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http://ssrn.com/abstract=1572467
 
 

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Things Fall Apart: Regulating The Credit Default Swaps Commons


Kristin Johnson


Seton Hall University School of Law

March 16, 2010

University of Colorado Law Review, Vol. 82, p. 101, 2011
Seton Hall Public Law Research Paper No. 2010-23

Abstract:     
Financial markets are an important national and international infrastructure resource that reflect attributes similar to the those that characterize commons, as described in property law literature. Through a case study examining the credit default swap market, this Article illustrates the analogy between financial markets and a traditional commons. After exploring the attributes of a commons, this Article examines the costs and benefits of the credit default swap market. Similar to a traditional commons, tragedy in financial markets occurs when market participants capture benefits while imposing the costs or negative externalities from their activities on other members of society. Commons scholars’ empirical research suggests three traditional approaches to tragedy in a commons - deregulation, privatization, and regulation by a central, external authority.

Number of Pages in PDF File: 92

Keywords: financial markets, regulation, derivatives, Dodd-Frank, SRO, stock exchanges, clearing houses, commons

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Date posted: March 24, 2010 ; Last revised: November 20, 2010

Suggested Citation

Johnson, Kristin, Things Fall Apart: Regulating The Credit Default Swaps Commons (March 16, 2010). University of Colorado Law Review, Vol. 82, p. 101, 2011; Seton Hall Public Law Research Paper No. 2010-23 . Available at SSRN: http://ssrn.com/abstract=1572467

Contact Information

Kristin Johnson (Contact Author)
Seton Hall University School of Law ( email )
One Newark Center
Newark, NJ 07102-5210
United States
973-642-8198 (Phone)
973-642-8546 (Fax)
HOME PAGE: http://law.shu.edu/
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