the US to a highly-leveraged banking and financial system and how post-2008 regulatory reforms have not addressed the underlying systemic risks. His call for a redesign of capital markets regulation that moves away from the assumptions of efficient capital markets to a more realistic assessment of the market failures and financial stability risks caused by the growth of private debt in capital markets and its transmission through the shadow banking system will certainly draw the attention of regulators and policymakers. This book will lead the field in addressing the financial stability risks posed by debt capital markets.
Table of Contents:
Introduction
PART I?Theorising the development of debt capital markets
A historical overview of debt capital markets
The conceptual foundations of debt capital markets
PART II? Transactional dynamics and risks in debt capit al markets
Transactional dimensions of debt capital markets
Debt capital markets, the genesis of crises and the role of regulation
PART III? Understanding how debt capital markets are regulated
The regulatory framework of debt capital markets
Critiquing regulation and policy-making in debt capital markets
Muddling through crises: ways forward in debt capital markets
