Emilios Avgouleas

University of Edinburgh - School of Law

Professor/Chair in International Banking Law and Finance

Old College

South Bridge

Edinburgh, EH8 9YL

United Kingdom

  • University of Edinburgh - School of Law

SCHOLARLY PAPERS

40

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42

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77

Scholarly Papers (40)

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1.

Financial Regulation, Behavioural Finance, and the Global Credit Crisis: In Search of a New Regulatory Model

Number of pages: 58 Posted: 13 May 2008 Last Revised: 28 Jul 2019
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 4,906 (1,809)
Citation 10

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Global Credit Crisis, Behavioural Finance, Banks, Banking Regulation, Bear Sterns, Northern Rock, Hedge Funds, International Financial Regulation, Securitisations, CDOs, Systemic Risk

2.

The Reform of ‘Too-Big-To-Fail’ Bank: A New Regulatory Model for the Institutional Separation of ‘Casino’ from ‘Utility’ Banking

Number of pages: 51 Posted: 18 Feb 2010
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 1,486 (13,511)
Citation 4

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'Too-big-to-fail' banks, 'casino' banking, 'utility' banking, global financial crisis, global regulatory reform, Glass-Steagall Act, global banking

3.

A Critical Evaluation of Bail-Ins as Bank Recapitalisation Mechanisms

Number of pages: 49 Posted: 12 Aug 2014 Last Revised: 28 Jul 2019
Charles Goodhart and Emilios Avgouleas
London School of Economics & Political Science (LSE) - Financial Markets Group and University of Edinburgh - School of Law
Downloads 1,471 (13,750)
Citation 36

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Bail-ins, bailouts, bank recovery and resolution, cost of bank failures

4.

The Global Financial Crisis and the Disclosure Paradigm in European Financial Regulation: The Case for Reform

European Company and Financial Law Review, Vol. 6, No. 4, 2009
Number of pages: 41 Posted: 13 Oct 2009 Last Revised: 04 Nov 2009
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 1,448 (14,093)
Citation 2

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EC Banking Regulation, EC Securities Regulation, Mandatory Disclosure, Global Financial Crisis, Subprime lending, Credit Ratings, Behavioural Decision Theory, Irrational Exuberance, Bounded Rationality, Strategic Trade Behaviour, Basel Capital Adequacy Accord, Experimental Law and Economics

5.

What Future for Disclosure as a Regulatory Technique? Lessons from the Global Financial Crisis and Beyond

Number of pages: 29 Posted: 27 Mar 2009 Last Revised: 30 Mar 2009
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 1,398 (14,878)
Citation 2

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Global Financial Crisis, Subprime lending, Credit Ratings, Disclosure, Financial Regulation, Banking Regulation, Behavioural Decision Theory, Irrational Exuberance, Bounded Rationality, Strategic Trade Behaviour, Basel Capital Adequacy Accord, Experimental Law and Economics

6.

A New Framework for the Global Regulation of Short Sales: Why Prohibition is Inefficient and Disclosure Insufficient

Stanford Journal of Law, Business, and Finance, Vol. 16, No. 2, 2010
Number of pages: 67 Posted: 29 May 2009 Last Revised: 20 Apr 2010
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 1,219 (18,332)
Citation 2

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short selling, 'naked' short sales, regulation of short sales, circuit breaker, uptick rule, SEC, FSA, CESR, IOSCO, Ban of short Sales, Market Abuse, herding, EMH, arbitrage, adaptive markets

7.

Bank Resolution Plans as a Catalyst for Global Financial Reform

Journal of Financial Stability, Vol. 9, pp. 210-218, 2013, Duisenberg School of Finance Policy Paper No. 4
Number of pages: 21 Posted: 10 Jan 2010 Last Revised: 08 May 2013
Emilios Avgouleas, Charles Goodhart and Dirk Schoenmaker
University of Edinburgh - School of Law, London School of Economics & Political Science (LSE) - Financial Markets Group and Rotterdam School of Management, Erasmus University
Downloads 1,059 (22,587)
Citation 23

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banks, too-big-to-fail, burden sharing, bank insolvency procedures

8.

Three Major Financial Crises: What Have We Learned

Forthcoming in S. Schwarcz, E. Avgouleas, D. Busch & D. Arner (eds), Systemic Risk in the Financial Sector: Ten Years After the Great Crash (Centre for International Governance Innovation 2019 forthcoming). , AIIFL Working Paper No. 31, UNSW Law Research Paper No. 18-61, University of Hong Kong Faculty of Law Research Paper No. 2019/041
Number of pages: 37 Posted: 11 Sep 2018 Last Revised: 17 Sep 2019
Ross P. Buckley, Emilios Avgouleas and Douglas W. Arner
University of New South Wales (UNSW) - Faculty of Law, University of Edinburgh - School of Law and The University of Hong Kong - Faculty of Law
Downloads 905 (28,401)

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Asian Financial Crisis, Global Financial Crisis, GFC, Eurozone Debt Crisis, Bretton Woods, financial internationalization, globalization, risk management tools, regulatory systems

9.

International Financial Regulation, Access to Finance, Systemic Stability, and Development

Downloads 894 ( 28,899)

International Financial Regulation, Access to Finance, Systemic Stability, and Development

Society of International Economic Law (SIEL) Inaugural Conference 2008
Number of pages: 39 Posted: 04 Jul 2008
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 894 (28,466)
Citation 2

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International Financial regulation, Systemic Stability, Development, Global Financial Markets, Financial System Stability, Global Credit Crisis, Global Licensing, International Investment Funds, Basle Capital Adequacy Standards

International Financial Regulation, Access to Finance, Systemic Stability, and Development

LAWASIA Journal, pp. 62-76, 2008
Posted: 28 Mar 2009 Last Revised: 05 Jan 2013
Emilios Avgouleas
University of Edinburgh - School of Law

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Access to Finance, International Financial Regulation, Basel Capital Adequacy, Economic Development, Poverty Eradication, Securitisations

10.

Regulating Financial Innovation: A Multifaceted Challenge to Financial Stability, Consumer Protection, and Growth

Forthcoming, Oxford Handbook of Financial Regulation (Oxford University Press, 2015).
Number of pages: 34 Posted: 25 Jun 2014 Last Revised: 04 Jun 2019
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 877 (29,686)
Citation 1

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financial innovation, derivatives, securitisations, global financial crisis, shadow banking, Dodd Frank Act, MIFID II, MIFIR, EMIR

11.

Governance of Global Financial Markets: The Law, the Economics, the Politics (Introduction)

Governance of Global Financial Markets: The Law, the Economics, the Politics, Cambridge University Press, 2012
Number of pages: 18 Posted: 15 May 2012
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 821 (32,577)

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Global Financial Crisis, Global Governance, International Finance, Soft Law, Global Financial Markets, Global Financial System, Financial Innovation, International Financial Regulation, Global Financial Governance, G-SIFIs, IMF, BIS, OECD, FSB, Banks, Systemic Risk, CDS, CDOs

12.

Market Discipline and EU Corporate Governance Reform in the Banking Sector: Merits, Fallacies, and Cognitive Boundaries

Downloads 785 ( 34,615)
Citation 4

Market Discipline and EU Corporate Governance Reform in the Banking Sector: Merits, Fallacies, and Cognitive Boundaries

(2014) 41 Journal of Law and Society - Special Issue: Corporate Governance, Forthcoming
Number of pages: 24 Posted: 18 Oct 2012 Last Revised: 18 Nov 2014
Emilios Avgouleas and Jay Cullen
University of Edinburgh - School of Law and University of York
Downloads 785 (34,104)
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banking, banking law, corporate governance, regulatory reform

Market Discipline and EU Corporate Governance Reform in the Banking Sector: Merits, Fallacies, and Cognitive Boundaries

Journal of Law and Society, Vol. 41, Issue 1, pp. 28-50, 2014
Number of pages: 23 Posted: 19 Feb 2014
Emilios Avgouleas and Jay Cullen
University of Edinburgh - School of Law and University of York
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13.

Cognitive Biases and Investor Protection Regulation an Evolutionary Approach

Number of pages: 72 Posted: 15 May 2008
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 773 (35,356)
Citation 1

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Behavioral Decision theory (BDT), Investor protection regulation, FSA, conduct of business rules, mandatory disclosure, cognitive biases, psychology of choice and judgment, framing effect, behavioural finance, stock market bubbles, experimental economics.

14.

The Eurozone Debt Crisis and the European Banking Union: A Cautionary Tale of Failure and Reform

University of Hong Kong Faculty of Law Research Paper No. 2013/037
Number of pages: 49 Posted: 31 Oct 2013 Last Revised: 19 Dec 2013
Emilios Avgouleas and Douglas W. Arner
University of Edinburgh - School of Law and The University of Hong Kong - Faculty of Law
Downloads 768 (35,644)
Citation 2

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financial crisis; EU; Eurozone; banking union; regional integration

15.

A Critical Evaluation of the New EC Financial-Market Regulation: Peaks, Troughs, and the Road Ahead

Transnational Lawyer, Vol. 18, p. 179, 2005
Number of pages: 52 Posted: 14 May 2008
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 755 (36,517)

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EU Securities Regulation, Lamfalussy Process, FSAP, Market Abuse Directive, MiFID, Prospectus Directive, Transparency Directive, Regulated Markets, MTFs, Regulation of Broker-Dealers, Public Offers of Securities

16.

Excessive Leverage and Bankers’ Pay: Governance and Financial Stability Costs of a Symbiotic Relationship

Columbia Journal of European Law, Vol. 21, No. 1, 2015
Number of pages: 46 Posted: 23 Mar 2014 Last Revised: 06 Mar 2015
Emilios Avgouleas and Jay Cullen
University of Edinburgh - School of Law and University of York
Downloads 670 (42,915)
Citation 5

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bank leverage, bankers' pay, agency costs, leverage ratios, bank capital

17.

The Impact of the EC Financial Instruments Markets Directive on the Trading Volume of EU Equity Markets

Athens University of Economics and Business, Statistics Technical Report No. 219
Number of pages: 43 Posted: 01 Nov 2005
Emilios Avgouleas and Stavros Antonios Degiannakis
University of Edinburgh - School of Law and Department of Economic and Regional Development, Panteion University of Political and Social Sciences
Downloads 635 (46,115)
Citation 2

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Trading Volume, London Stock Exchange, MiFID, MTFs, Pre-Trade Transparency, Post-Trade Transparency, Regulated Markets, SEAQ, SETS, Structural Time Series Analysis, Systematic Internalisers.

18.

Reforming Investor Protection Regulation: The Impact of Cognitive Biases

ESSAYS IN THE LAW AND ECONOMICS OF REGULATION, IN HONOUR OF ANTHONY OGUS, Antwerpen: Intersentia, 2008
Number of pages: 34 Posted: 04 Nov 2008
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 548 (55,693)

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Behavioral Law and Economics, Financial Markets, Behavioral Finance, Investor Protection Regulation

19.

The Promise of Blockchain Technology for Global Securities and Derivatives Markets: The New Financial Ecosystem and the 'Holy Grail' of Systemic Risk Containment

Edinburgh School of Law Research Paper No. 2018/43
Number of pages: 27 Posted: 09 Dec 2018 Last Revised: 03 Sep 2019
Emilios Avgouleas and Aggelos Kiayias
University of Edinburgh - School of Law and University of Edinburgh - School of Informatics
Downloads 486 (64,762)
Citation 4

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CCPs, Financial Stability, DLT, Blockchain, Systemic risk, Ethereum, derivatives, margins, clearing and settlement, liquidity, adverse selection, intermediated securities

20.

EC Securities Regulation, A Single Regime for an Integrated Securities Market: Harmonized We Stand, Harmonized We Fail?

Journal of International Banking Law and Regulation, Part 1 & Part 2, Vol. 22, pp. 79-87, pp. 153-164, 2007
Number of pages: 10 Posted: 05 Apr 2009
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 401 (81,605)

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21.

Bank Leverage Ratios and Financial Stability: A Micro- and Macroprudential Perspective

Levy Economics Institute of Bard College Working Paper No. 849
Number of pages: 47 Posted: 29 Oct 2015 Last Revised: 01 Dec 2015
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 385 (85,470)
Citation 3

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Leverage, Banks, Financial Instability, Macroprudential Regulation, Leverage Cycle, Bubbles, Debt Overhang

22.

Large Systemic Banks and Fractional Reserve Banking, Intractable Dilemmas in Search of Effective Solutions

Chapter in Arner, Avgouleas, Buckley (eds), Reconceptualizing Global Finance and its Regulation (Cambridge University Press, New York, 2016)
Number of pages: 47 Posted: 12 Feb 2015 Last Revised: 26 Apr 2016
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 366 (90,655)

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Fractional Reserve Banking, Narrow Banking, Too-Big-To-Fail, Bail-in, Bailouts, bank competition, structural reform, optimal bank structure, organization theory

23.

Overstating Moral Hazard: Lessons from Two Decades of Banking Crises

University of Hong Kong Faculty of Law Research Paper No. 2017/003
Number of pages: 76 Posted: 09 Mar 2017 Last Revised: 17 Mar 2017
Douglas W. Arner, Emilios Avgouleas and Evan Gibson
The University of Hong Kong - Faculty of Law, University of Edinburgh - School of Law and University of Hong Kong
Downloads 316 (107,042)
Citation 1

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Financial Crisis; Bank Rescues; Bailouts; Asset Management Companies; Moral Hazard

24.

Fundamentals of Bank Supervision and the Lender of Last Resort in the Post-2008 Era: A Critical Appraisal and Forward Looking Recommendations

Journal of Law, Accounting, and Finance, 2017, Centre for Banking & Finance Law, Faculty of Law, National University of Singapore, 2016, Edinburgh School of Law Research Paper No. 2016/24
Number of pages: 53 Posted: 05 Sep 2016 Last Revised: 20 Nov 2016
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 295 (115,223)

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Central Banks, Lender of Last Resort, Financial Stability, Bank Supervision, Macroprudential, Microprudential, Systemic Lender of Last Resort, Quantitative Easing, Regulatory Architecture

25.

Beyond the Washington Consensus, Access to Finance, Microfinance, and International Banking Regulation

Number of pages: 56 Posted: 13 May 2008 Last Revised: 04 Jan 2014
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 284 (119,930)

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Post-Washington Consensus, Capital Adequacy Standards, Banking Regulation, Private Development Finance, Microfinance, Access to Finance

26.

Rationales and Designs to Implement an Institutional Big Bang in the Governance of Global Finance

(2013) 36 Seattle University Law Review 321 Berle IV: The Future of Financial And Securities Markets The Fourth Annual Symposium of The Adolf A. Berle, Jr. Center on Corporations, Law & Society, Edinburgh School of Law Research Paper No. 2012/21
Number of pages: 70 Posted: 07 Oct 2012 Last Revised: 07 Jun 2013
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 278 (122,618)

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Basel, IOSCO, IMF, Global Financial Crisis, Governance, Capital Adequacy, Banks, Soft Law, International Financial Architecture

27.

The Concept of Money in the 4th Industrial Revolution – A Legal and Economic Analysis

Edinburgh School of Law Research Paper Forthcoming
Number of pages: 39 Posted: 10 Mar 2020
Emilios Avgouleas and Sir William Blair
University of Edinburgh - School of Law and Queen Mary University of London
Downloads 236 (144,816)

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Money, fiat money, digital money, cryptomoney, measure of value, means of exchange, cryptocurrencies, cryptoassets, bitcoin, Libra, stablecoins, gold standard, law of money, common law, money in property

28.

Bank Resolution 10 Years From The Global Financial Crisis: A Systematic Reappraisal

School of European Political Economy, LUISS 7/2019, Edinburgh School of Law Research Paper Forthcoming
Number of pages: 21 Posted: 06 Jun 2019
Emilios Avgouleas and Charles Goodhart
University of Edinburgh - School of Law and London School of Economics & Political Science (LSE) - Financial Markets Group
Downloads 225 (151,671)
Citation 2

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systemic stability, bank resolution, systemic risk, macroprudnetila regulation, bailins, bailouts, BRRD

29.

Banking Supervision and the Special Resolution Regime of the Banking Act 2009: The Unfinished Reform

Capital Markets Law Journal, Vol. 4, pp. 201-235, 2009
Number of pages: 35 Posted: 27 Mar 2009 Last Revised: 08 Nov 2012
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 215 (158,238)
Citation 1

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Special Resolution Regime for Banks, Banking Supervision, Banking Act 2009, Northern Rock, Global Financial Crisis, Liquidity Regulation

30.

The Architecture of Decentralised Finance Platforms: A New Open Finance Paradigm

Edinburgh School of Law Research Paper No. 2020/16
Number of pages: 42 Posted: 03 Aug 2020
Emilios Avgouleas and Aggelos Kiayias
University of Edinburgh - School of Law and University of Edinburgh - School of Informatics
Downloads 138 (232,657)

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Open Finance, Decentralised Finance, Investment Democratisation, Cryptographic Integration, Inclusive Finance, Financial Systems, SMEs, Access to Finance, Tokenisation, DLT-Blockchain, Financial Services, FinTech, RegTech, Sustainable Finance, Social Market Economy, Parametrisation

31.

Financial Stability, Resolution of Systemic Banking Crises and COVID-19: Toward an Appropriate Role for Public Support and Bailouts

University of Hong Kong Faculty of Law Research Paper No. 2020/044
Number of pages: 54 Posted: 28 Aug 2020
Douglas W. Arner, Emilios Avgouleas and Evan Gibson
The University of Hong Kong - Faculty of Law, University of Edinburgh - School of Law and University of Hong Kong
Downloads 125 (251,198)

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Banking Crisis; Bailouts; Bank Regulation; Non-performing Loans; Asset Management Companies; Covid-19

32.

Trade Transparency and Trading Volume: The Possible Impact of the Financial Instruments Markets Directive on the Trading Volume of EU Equity Markets

International Journal of Financial Markets and Derivatives, Vol. 1, No. 1, pp. 96-123, 2009
Number of pages: 28 Posted: 11 Apr 2011
Stavros Antonios Degiannakis and Emilios Avgouleas
Department of Economic and Regional Development, Panteion University of Political and Social Sciences and University of Edinburgh - School of Law
Downloads 102 (290,442)

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Trading Volume, London Stock Exchange, LSE, MiFID Multilateral Trading Facilities, MTFs, Transparency, Regulated Markets, Stock Exchange Automatic Quotation System, SEAQ, Securities Electronic Trading Service, SETS, Systematic Internalisers

33.

The Incomplete Global Financial Order and Spillovers from Instability in Trade and Currency Market Regimes

To appear in: E. Avgouleas, D. Donald (eds), The Political Economy of Financial Regulation (Cambridge University Press, 2019), Edinburgh School of Law Research Paper No. 2018/39
Number of pages: 28 Posted: 06 Nov 2018
Emilios Avgouleas
University of Edinburgh - School of Law
Downloads 100 (294,318)

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International finance, currency wars, currency manipulation, shadow banking, global financial governance, carry trades, financial instability, financial crises

34.

Three Decades of International Financial Crises: What Have We Learned and What Still Needs to be Done?

Asian Development Bank Economics Working Paper Series No. 615, University of Hong Kong Faculty of Law Research Paper No. 2020/037
Number of pages: 47 Posted: 16 Jul 2020 Last Revised: 20 Jul 2020
Ross P. Buckley, Emilios Avgouleas and Douglas W. Arner
University of New South Wales (UNSW) - Faculty of Law, University of Edinburgh - School of Law and The University of Hong Kong - Faculty of Law
Downloads 44 (452,932)

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Asian financial crisis, COVID-19 crisis, eurozone debt crisis, financial stability, global financial crisis, systemic risk

35.

Excessive Leverage and Bankers’ Incentives: Refocusing the Debate

Journal of Financial Perspectives, Vol. 3, No. 1, 2015
Number of pages: 32 Posted: 04 Dec 2017
Emilios Avgouleas and Jay Cullen
University of Edinburgh - School of Law and University of York
Downloads 38 (478,414)

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36.

A Critical Evaluation of Bail-In as a Bank Recapitalisation Mechanism

CEPR Discussion Paper No. DP10065
Number of pages: 32 Posted: 25 Sep 2014
Emilios Avgouleas and Charles Goodhart
University of Edinburgh - School of Law and London School of Economics & Political Science (LSE) - Financial Markets Group
Downloads 3 (697,891)
Citation 1
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bail-in, bank recapitalisation, bank regulation, creditor flight, moral hazard

37.

The Concept of Money in the 4th Industrial Revolution—A Legal and Economic Analysis

Singapore Journal of Legal Studies, Mar. 2020, pp 4-34
Number of pages: 31 Posted: 20 Jul 2020
Emilios Avgouleas and Sir William Blair
University of Edinburgh - School of Law and Queen Mary University of London
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38.

Access to Finance, Microfinance, and International Capital Adequacy Standards for Banks: A New Approach to Development

Manchester Journal of International Economic Law, Vol. 4, No. 1, 2007
Posted: 24 May 2008
Emilios Avgouleas
University of Edinburgh - School of Law

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Access to Finance, Microfinance, International Capital Adequacy Standards, Development Finance

39.

The New EC Financial Markets Legislation and the Emerging Regime for Capital Markets

Yearbook of European Law 2004, April 2005
Posted: 14 May 2008
Emilios Avgouleas
University of Edinburgh - School of Law

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MiFID, EU Financial Services Action Plan (FSAP), Lamfalussy Process, MTFs, Regulated Markets, Broker-Dealers, EU Securities Markets, Single EU Seurities Regulator

40.

The Harmonisation of Rules of Conduct in EU Financial Markets: Economic Analysis, Subsidiarity and Investor Protection

Posted: 07 Jul 2000
Emilios Avgouleas
University of Edinburgh - School of Law

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