Directory

Bibliography

Forthcoming

Debt Capital Markets, in Oxford Handbook of Corporate Finance Law (Felix Steffek & Gabriel Rauterbeg eds., forthcoming)
Market Maker of Last Resort, in Elgar Concise Encyclopedia on Securities Law and Regulation (Hans Tjio, Iris Chiu & Heikki Marjosola eds., forthcoming)
Rethinking Private Ordering: The Financial Disclosure Quandary, 2027 University of Illinois Law Review (forthcoming)
Bankruptcy's Demise: The Flawed Safe Harbor, Business Lawyer (forthcoming) (with the assistance of Jack Tiedemann and Gwyneth Bernier)
Commercial Reasonableness, 31 Stanford Journal of Law, Economics & Business (forthcoming)
Regulating DeFi Platforms, 111 Minnesota Law Review (forthcoming) (with others)
Subordination: A Functional and Theoretical Analysis, 52 Journal of Corporation Law (forthcoming) (with Isabelle Stewart)

Works in Progress

The Sale-Versus-loan Problem of Receivables Financing from a US Perspective (June 12, 2026) (with Isabelle Stewart)
Towards a Unified Theory of Business Law (May 20, 2026) (with Isabelle Stewart)
Strategizing & Critiquing Liability Management (January 1, 2026)
‘Unclogging’ the Equity of Redemption: Collapsing Deceptive Corporate Structures (January 1, 2026) (with Emma Vaughn-Matthews)
Assigning Future ‘Rights’: A Modern Conception of Nemo Dat (July 1, 2025)
Protection Gaps: How Complexity Increases Risk (And How Law Can Help) (January 1, 2024) (with Louis Noirault)

Books

Systemic Risk in the Financial Sector: Ten Years After the Great Crash (Centre for International Governance Innovation, 2019) (editor with others)
Securitization, Structured Finance, and Capital Markets (LexisNexis, 2004) (with others)
Structured Finance: A Guide to the Principles of Asset Securitization (Tsinghua University Press, 2003) (Chinese edition, Tsinghua University Press, 2003)
Structured Finance: A Guide to the Principles of Asset Securitization (Maeil Business Newspaper, 3rd ed. 2003) (Korean edition, Maeil Business Newspaper, 2003)
Guia sobre los principios de Securitizacion de Activos (Universidad Finis Terrae, 3. ed. 2002) (Spanish edition of Structured Finance, 3d ed. 2002)
Structured Finance: A Guide to the Principles of Asset Securitization (Practising Law Institute, 2nd ed. 1993, 3rd ed. 2002) (with 2007 Supplement)
Structured Finance: A Guide to the Fundamentals of Asset Securitization (Practising Law Institute, 1990)

Articles & Essays

Foreword, 88 Law and Contemporary Problems i-vii (2026) (with others)
Recharacterizing Contracts: The Sale-versus-Loan Problem of Receivables Financing, 100 American Bankruptcy Law Journal 68-115 (2026) (with Isabelle Stewart)
Regulating Compliance in a World of Decentralized Finance (Centre for International Governance Innovation, CIGI Paper No. 355, 2026) (with Jack Tiedemann)
Bankruptcy's Redistributive Policies: Net Value or a "Zero-Sum Game"?, 99 American Bankruptcy Law Journal 261-305 (2025) (with the assistance of Jack Tiedemann)
De-Mystifying Digital Currencies, 87 Law and Contemporary Problems 1-29 (2025) (with assistance from David N. Ord)
Foreword, 87 Law and Contemporary Problems i-x (2025) (with others)
Money: A Functional Analysis, 30 Stanford Journal of Law, Economics & Business 1-32 (2025)
Secondary-Default Remedies: Should Harshness Limit Enforcement?, 51 Journal of Corporation Law 1-31 (2025)
Fractionalizing Investment Securities: Using FinTech to Expand Financial Inclusion, 84 Ohio State Law Journal 773-836 (2024) (with Robert Bourret)
Physics Informs Law: Analyzing Legal Issues That Turn on the Scale of Observation, 85 Ohio State Law Journal 593-621 (2024)
Reexamining Enron's Regulatory Consequences, 2024 NYU Annual Survey of American Law Forum 1-13 (2024) (with the assistance of Alex Bartlow)
Regulating Financial Innovation: FinTech, Crypto-assets, DeFi, and Beyond, 79 Business Lawyer 615-664 (2024)
Representations & Warranties, Fraud, and Risk Shifting: An Analytical Framework, 92 George Washington Law Review 549-579 (2024)
Rethinking Commercial Law’s Uncertain Boundaries, 14 Harvard Business Law Review 234-256 (2024)
The Legal Anomaly of Non-Recourse Financing, 98 American Bankruptcy Law Journal 389-415 (2024) (with Christina Trepczynski)
UCC § 2-510: A Commercial Law Blunder?, 103 Texas Law Review Online 57-72 (2024)
Judge Jed Rakoff: Personal Impressions of a Testifying Expert Witness (and Anatomy of a UCC Foreclosure), 80 NYU Annual Survey of American Law 21-29 (2023)
Next-Generation Securitization: NFTs, Tokenization, and the Monetization of ‘Things’, 103 Boston University Law Review 967-1003 (2023)
Bankruptcy-Remote Structuring: Reallocating Risk Through Law, 97 American Bankruptcy Law Journal 1-40 (2023)
Corporate Governance and Risk-Taking: A Statistical Approach, 3 University of Chicago Business Law Review 149-191 (2023)
Post-Crisis Derivatives Regulation: What Went Right (And What Went Wrong), 23 Sciences Po Law Review 44-51 (2023)
The Global Derivatives Market, in Research Handbook on Global Capital Markets Law 220-235 (Iris H.-Y. Chiu & Iain G. Macneil eds., 2023)
Adjudicating Business and Commercial Disputes: Fixing Failures, in Verbindunglinien Im Recht: Festschrift für Christoph G. Paulus zum 70. Geburtstag 629-638 (Katharina de la Durantaye, David Paulus, Ignacio Tirado, Jay Westbrook & Wolfgang Zenker eds., 2022) (with Nicole Phillips)
Bankruptcy Remoteness: A Summary Analysis, 77 Business Lawyer 1105-1129 (2022) (with others)
Lawmaking Without Law: How Overreliance on Economics Fails Financial Regulation (And What to Do About It), 71 American University Law Review 2111-2155 (2022) (with Theodore L. Leonhardt)
Regulating Digital Currencies: Towards an Analytical Framework, 102 Boston University Law Review 1037-1081 (2022)
Regulating Global Stablecoins: A Model-Law Strategy, 75 Vanderbilt Law Review 1729-1785 (2022)
Securitizing Pandemic-Risk Insurance, 25 Risk Management and Insurance Review 551-583 (2022) (with Lorilee A. Medders)
The Inequities of Equitable Subordination, 96 American Bankruptcy Law Journal 29-62 (2022)
Central Bank Digital Currencies and Law, in The (Near) Future of Central Bank Digital Currencies: Risks and Opportunities for the Global Economy and Society 99-112 (Nicola Bilotta & Fabrizio Botti eds., 2021)
Corporate Restructuring Under Relative and Absolute Priority Default Rules: A Comparative Assessment, 2021 University of Illinois Law Review 1-36 (2021) (with Jonathan M. Seymour)
Designing and Regulating Retail Digital Currencies (Centre for International Governance Innovation, Policy Brief no. 168, 2021)
Examining Indenture Trustee Duties, in Fiduciary Obligations in Business 93-110 (Arthur B. Laby & Jacob Hale Russell eds., 2021)
Financial Inclusion, Access to Credit, and Sustainable Finance, 84 Law and Contemporary Problems i-v (2021) (with others)
Insuring the 'Uninsurable': Catastrophe Bonds, Pandemics, and Risk Securitization, 99 Washington University Law Review 853-911 (2021)
Macromedical Regulation, 82 Ohio State Law Journal 727-777 (2021) (with Barak D. Richman)
On Skepticism, Modesty, and Embracing Those With Whom We Disagree: A Rejoinder, 82 Ohio State Law Journal 869-878 (2021) (with Barak D. Richman)
Protecting Financial Stability: Lessons From the COVID-19 Pandemic, 11 Harvard Business Law Review 193-232 (2021) (with Howell E. Jackson)
Regulating Financial Guarantors, 11 Harvard Business Law Review 159-192 (2021)
Scoping and Defining Financial Inclusion, Access to Credit, and Sustainable Finance, 84 Law and Contemporary Problems 1-15 (2021) (with Theodore L. Leonhardt)
Using Risk Securitization to Insure Against Pandemic-Related Risk (Think20 Italy, Policy Brief, 2021)
Indenture Trustee Duties: The Pre-Default Puzzle, 88 University of Cincinnati Law Review 659-684 (2020)
Regulating Derivatives: A Fundamental Rethinking, 70 Duke Law Journal 545-606 (2020)
Soft Law as Governing Law, 104 Minnesota Law Review 2471-2514 (2020)
TePoel Lecture: Bond Trustees, and the Rising Challenge of Activist Investors, 53 Creighton Law Review 669-681 (2020)
Conclusion: Closing Perspectives on Regulating Systemic Risk, in Systemic Risk in the Financial Sector: Ten Years After the Great Crash 263-278 (Douglas W. Arner, Emilios Avgouleas, Danny Busch & Steven L. Schwarcz, eds., 2019)
Beyond Bankruptcy: Resolution as a Macroprudential Regulatory Tool, 94 Notre Dame Law Review 709-749 (2019)
Central Clearing of Financial Contracts: Theory and Regulatory Implications, 167 University of Pennsylvania Law Review 1327-1373 (2019)
Corporate Governance of SIFI Risk-Taking: An International Research Agenda, in Research Handbook on Cross-Border Bank Resolution 177-199 (Matthias Haentjens & Bob Wessels eds., 2019) (with Aleaha Jones)
Empowering the Poor: Turning De Facto Rights into Collateralized Credit, 95 Notre Dame Law Review 1-38 (2019)
Proactive Resolution of Sovereign and Subnational Debt, 22 University of Pennsylvania Journal of Business Law 209-243 (2019)
Responsibility of Directors of Financial Institutions, in Governance of Financial Institutions 154-174 (Danny Busch, Guido Ferrarini, & Gerard van Solinge eds., 2019) (with others)
Systematic Regulation of Systemic Risk, 2019 Wisconsin Law Review 1-53 (2019)
A Global Perspective on Securitised Debt, in Capital Markets Union in Europe 484-503 (Danny Busch, Emilios Avgouleas, Guido Ferrarini eds., 2018)
Addressing Excessive Risk Taking in the Financial Sector: A Corporate Governance Approach (Centre for International Governance Innovation, Policy Brief No. 139, 2018) (with Maziar Peihani)
Bondholder Governance (Centre for International Governance Innovation, Policy Brief No. 122, 2018)
Corporate Governance of SIFI Risk-Taking, 41 Dublin University Law Journal 33-43 (2018)
Creating Credit From De Facto Collateral Rights (Centre for International Governance Innovation, Policy Brief No. 138, 2018)
Extending Bankruptcy-Resolution Techniques to Protect Financial Stability (Centre for International Governance Innovation, CIGI Papers No. 184, 2018)
Regulating Complacency: Human Limitations and Legal Efficacy, 93 Notre Dame Law Review 1073-1104 (2018)
Secured Transactions and Financial Stability: Regulatory Challenges, 81 Law & Contemporary Problems 45-62 (No. 1 2018)
Securitization Ten Years after the Financial Crisis: An Overview, 37 Review of Banking and Financial Law 757-769 (2018)
Sovereign Debt Restructuring and English Governing Law, 12 Brooklyn Journal of Corporate, Financial & Commercial Law 73-103 (2018)
Using Insights into Human Rationality to Improve Financial Regulation (Centre for International Governance Innovation, Policy Brief No. 144, 2018)
Controlling Systemic Risk Through Corporate Governance (CIGI Policy Brief No. 99, February 2017)
A Model-law Approach to Sovereign Debt Restructuring CIGI Policy Brief No. 64 August 2015, updated October 2017 (presented at UNCITRAL 50th Anniversary Congress, Vienna, July 2017)
Banking and Financial Regulation, in Oxford Handbook of Law and Economics 423-446 (Francesco Parisi ed., 2017)
Changing Law to Address Changing Markets: A Consequence-Based Inquiry, 80 Law & Contemporary Problems 163-191 (No. 1 2017)
Perspectives on Regulating Systemic Risk, in Systemic Risk, Institutional Design, and the Regulation of Financial Markets 39-59 (Anita Anand ed., 2017)
Regulating Corporate Governance in the Public Interest: The Case of Systemic Risk, in The Most Important Concepts in Finance 83-92 (Benton E. Gup ed., 2017)
Restructuring Sovereign Debt: An English Law Opportunity (Centre for International Governance Innovation, Policy Brief No. 112, 2017)
Rethinking Corporate Governance for a Bondholder Financed, Systematically Risky World, 58 William & Mary Law Review 1335-1364 (2017)
The Financial Crisis and Credit Unavailability: Cause or Effect?, 72 Business Lawyer 409-420 (2017)
Too Big to Fool: Moral Hazard, Bailouts, and Corporate Responsibility, 102 Minnesota Law Review 761-801 (2017)
25 Years, Where Are We Now? Global Trade & Sovereign Debt, 25 Minnesota Journal of International Law 311-320 (2016)
Anticipating New Sources of Systemic Risk in Insurance, in Systemic Risk and the Future of Insurance Regulation 51-64 (Andromachi Georgosouli & Miriam Goldby eds., 2016) (with Daniel Schwarcz)
Macroprudential Regulation of Mortgage Lending, SMU Law Review 595-608 (2016)
Managing Systemic Risk: An American View, in One Issue, Two Voices: Systemic Financial Risk: Can New Regulations Protect the Public From Widespread Economic Failure? (Stephanie McLuhan ed., 2016)
Misalignment: Corporate Risk-Taking and Public Duty, 92 Notre Dame Law Review 1-50 (November 2016)
Regulating Financial Change: A Functional Approach, 100 Minnesota Law Review 1441-1494 (2016)
Securitization and Post-Crisis Financial Regulation, 101 Cornell Law Review Online 115-139 (2016)
Sovereign Debt Restructuring: A Model-Law Approach, Journal of Globalization & Development 1-29 (February 2016)
The Macroprudential Quandary: Unsystematic Efforts to Reform Financial Regulation, in Reconceptualising Global Finance and Its Regulation 127-158 (Ross P. Buckley et al. eds., 2016) (with Kern Alexander)
A Model-Law Approach to Restructuring Unsustainable Sovereign Debt (CIGI, Policy Brief no. 64, August 2015)
Brief of Prof. Steven L. Schwarcz as Amicus Curiae, Ace Securities Corp. v DB Structured Products, Inc., APL-2014-00156 (N.Y. March 13, 2015)
Derivatives and Collateral: Balancing Remedies and Systemic Risk, 2015 University of Illinois Law Review 699-720 (2015)
Excessive Corporate Risk-Taking and the Decline of Personal Blame, 65 Emory Law Review 533-580 (2015)
Foreword, 78 Law & Contemporary Problems i-v (2015) (with James D. Cox)
Intrinsic Imbalance: The Impact of Income Disparity on Financial Regulation, 78 Law & Contemporary Problems 97-117 (2015)
Keynote Reflections: The Public Governance Duty, 50 Georgia Law Review 1-16 (2015)
Sovereign Debt: The Statutory Solution, International Financial Law Review (2015)
The Banking Union: A General Perspective, in European Banking Union: The New Regime 3-7 (Luis M. Hinojosa-Martinez & Jose Maria Beneyto eds., 2015)
Comments on the September 29, 2014 FSB Consultative Document, ‘Cross-Border Recognition of Resolution Action’, CIGI Papers No. 51 (December 2014) (with others)
The Functional Regulation of Finance (2014)
Bypassing Congress on Federal Debt: Executive Branch Options to Avoid Default, 31 Yale Journal on Regulation 269-302 (2014)
Regulating Systemic Risk in Insurance, 81 University of Chicago Law Review 1569-1640 (2014) (with Daniel Schwarcz)
Rollover Risk: Ideating a U.S. Debt Default, 55 Boston College Law Review 1-37 (2014)
Securitization, Structured Finance, and Covered Bonds, 39 Journal of Corporation Law 130-154 (2014)
Shadow Banking, Financial Risk, and Regulation in China and Other Developing Countries, 1 RGNUL Financial and Mercantile Law Review 117-127 (2014)
The Bankruptcy-Law Safe Harbor for Derivatives: A Path-Dependence Analysis, 71 Washington & Lee Law Review 1715-1755 (2014) (abridged as Derivatives and Bankruptcy, in Shadow Banking Within and Across National Boarders 239 (Stijn Claessens et al eds., 2015) (with Ori Sharon)
The Governance Structure of Shadow Banking: Rethinking Assumptions About Limited Liability, 90 Notre Dame Law Review 1-30 (2014) (redacted form in Journal of Financial Perspectives, & in European Banking Regulation)
Towards More Sustainable and Less Crisis-Driven Financial Regulation, 11 University of St. Thomas Law Journal 427-437 (2014)
Framing Address: A Framework for Analyzing Financial Market Transformations, 36 Seattle University Law Review 299-319 (2013)
Lawyers in the Shadows: The Transactional Lawyer in a World of Shadow Banking, 63 American University Law 157-172 (2013) (expanded version of Keynote Address at Symposium:Transactional Lawyering: Theory, Practice & Pedagogy, American University Washington College of Law, April 5, 2013)
Regulating Ex Post: How Law Can Address the Inevitability of Financial Failure, 92 Texas Law Review 75-131 (2013) (with Iman Anabtawi)
Regulating Shadows: Financial Regulation and Responsibility Failure, 70 Washington & Lee Law Review 1781-1825 (2013)
Ring-Fencing, 87 Southern California Law Review 69-109 (2013)
Securitization and Structured Finance, in Handbook of Key Global Financial Markets, Institutions and Infrastructure 565-573 (Gerard Caprio et al. ed., 2013)
Shadow Banking and Regulation in China and Other Developing Countries, 2013/83 Global Economic Governance Programme Working Paper (2013)
Shadow Banking, Financial Markets, and the Real Estate Sector, 32 Review of Banking & Financial Law 179-192 (2013)
Controlling Financial Chaos: The Power and Limits of Law, 2012 Wisconsin Law Review 815-840 (2012)
Direct and Indirect U.S. Government Debt, in Is U.S. Government Debt Different? 245-254 (Franklin Allen et al. eds., 2012)
In-House Counsel's Role in the Structuring of Mortgage-Backed Securities, 2012 Wisconsin Law Review 521-547 (2012) (with others)
Marginalizing Risk, 89 Washington University Law Review 487-518 (2012)
Regulating Shadow Banking, 31 Review of Banking & Financial Law 619-642 (2012)
Sovereign Debt Restructuring Options: An Analytical Comparison, 2 Harvard Business Law Review 95-121 (2012)
The 2011 Diane Sanger Memorial Lecture: Protecting Investors in Securitization Transactions: Does Dodd-Frank Help, or Hurt?, 72 Louisiana Law Review 591-603 (2012)
The Custom-to-Failure Cycle, 62 Duke Law Journal 767-795 (2012) (with Lucy Chang)
The Roberta Mitchell Lecture: Structuring Responsibility in Securitization Transactions, 40 Capital University Law Review 803-819 (2012)
The Use and Abuse of Special-Purpose Entities in Public Finance, 97 Minnesota Law Review 369-406 (2012)
What is Securitization? And for What Purpose?, 85 Southern California Law Review 1283-1299 (2012)
Keynote Address: A Regulatory Framework for Managing Systemic Risk (European Central Bank conference, Regulation of Financial Services in the EU, October 20, 2011)
Keynote Address: Identifying and Managing Systemic Risk: An Assessment of Our Progress (2011) (AGEP Advanced Policy Institute on Financial Services Regulation, George Mason University, March 10, 2011)
A Minimalist Approach to State 'Bankruptcy', 59 UCLA Law Review 322-353 (2011)
Compensating Market Value Losses: Rethinking the Theory of Damages in a Market Economy, 63 Florida Law Review 1053-1076 (2011)
Disintermediating Avarice: A Legal Framework for Commercially Sustainable Microfinance, 2011 University of Illinois Law Review 1165-1199 (2011)
Facing the Debt Challenge of Countries that are "Too Big to Fail", in Sovereign Debt: From Safety to Default 425-430 (Robert W. Kolb ed., 2011)
Financial Industry Self-Regulation: Aspiration and Reality, 159 University of Pennsylvania Law Review PENNumbra 293-302 (2011)
Helping Microfinance Become Commercially Sustainable, 46 Gonzaga Law Review 495-502 (2011)
Identifying and Managing Systemic Risk: An Assessment of Our Progress, 1 Harvard Business Law Review Online 94-104 (2011)
Information Asymmetry and Information Failure: Disclosure Problems in Complex Financial Markets, in Corporate Governance and the Global Financial Crisis: International Perspectives 95-112 (William Sun, Jim Stewart & David Pollard eds., 2011)
Keynote Address: Ex Ante Versus Ex Post Approaches to Financial Regulation, 15 Chapman Law Review 258-269 (2011) (Symposium "From Wall Street to Main Street: The Future of Financial Regulation." January 28, 2011)
Regulating Systemic Risk: Towards an Analytical Framework, 86 Notre Dame Law Review 1349-1412 (2011) (with Iman Anabtawi)
The Conundrum of Covered Bonds, 66 Business Lawyer 561-586 (2011)
Leverhulme Lecture: The Future of Securitization, 2010 (2010) (November 11, 2010, Oxford University)
Leverhulme Lecture: Regulating Complexity in Financial Markets, 2010 (2010) (November 10, 2010, Oxford University)
Leverhulme Lecture: The Global Financial Crisis and Systemic Risk, 2010 (2010) (November 9, 2010, Oxford University)
Distorting Legal Principles, 35 Journal of Corporation Law 697-727 (2010)
Fiduciaries With Conflicting Obligations, 94 Minnesota Law Review 1867-1913 (2010)
Keynote Address: The Conflicted Trustee Dilemma, 54 New York Law School Law Review 707-715 (2010) (Symposium on "Fear, Fraud, and the Future of Financial Regulation")
Keynote Address: The Role of Lawyers in the Global Financial Crisis, 24 Australian Journal of Corporate Law 1-13 (2010)
Too Big to Fail?: Recasting the Financial Safety Net, in The Panic of 2008: Causes Consequences and Implications for Reform 94-115 (Lawrence E. Mitchell & Arthur E. Wilmarth, Jr. eds., 2010)
Conflicts and Financial Collapse: The Problem of Secondary-Management Agency Costs, 26 Yale Journal on Regulation 457-470 (2009) (Essay from Weil, Gotshal & Manges Roundtable on the Future of Financial Regulation, Yale Law School, February 13, 2009)
Keynote Address: The Case for a Market Liquidity Provider of Last Resort, 5 NYU Journal of Law & Business 346-354 (2009) (Symposium: Modernizing Financial Regulatory Structure)
Keynote Address: Understanding the 'Subprime' Financial Crisis, 60 South Carolina Law Review 549-572 (2009) (Law Review Symposium on the Subprime Mortgage Crisis)
Regulating Complexity in Financial Markets, 87 Washington University Law Review 211-268 (2009)
The 'Principles' Paradox, 10 European Business Organization Law Review 175-184 (2009) (reprinted in The Research Handbook of International Financial Regulations (Kern Alexander ed., 2010))
The Future of Securitization, 41 Connecticut Law Review 1313-1325 (2009) (republished as revised in, Lessons from the Financial Crisis 595-600 (Robert W. Kolb ed., 2010))
Bond Defaults and the Dilemma of the Indenture Trustee, 59 Alabama Law Review 1037-1073 (2008) (with Gregory M. Sergi)
Disclosure's Failure in the Subprime Mortgage Crisis, 2008 Utah Law Review 1109-1122 (2008)
Markets, Systemic Risk, and the Subprime Mortgage Crisis, 61 SMU Law Review 209-217 (2008) (essay based on 2008 Roy R. Ray Lecture, Southern Methodist University Dedman School of Law)
Protecting Financial Markets: Lessons from the Subprime Mortgage Meltdown, 93 Minnesota Law Review 373-406 (2008) (reprinted in Housing Loans and Mortgages 155-190 (S. Ravi ed., 2008))
Systemic Risk, 97 Georgetown Law Journal 193-249 (2008)
To Make or to Buy: In-House Lawyering and Value Creation, 33 Journal of Corporation Law 497-575 (2008)
Automatic Perfection of Sales of Payment Intangibles: A Trap for the Unwary, 68 Ohio State Law Journal 273-279 (2007)
Explaining the Value of Transactional Lawyering, 12 Stanford Journal of Law, Business & Finance 486-535 (2007)
Substantive Consolidation of Corporate Groups in Insolvency Situations, and Delaware Limited Liability Companies in the Zone of Insolvency, 81 Australian Law Journal 15 (2007)
Testimony Before the U.S. House of Representatives Committee on Financial Services, October 2, 2007, regarding 'Systemic Risk: Examining Regulators' Ability to Respond to Threats to the Financial System', 2007)
Financial Information Failure and Lawyer Responsibility, 31 Journal of Corporation Law 1097-1123 (2006)
Foreword, in Innovations in Securitisation Yearbook (Jan Job de Vries Robbé & Paul A.U. Ali, eds., 2006)
The Public Responsibility of Structured Finance Lawyers, 1 Capital Markets Law Journal 6-20 (2006)
The Confused U.S. Framework for Foreign-Bank Insolvency: An Open Research Agenda, 1 Review of Law & Economics 81-95 (2005)
Looking Forward: 2005-2010 - A Sovereign Debt Restructuring Reverie, 6 Chicago Journal of International Law 381-390 (2005)
Temporal Perspectives: Resolving the Conflict Between Current and Future Investors, 89 Minnesota Law Review 1044-1090 (2005)
The Limits of Lawyering: Legal Opinions in Structured Finance, 84 Texas Law Review 1-58 (2005)
We Are All Saying Much the Same Thing: A Rejoinder to the Comments of Professors Coffee, Macy, and Simon, 84 Texas Law Review 93-104 (2005)
Collapsing Corporate Structures: Resolving the Tension Between Form and Substance, 60 Business Lawyer 109-145 (2004)
'Idiot's Guide' to Sovereign Debt Restructuring, 53 Emory Law Journal 1189-1218 (2004)
Foreword, in Synthetic, Insurance and Hedge Fund Securitisations v-vi (Paul U. Ali & Jan Job de Vries Robbé, 2004)
Is Securitization Legitimate?, in International Financial Law Review Guide to Structured Finance 115-117 (2004)
Rethinking the Disclosure Paradigm in a World of Complexity, 2004 University of Illinois Law Review 1-37 (2004)
Securitization Post-Enron, 25 Cardozo Law Review 1539-1575 (2004) (reprinted in 46 Corporate Practice Commentator 963-1001 (2004))
Subnational Debt Restructuring and the Rule of Law, 1 Journal of Restructuring Finance 129-153 (2004)
Book Review, 38 Canadian Business Law Journal 150-156 (2003) (reviewing Cross Border Collateral: Legal Risks and the Conflict of Laws (R. Potok ed., 2002))
Commercial Trusts as Business Organization: An Invitation to Comparatists, 13 Duke Journal of Comparative & International Law 321-336 (2003)
Commercial Trusts as Business Organizations: Unraveling the Mystery, 58 Business Lawyer 559-586 (2003)
Enron and the Use and Abuse of Special Purpose Entities in Corporate Structures, 70 University of Cincinnati Law Review 1309 (2002)
Global Decentralization and the Subnational Debt Problem, 51 Duke Law Journal 1179 (2002)
Intermediary Risk in The Indirect Holding System For Securities, 12 Duke Journal of Comparative & International Law 309-30 (2002) (with Joanna Benjamin)
Private Ordering, 97 Northwestern University Law Review 319-49 (2002)
Private Ordering of Public Markets: The Rating Agency Paradox, 2002 University of Illinois Law Review 1 (2002)
Restructuring Subnational Debt, 23 Municipal Finance Journal 1 (Fall 2002)
The Impact of Bankruptcy Reform on "True Sale" Determination in Securitization Transactions, 7 Fordham Journal of Corporate & Financial Law 353 (2002)
The Universal Language of International Securitization, 12 Duke Journal of Comparative & International Law 285-308 (2002)
Indirectly Held Securities and Intermediary Risk, 6 Uniform Law Review/ Revue de droit uniforme 283-298 (2001)
Intermediary Risk in a Global Economy, 50 Duke Law Journal 1541 (2001)
The Role of Rating Agencies in Global Market Regulation, in Regulating Financial Services and Markets in the 21st Century 297 (Eilís Ferran & Charles A.E. Goodhart eds., 2001)
Guaranties and Other Third-Party Credit Supports, in Commercial Loan Documentation Guide (2000) (with Gabe Shawn Varges)
PEB Commentary No. 14 on Uniform Commercial Code Sec. 9-102(1)(b) (2000)
Sovereign Debt Restructuring: A Bankruptcy Reorganization Approach, 85 Cornell Law Review 956 (2000)
Judgment Proofing: A Rejoinder, 52 Stanford Law Review 77 (1999)
Rethinking Freedom of Contract: A Bankruptcy Paradigm, 77 Texas Law Review 515 (1999)
The Impact on Securitization of Revised UCC Article 9, 74 Chicago-Kent Law Review 947 (1999)
The Inherent Irrationality of Judgment Proofing, 52 Stanford Law Review 1 (1999)
Towards a Centralized Perfection System for Cross-Border Receivables Financing, 20 University of Pennsylvania Journal of International Economic Law 455 (1999)
The Universal Language of Cross-Border Finance, 8 Duke Journal of Comparative & International Law 235 (1998)
Protecting Rights, Preventing Windfalls: A Model for Harmonizing State and Federal Law on Floating Liens, 75 North Carolina Law Review 403 (1997)
The Attraction of Law and Economics: Is Law an Autonomous Discipline?, 21 Harvard Journal of Law & Public Policy 85 (1997)
The Easy Case for the Priority of Secured Claims in Bankruptcy, 47 Duke Law Journal 425 (1997)
Rethinking a Corporation's Obligations to Creditors, 17 Cardozo Law Review 647 (1996)
Rethinking the Role of Recourse in the Sale of Financial Assets, 52 Business Lawyer 159 (1996) (with others)
A Fundamental Inquiry Into the Statutory Rulemaking Process of Private Legislatures, 29 Georgia Law Review 909 (1995)
Law and Economics of Securitization, (1995) (Japanese Translation)
The Alchemy of Asset Securitization, 1 Stanford Journal of Law, Business & Finance 133 (1995)
The Global Alchemy of Asset Securitization, 14 International Financial Law Review 30 (1995)
A New Theory of Recourse in Structured Finance, Asset Sales Report 8 (1994) (February 14, 1994)
Civil Forfeiture: A Higher Form of Commercial Law?, 62 Fordham Law Review 287 (1994) (with Alan E. Rothman)
Octagon Gas' Ruling Creates Turmoil for Commercial and Asset-Based Finance, 1993 New York Law Journal 1 (1993)
The Parts are Greater Than the Whole: How Securitization of Divisible Interests Can Revolutionize Structured Finance and Open the Capital Markets to Middle-Market Companies, 1993 Columbia Business Law Review 139 (1993)
Credit Lyonnais Case Clarifies ABS Issues in Bankruptcy, Asset Sales Report 1 (1992) (October 12, 1992)
Structuring and Legal Issues of Asset Securitization in the United States, in Asset Securitization: International Financial and Legal Perspectives 16-50 (Joseph Jude Norton & Paul R. Spellman eds., 1991)
Structured Finance: The New Way to Securitize Assets, 11 Cardozo Law Review 607-638 (1990)
Sharing of Research Results in a Federally Sponsored Gene Mapping Project(1987 Report to the Office of Technology Assessment in Congress by the Committee on Science and Law of the Assoc. of the Bar of the City of New York) (with others) , 1987)
The Impact of Fraudulent Conveyance Law on Future Advances Supported by Upstream Guaranties and Security Interests, 9 Cardozo Law Review 729-741 (1987)
An Analysis of Proposed Changes in Substantive and Procedural Law in Response to Perceived Difficulties in Establishing Whether or Not Causation Exists in Mass Toxic Tort Litigation, 41 Record of the Association of the Bar of the City of New York 905 (1986) (with others)
Basics of Business Reorganization in Bankruptcy, 68 Journal of Commercial Bank Lending 36 (1985) (reprinted in Bankruptcy: A Special Collection from the Journal of Commercial Bank Lending 79-87 (1987)) (Chinese translation republished in 2 Graduate Studies Journal Issue No. 3, at 59 (Fudan University 2001))
A Disturbing Decision: Analysis of Twistcap, Scott Report (1983)
Resolving Conflicts in Technological Disputes, 19 Jurimetrics Journal 424 (1979)
Peer Review Study(with others) , 1975)

Issues Edited

U.S.-EU Comparative Financial Regulation, 88 Law and Contemporary Problems (No. 2, 2026) (with others)
Regulating Digital Currencies, 87 Law and Contemporary Problems (No. 2, 2025) (with others)
Financial Inclusion, Access to Credit, and Sustainable Finance, 84 Law and Contemporary Problems (No. 1, 2021) (with others)
Secured Transactions Law in the Twenty-First Century, 81 Law and Contemporary Problems (No. 1, 2018) (with others)
The Administrative Law of Financial Regulations, 78 Law and Contemporary Problems (No. 3, 2015) (with James D. Cox)

Newspaper Articles and Commentary

Thoughts on The Minneapolis Plan to End TBTF, FinReg Blog (December 6, 2016)
Regulating Corporate Governance in the Public Interest: The Case of Systemic Risk, Harvard Law School Forum on Corporate Governance and Financial Regulation (July 25, 2016)
Albany Can Solve the World's Sovereign Debt Crisis, BloombergView (March 9, 2016) (with Oonagh Fitzgerald)
Corporate Risk-Taking and Public Duty, Harvard Law School Forum on Corporate Governance and Financial Regulation (September 1, 2015)
Corporate Risk-Taking and the Decline of Personal Blame, Harvard Law School Forum on Corporate Governance and Financial Regulation (February 12, 2015)
Derivatives and Collateral: Balancing Remedies and Systemic Risk, Harvard Law School Bankruptcy Roundtable (November 4, 2014)
Towards a "Rule of Law" Approach to Restructuring Sovereign Debt, Harvard Law School Forum on Corporate Governance and Financial Regulation (October 14, 2014)
The Impact of Income Disparity on Financial Regulation, CLS Blue Sky Blog (March 7, 2014)
The Governance Structure of Shadow Banking, Harvard Law School Forum on Corporate Governance and Financial Regulation (February 6, 2014)
Another Option for Avoiding a Debt-Ceiling Disaster, Constitution Daily (February 4, 2014)
Understanding the Dangers of a Debt Default, Constitution Daily (October 5, 2013)
Beyond the Bailout, Forbes.com Commentary (October 8, 2008)
How Three Economists View a Financial Rescue Plan, New York Times (September 22, 2008, at C4)
Systemic Risk Meets Subprime Mortgages, Forbes.com Commentary (May 1, 2008)
Ohio Supreme Court Decision Jeopardizes the Financeability of Government Receivables, U.C.C. Bulletin (January 1, 2006) (with Eric Marcus)
Save the Blameless from Seizure Laws, 1994 New York Times (April 3, 1994, at 11) (with Alan E. Rothman)
Repurchase Agreements and Bankruptcy Changes, 1984 National Law Journal (September 10, 1984, at 18)
Dealing with Problems Faced in Bankruptcies, 1983 National Law Journal (November 7, 1983, at 15)

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Newspaper Articles and Commentary

Steven L. Schwarcz