Robert C. Hockett & Saule T. Omarova
Much American electoral and policy debate now centers on how best to reignite the nation's economic dynamism and rebuild its competitive strength.
More “Current Scholarship
Private Wealth and Public Goods: A Case for a National Investment Authority”
November 19, 2020
Saule T. Omarova, Cornell Law School
The COVID pandemic gave a renewed sense of urgency to the idea of offering every American household and business a free digital-dollar deposit account
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S. Omarova, The Other Half of the FedAccounts Plan: What Happens on the Asset Side of the Fed’s Ledger?”
Saule T. Omarova, Cornell Law School
The COVID-19 crisis forcefully underscored the urgency of digitizing sovereign money and ensuring broad access to affordable banking services.
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The People’s Ledger: How to Democratize Money and Finance the Economy”
Contributors: Katharina Pistor, James McAndrews, Saule Omarova, Mark Blyth, Jamee Moudud, Elham Saeidinezhad, Dan Awrey, Fadhel Kaboub, Leah Downey, Virginia France, Lev Menand, Nadav Orian Peer, Robert Hockett, Carolyn Sissoko, Jens van 't Klooster, Oscar Perry Abello, and Gerald Epstein
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Special Edition: Money in the Time of Coronavirus”
Saule Omarova, Cornell Law School
This article examines fintech as a systemic force disrupting the currently dominant technocratic paradigm of financial regulation.
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Technology v Technocracy: Fintech as a Regulatory Challenge”
Why is this Happening?: Saving the Economy with Saule Omarova
Why is this Happening? Podcast Talks with Saule Omarova
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Why is this Happening? with Chris Hayes: Saving the Economy with Saule Omarova”
April 1, 2020
Saule T. Omarova, Cornell Law School
The COVID-19 crisis is unlike any other we’ve seen so far.
More “Money in the Time of Coronavirus
S. Omarova, Crises, Bailouts, and the Case for a National Investment Authority”
Contributors: Morgan Ricks, Marc Lavoie, Robert Hockett, Saule Omarova, Michael Kumhof, Zoltan Jakab, Paul Tucker, Charles Kahn, Daniel Tarullo, Stephen Marglin, Howell Jackson and Christine Desan, Sannoy Das
More “Winter 2020
Banking: Intermediation or Money Creation”
February 5, 2020
Robert Hockett, Cornell Law School
Saule Omarova, Cornell Law School
Apparently there still are people who believe that the principal role of commercial banks is to ‘intermediate’ between depositors and borrowers – lending the funds of the former to the latter at a premium, conveying a portion of that premium to the former, and pocketing the remainder.
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R. Hockett & S. Omarova, What Do Banks Intermediate?”
Author: Saule T. Omarova
This Article analyzes the principal themes in the newly reinvigorated public debate on the role of ethical norms and cultural factors in financial markets and identifies its key conceptual and normative limitations. It argues that the principal flaw in that debate is that it tends to ignore the critical role of systemic, structural factors in shaping individual firms’ internal cultural norms and attitudes toward legitimate business conduct. Reversing the causality assumption underlying the current academic and policy discourse on institutional culture, the Article discusses how broader reform measures seeking to alter the fundamental structure and dynamics of the financial market-on a macro- rather than micro- level-would profoundly, and far more effectively, alter individuals’ and firms’ normative choices and attitudes. The key to making finance ethically sound, therefore, is to make it structurally sound – and to do so on a systemic level.
Saule T. Omarova. “Ethical Finance as a Systemic Challenge: Risk, Culture, and Structure” (2018) p. 797 – 839
Available at: http://works.bepress.com/saule_omarova/23/