Brookings: Experts - Robert E. Litan

Evaluating the Economy and the Possibility of a "Double Dip" Recession

Thu, 19 Nov 2009 14:35:00 GMT

The economy is showing some bright spots, but rising unemployment, weak consumer spending and the housing market continue to be concerns. Robert Litan examines the state of the economy and offers insights into job creation and entrepreneurship, the possibility of a “double dip” recession and higher capital requirements for lending institutions.

Prudent Lending Restored : Securitization After the Mortgage Meltdown

Tue, 15 Sep 2009 00:00:00 GMT

Prudent Lending Restored offers suggestions on how we can reform securitization, including a solution to insure the mortgage market against default risk.

Regulating and Resolving Institutions Considered “Too Big to Fail”

Wed, 06 May 2009 00:00:00 GMT

In testimony to the Senate Banking Committee, Martin Baily and Robert Litan discussed the "too big to fail" conundrum, saying large institutions are necessary but must be regulated in a way that at least partially offsets the risks they pose to the rest of the financial system. They also say Congress needs to provide more Treasury TARP funds, maybe on a large scale, but that such a move will ultimately cost less than bank nationalization.

Moving Money : The Future of Consumer Payments

Fri, 01 May 2009 00:00:00 GMT

In Moving Money, noted economists Robert Litan and Martin Baily bring together a group of distinguished analysts to examine this trend toward digital means of consumer payment.

Regulating Systemic Risk

Mon, 30 Mar 2009 00:00:00 GMT

The Treasury Department recently released its plan to fix the financial system, which rightly concentrates on reducing systemic risk, argues Robert Litan. While there are legitimate concerns about vesting such large responsibilities with any financial regulator, as long as there are financial institutions whose failure could lead to calamitous financial and economic consequences, then some arm of the federal government must oversee systemic risk and do the best it can to make that oversight work.

Three Cheers for Treasury’s Plan for Regulating Systemic Risk

Mon, 30 Mar 2009 00:00:00 GMT

Robert Litan discusses the Treasury’s six part plan for significantly reducing systemic risk in the financial system. He says the six elements in the Treasury plan, if enacted into law, should significantly reduce the likelihood of single or multiple failures of systemically important financial institutions in the future, as well as the losses to taxpayers for protecting their creditors.

Regulating Insurance After the Crisis

Wed, 04 Mar 2009 00:00:00 GMT

With large and ongoing government bailouts of AIG, Robert Litan says that any reform of the nation’s financial system should include an update to the nation’s antiquated system of state insurance regulation. He believes that given the taxpayer exposure to the potential failure of large insurers—or those deemed to be “systemically important”—it is time that the federal government oversee all aspects of these operations to assure their continued solvency.

Bailout Q&A: Fix Regulators, Liquidate Fannie and Freddie?

Tue, 17 Feb 2009 00:00:00 GMT

Given the jerky path of the bailout efforts by two administrations over the past 18 months, it isn’t surprising others would want a crack. Robert Litan and Martin Baily say the teetering U.S. regulatory system is the place to start fixing. The Wall Street Journal talked with Litan to find out why the stimulus should start with regulators.

Fixing Finance: A Roadmap for Reform

Mon, 16 Feb 2009 00:00:00 GMT

As policy-makers and the public have been focused on the stimulus and the bank bailout, tough policy questions about how to get at the root cause of the current economic problems remain—how to fix the financial system for the long-term. Martin Baily and Robert Litan lay out a roadmap for reform, one that harnesses the forces of market discipline that were ignored in the run-up to the current crisis, which they say can and must be retained after the need for massive short-run government intervention has passed.

Memo to the President: Rebuild Financial Institutions and Confidence

Thu, 11 Dec 2008 00:00:00 GMT

The economy is the number one concern in the minds of main street Americans. The $700 billion bailout package was aimed at rebuilding financial institutions, but it is now up to the new president to restore confidence in consumers and workers.

The Origins of the Financial Crisis

Mon, 24 Nov 2008 00:00:00 GMT

In the third installment of the Fixing Finance series, Martin Baily, Robert Litan and Matthew Johnson conduct a thorough analysis of the origins of the financial crisis. They conclude that the crisis had its origins in an asset price bubble that interacted with new kinds of financial innovations that masked risk, with companies that failed to follow their own risk management procedures, and with regulators and supervisors who failed to restrain excessive taking.

Making the Rescue Package Work: Asset and Equity Purchases

Fri, 10 Oct 2008 00:00:00 GMT

With fears of a global recession pounding markets worldwide, many are watching closely to see if the U.S. Treasury can quickly implement the recent bailout package in a way that stabilizes the financial markets and unfreezes credit. Brookings experts Martin Baily and Robert Litan take a look at the Treasury Department’s chances of success and argue that the omens thus far are “not encouraging."

A Brief Guide To Fixing Finance

Mon, 22 Sep 2008 00:00:00 GMT

Martin Baily and Robert Litan analyze the long-term implications of recent and proposed government efforts to stabilize the markets and the economy at large. As Congress considers legislation this week, Baily and Litan stress the importance of understanding how and why the dominoes fell, and most important, they advocate important systemic fixes: transparency, institutional liquidity and better oversight and tools given to regulators.

Government Bailout: Changing the Face of Capitalism

Wed, 17 Sep 2008 00:00:00 GMT

In the wake of the federal bailouts of Bear Stearns, Fannie Mae, Freddie Mac and AIG—yet no lifeline for Lehman Brothers—serious institutional questions have arisen about the government’s role in the overall economy and where Uncle Sam draws the line. Robert Litan examines the ever-changing situation and whether these actions have changed the face of capitalism as Americans know it.

The Great Credit Squeeze: How It Happened, How to Prevent Another

Fri, 16 May 2008 00:00:00 GMT

With the U.S. financial system still in a perilous state, Martin Baily, Doug Elmendorf and Bob Litan diagnose what caused the crisis and offer prescriptions for policy change. The authors of this new Brookings paper address two challenges: to resolve the immediate problems and to reduce the likelihood that these problems recur.

Pooling Money : The Future of Mutual Funds

Thu, 01 May 2008 12:00:00 GMT

Experts from the United States and Japan look at forces of change in their securities markets and offer their views of the future for mutual funds and other forms of securities diversification.

Building Inclusive Financial Systems : A Framework for Financial Access

Mon, 01 Oct 2007 12:00:00 GMT

Building Inclusive Financial Systems offers an indispensable guide for governments and the private sector to increase access effectively and responsibly.

The Broad Benefits of Restoring the Great Lakes

Tue, 04 Sep 2007 00:00:00 GMT

For the past half century, the Great Lakes region has struggled to find its niche in a changing global economy. But the Great Lakes themselves can be a key asset in regional renewal.

New Financial Instruments and Institutions : Opportunities and Policy Challenges

Sun, 01 Jul 2007 00:00:00 GMT

The contributors highlight the innovative way in which Japanese financiers and government officials have learned from the U.S. regarding the introduction of new instruments into their market.

The Effects of Broadband Deployment on Output and Employment: A Cross-sectional Analysis of U.S. Data

Fri, 01 Jun 2007 00:00:00 GMT

Robert Crandall, William Lehr and Robert Litan discuss how high-speed internet access has developed rapidly in the last decade and is increasingly viewed as essential infrastructure for our global information economy.

An Analysis of the Tenth Government Report On the Costs and Benefits of Federal Regulations

Fri, 01 Jun 2007 00:00:00 GMT

This paper critically reviews the draft of the Office of Management and Budget's tenth report on the benefits and costs of federal regulations. The draft report is similar to previous reports, and does not break new ground.

The President's New Executive Order on Regulation

Wed, 31 Jan 2007 00:00:00 GMT

Robert W. Hahn and Robert E. Litan agree that the president’s executive order on regulation is a step in the right direction, but the order should take a more significant step by subjecting all federal regulatory agencies to the same kind of discipline that the executive order requires of executive agencies.

It’s Time to Let Banks (Even Big Ones) Compete

Thu, 15 Jun 2006 00:00:00 GMT

Robert E. Litan examines the artificial barriers that prevent banks and other financial service firms from competing.

An Analysis of the Government’s Proposed Risk Assessment Guidelines

Thu, 15 Jun 2006 00:00:00 GMT

Robert Hahn and Robert Litan critically review the government's proposed risk assessment guidelines.

An Analysis of the Ninth Government Report on the Costs and Benefits of Federal Regulations

Thu, 15 Jun 2006 00:00:00 GMT

Robert W. Hahn and Robert E. Litan critically review the draft of the Office of Management and Budget’s ninth report on the benefits and costs of federal regulation.

Economists' Statement on U.S. Broadband Policy

Wed, 15 Mar 2006 00:00:00 GMT

In this statement, a group of economists make the following recommendations to improve the competitive provision of broadband services.

The Future of Charge Card Networks

Wed, 01 Feb 2006 00:00:00 GMT

The general-purpose charge card is now ubiquitous and largely taken for granted. Annual charge card volume exceeds $5 trillion worldwide. Within the United States, nearly one billion cards are in use (about eight per household), and more than two billion worldwide. But charge cards, or more specifically, the cooperative networks that serve the largest card systems, Visa and MasterCard, are under legal attack through multiple lawsuits and under regulatory challenge in other countries. We trace in this essay multiple possible future "scenarios." This focus on possible futures distinguishes our work from many earlier studies of this subject.

Bringing Real Estate Brokerage into the 21st Century

Sat, 15 Oct 2005 00:00:00 GMT

Robert W. Hahn and Robert E. Litan review how the real estate industry is being challenged by new sources of competition and how antitrust regulators are zeroing in on what is viewed as anti-competitive practices.

Bringing More Competition to Real Estate Brokerage

Wed, 15 Jun 2005 00:00:00 GMT

Robert W. Hahn, Robert E. Litan and Jesse Gurman provide an economic analysis of the residential real estate brokerage industry.

An Analysis of the Eighth Government Report On the Costs and Benefits of Federal Regulations

Fri, 15 Apr 2005 00:00:00 GMT

Robert W. Hahn, Robert E. Litan and Rohit Malik critically review the draft of the Office of Management and Budget's eighth report on the benefits and costs of federal regulation.

The Future of State-Owned Financial Institutions : Policy and Practice

Tue, 01 Feb 2005 00:00:00 GMT

In The Future of State-Owned Financial Institutions: Policy and Practice noted experts discuss the challenges presented by state-owned financial institutions and offer cross-disciplinary solutions for policymakers and banking regulators.

Internet Telephones: Hanging up on Regulation?

Wed, 01 Dec 2004 00:00:00 GMT

Robert W. Crandall, Robert W. Hahn, Robert E. Litan, and Scott Wallsten examine whether there is a need to regulate Voice over Internet Protocol.

Counting Regulatory Benefits and Costs: Lessons for the U.S. and Europe

Fri, 15 Oct 2004 00:00:00 GMT

Robert W. Hahn and Robert E. Litan review the U.S. and European experiences with regulatory oversight and the use of formal tools to analyze regulation. They conclude that the U.S. and Europe have made some progress in improving regulatory analysis and oversight, but they can do much more.

Regulation of Interstate Wine Shipments

Wed, 15 Sep 2004 00:00:00 GMT

Economists argue that there is no clear economic rationale for regulating interstate shipments of wine.

The Future of State-Owned Financial Institutions

Wed, 01 Sep 2004 00:00:00 GMT

Conference Report #18 by Gerard Caprio, Jonathan Fiechter, Robert E. Litan and Michael Pomerleano. (September 2004)

Brookings-Wharton Papers on Financial Services: 2004

Fri, 20 Aug 2004 00:00:00 GMT

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Bandwidth for the People

Sat, 15 May 2004 00:00:00 GMT

Robert W. Crandall, Robert W. Hahn, Robert E. Litan, and Scott Wallsten discuss the important distinction between the economical and the uneconomical provision of broadband.

An Analysis of the Seventh Government Report on the Costs and Benefits of Federal Regulations

Sat, 15 May 2004 00:00:00 GMT

Robert W. Hahn and Robert E. Litan critically review the draft of the Office of Management and Budget’s seventh report on the benefits and costs of federal regulation.

The Insurance Industry in America

Mon, 01 Mar 2004 00:00:00 GMT

Conference Report #17 by Richard J. Herring and Robert E. Litan. (March 2004)

Comment on Peer Review and Information Quality

Mon, 15 Dec 2003 00:00:00 GMT

Robert W. Hahn and Robert E. Litan suggest meeting certain quality standards to improve the quality of regulation and make the regulatory process more transparent.

Why Congress Should Increase Funding for OMB Review of Regulations

Wed, 15 Oct 2003 00:00:00 GMT

Robert W. Hahn and Robert E. Litan argue that Congress should increase funding for the Office of Management and Budget or American consumers will bear the brunt of less effective, less transparent, and more expensive regulation.

Financial Privacy, Consumer Prosperity, and the Public Good

Thu, 17 Jul 2003 00:00:00 GMT

This report examines the debate surrounding the role of the states in regulating credit bureaus. How this controversy is resolved will have an important bearing on the operation of credit markets and financial privacy in the future.

A Law That's Out of Date: Anti-Tying Restrictions On Banks

Tue, 27 May 2003 00:00:00 GMT

Opinion by Robert E. Litan (5/27/03)

An Analysis of the Sixth Government Report on the Costs and Benefits of Federal Regulations

Tue, 15 Apr 2003 00:00:00 GMT

Robert W. Hahn and Robert E. Litan critically review the draft of the Office of Management and Budget's sixth report on the benefits and costs of federal regulation.

Relationships in Financial Services: Are Anti-Tying Restrictions Out of Date?

Sat, 15 Mar 2003 00:00:00 GMT

Robert E. Litan advocates that policy makers allow the marketplace to determine what combinations of financial services are offered to corporate customers who do not need to be protected by artificial rules that may once have been useful but certainly are no longer.

Recommendations for Improving Regulatory Accountability and Transparency

Sat, 15 Mar 2003 00:00:00 GMT

Robert W. Hahn and Robert E. Litan testify before the House Government Reform Committee and provide recommendations that would hold lawmakers and regulators more accountable.

Brookings-Wharton Papers on Financial Services: 2002

Thu, 22 Aug 2002 00:00:00 GMT

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Cooking the Books: The Cost to the Economy

Thu, 01 Aug 2002 00:00:00 GMT

Policy Brief #106, by Carol Graham, Robert Litan, and Sandip Sukhtanker (July 2002)

The Crisis in Corporate Disclosure

Mon, 08 Jul 2002 00:00:00 GMT

Working Paper by Robert Litan, Vice President and Director, Economic Studies, Brookings Institution, July 8, 2002

Recommendations for Improving Federal Regulation

Sat, 15 Jun 2002 00:00:00 GMT

Robert W. Hahn and Robert E. Litan identify current and future regulatory reforms that could help improve the quality of regulatory analysis and the quality of regulatory decision-making.

Corporate Accounting Practices

Wed, 15 May 2002 00:00:00 GMT

Robert Litan testifies about the specific limitations of current accounting practices and suggests solutions to prevent future Enrons.

The Copyright Term Extension Act of 1998: An Economic Analysis

Wed, 15 May 2002 00:00:00 GMT

Robert W. Hahn, Robert E. Litan and other economists provide an economic analysis of the main feature of the Copyright Term Extension Act of 1998 ("CTEA"), a twenty-year extension of the copyright term for existing and future works.

An Analysis of the Fifth Government Report On the Costs and Benefits of Federal Regulations

Wed, 15 May 2002 00:00:00 GMT

Robert W. Hahn and Robert E. Litan review the draft of the Office of Management and Budget's fifth report on the benefits and costs of federal regulation.

Corporate Accounting Practices

Tue, 14 May 2002 00:00:00 GMT

Testimony by Robert E. Litan, Vice President and Director, Economic Studies, the Brookings Institution, before the House Financial Services Committee; Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises

Accounting and Disclosure After Enron

Fri, 15 Mar 2002 00:00:00 GMT

Robert Litan testified before the Senate Committee on Banking, Housing, and Urban Affairs to discuss accounting and disclosure issues in the wake of the Enron failure.

The Future of Securities Markets: A Summary of the Brookings-Wharton Papers

Fri, 01 Mar 2002 00:00:00 GMT

Conference Report #10, by Richard J. Herring and Robert E. Litan (March 2002)

Comment on the Revised Proposed Final Judgment

Tue, 15 Jan 2002 00:00:00 GMT

Robert E. Litan, Roger G. Noll and William D. Nordhaus argue that the Revised Proposed Final Judgement (RPFJ) is not in the "public interest," as that test is applied under the Tunney Act.

Constitutional Issues in Information Privacy

Sat, 15 Sep 2001 00:00:00 GMT

Fred Cate and Robert E. Litan discuss the role of the Constitution itself and the power of the government to adopt and enforce laws to protect private information from intrusion by the private sector.

State Regulation of Auto Insurance

Wed, 15 Aug 2001 00:00:00 GMT

Robert E. Litan testifies about the economic case for eliminating rate regulation in auto insurance.

Capital Idea: Open Japan's Banking Industry

Fri, 10 Aug 2001 00:00:00 GMT

Opinion by Robert E. Litan, Director, Economic Studies, The Brookings Institution, and Adam S. Posen, Senior Fellow, Institute for International Economics

An Analysis of the Fourth Government Report On the Costs and Benefits of Federal Regulations

Sun, 15 Jul 2001 00:00:00 GMT

Robert W. Hahn and Robert E. Litan critically review the draft of the Office of Management and Budget's fourth report on the benefits and costs of federal regulation.

Relieve the Spectrum Shortage

Thu, 15 Feb 2001 00:00:00 GMT

Brookings economists and others encourage the Federal Communications Commission to advance the public interest by eliminating barriers to the productive use of radio spectrum.

Law and Policy in the Age of the Internet

Thu, 15 Feb 2001 00:00:00 GMT

Robert E. Litan touches on some of the Internet challenges and how they might be resolved.

Why the Minnesota Supreme Court Should Overturn a Lower Court Decision on Price-Setting

Mon, 15 Jan 2001 00:00:00 GMT

AEI Resident Scholar Robert Bork and Center co-director Robert Litan argue that the Minnesota Supreme Court should reverse a lower court opinion against the BASF Corporation which permits a jury to decide that a price disparity between two herbicides sold by the company constitutes an 'unconscionably large profit.'

Fair Use of Antitrust Law

Wed, 13 Sep 2000 00:00:00 GMT

Fair Use of Antitrust Law Opinion in The Washington Post, September 13, 2000, by Robert Litan, Economic Studies, The Brookings Institution

National Ambient Air Quality Standards (NAAQS) Brief

Sat, 15 Jul 2000 00:00:00 GMT

Brookings scholars and other economists argue that it would be imprudent not to consider costs in the setting of the National Ambient Air Quality Standards.

Improving Regulation: Start with the Analysis and Work from There

Thu, 15 Jun 2000 00:00:00 GMT

Robert W. Hahn and Robert E. Litan review research from the Joint Center on regulatory impact analyses and provides five recommendations for improving the regulatory process.

What Light through Yonder Windows Breaks?

Tue, 11 Apr 2000 00:00:00 GMT

Next Step: Convert the Skeptics"" Opinion piece in The Washington Post, December 5, 1999, by Robert E. Litan, Vice President and Director, Economic Studies Program, The Brookings Institution

An Analysis of the Third Government Report on the Benefits and Costs of Federal Regulations

Tue, 15 Feb 2000 00:00:00 GMT

Robert W. Hahn and Robert E. Litan critically review the draft of the Office of Management and Budget’s third report on the benefits and costs of federal regulation. The purpose of this analysis is to offer constructive recommendations for improving that report.

The Rewards of Ending a Monopoly

Wed, 24 Nov 1999 00:00:00 GMT

The rewards of ending a monopoly: A Microsoft break-up would benefit not only the company's shareholders but its product quality"" Opinion piece in The Financial Times, November 24, 1999, by Robert E. Litan, Vice President and Director, Economic Studi

What to Do About Microsoft? Antitrust Experts Offer Opinions

Mon, 15 Nov 1999 00:00:00 GMT

Interview with Robert Litan, Vice President and Director, Economic Studies Program, The Broookings Institution in The New York Times, November 15, 1999

Privacy Issues in the Financial Services Industry Accounts

Tue, 20 Jul 1999 00:00:00 GMT

Testimony for the House Banking and Financial Services Subcommittee on Financial Institutions and Consumer Credit, U.S. House of Representatives, July 20, 1999

Privacy Issues in the Financial Services Industry

Thu, 15 Jul 1999 00:00:00 GMT

In testimony before the Subcommittee on Financial Institutions and Consumer Credit, U.S. House Committee on Banking and Financial Services, Robert Litan applauds the inclusion of privacy protections in H.R. 10.

Balancing Costs and Benefits of New Privacy Mandates

Thu, 15 Apr 1999 00:00:00 GMT

Robert E. Litan lays out the case for taking a balanced approach to new legislation: one that weighs the benefits of the free flow of information against possible threats to privacy in certain circumstances.

The Regulatory Right-to-Know Act and The Congressional Office of Regulatory Analysis Act

Thu, 15 Apr 1999 00:00:00 GMT

Robert W. Hahn and Robert E. Litan testifies about ways likely to improve regulatory accountability.

The "Big Bang"? An Ambivalent Japan Deregulates Its Financial Markets

Tue, 01 Dec 1998 00:00:00 GMT

In November 1996, Prime Minister Ryutaro Hashimoto, borrowing rhetoric from the 1980s deregulation of London's financial markets, called for a "Big Bang" deregulation of his country's financial markets to be completed by 2001. Japanese governments have trotted out various regulatory reform measures over the years, with mixed results at best. Is this time any different? Brookings Review article by Edward J. Lincoln and Robert E. Litan (Winter 1998)

The Clogged Arteries of a Troubled Economy

Sun, 04 Oct 1998 00:00:00 GMT

Opinion by Robert Litan, The Brookings Institution

An Analysis of the Second Government Draft Report on the Costs and Benefits of Federal Regulations

Tue, 15 Sep 1998 00:00:00 GMT

Robert W. Hahn and Robert E. Litan critically review the draft of the Office of Management and Budget's second report on the costs and benefits of federal regulation. The purpose of this analysis is to offer constructive recommendations for improving that report.

Why a Market Correction Won't Replay 1987

Tue, 28 Jul 1998 00:00:00 GMT

Opinion by Robert Litan and Anthony Santomero

Bankruptcy Bailout Could Fix Asia's Woes

Wed, 04 Mar 1998 00:00:00 GMT

Opinion by Robert Litan, Director, Economic Studies, The Brookings Institution

Going Digital!

Thu, 15 Jan 1998 00:00:00 GMT

This book examines issues of industry regulation policy and how it will be affected by digital technology and the rise of e-commerce. It draws on a spring 1997 conference sponsored by the Brookings Institution and the Cato Institute where leading exp

A Tough Regime for Rescuing Japan's Banks

Mon, 22 Dec 1997 00:00:00 GMT

Opinion by Robert E. Litan, Los Angeles Times (12/22/97)

Putting Regulations to a Test

Wed, 30 Jul 1997 00:00:00 GMT

Opinion by Robert Litan, Director, Economic Studies, The Brookings Institution

Improving Regulatory Accountability

Wed, 15 Jan 1997 00:00:00 GMT

Robert Hahn and Robert Litan lay out the case for such regular accounting beyond the steps mandated by the Stevens Amendment. In particular, they hope to enable policymakers to make better use of available economic tools as to develop more reliable and accessible information on the benefits and costs of regulations.

Assessing Bank Reform : FDICIA One Year Later

Mon, 16 Aug 1993 00:00:00 GMT

&This volume is required reading for anyone interested in how federal banking regulations impact the economy.& L. William Seidman, Former Chairman, Federal Deposit Insurance Corporation

Growth with Equity : Economic Policymaking for the Next Century

Fri, 12 Feb 1993 00:00:00 GMT

In this book three of the nation's most noted economists look at the primary reasons for current economic trends and assess which of the many suggestionsincreased tax incentives for investment, education reform, or accelerated research and developme

The Revolution in U.S. Finance

Fri, 18 Oct 1991 00:00:00 GMT

The author examines how the financial system and the government's regulatory role are changing and outlines the move away from banks and thrifts to pension funds, finance companies, and mutual funds.

The Liability Maze : The Impact of Liability Law on Safety and Innovation

Thu, 13 Jun 1991 00:00:00 GMT

In The Liability Maze experts address the issues surrounding safety and innovation and present the most detailed and comprehensive study to date on the actual impact of U.S. liability law.

American Living Standards : Threats and Challenges

Mon, 14 Nov 1988 00:00:00 GMT

American Living Standards contends that the central problem of the U.S. economy has been for some years now, and for the foreseeable future will continue to be, the slowdown in the growth of living standards. This volume seeks to advance our understa