kaal:claim:2740477-030

Regulation is mostly reactive and follows business cycles rather than preempting crises, because of the collective action problem of regulation, path dependencies, and political inertia, so rules arrive when governance improvements are least available.

Because of the collective action problem of regulation, path dependencies, and political inertia, among many other reasons, regulation is mostly reactive, following business cycles and not preemptive, e.g. enacted before crises when governance improvements are most needed.

Wulf A. Kaal, Erik P.M. Vermeulen, Venture Capital as Dynamic Regulation of Disruptive Innovation (2016), V. Dynamic Regulation as a Regulatory Supplement, p. 26
https://ssrn.com/abstract=2740477 · source PDF

Wulf A. Kaal, Erik P.M. Vermeulen, Venture Capital as Dynamic Regulation of Disruptive Innovation (2016). SSRN: https://ssrn.com/abstract=2740477

failuresupport: arguedfailure: Reactive procyclical regulationfamily: regulatory-laginstitutional-design

• restated_by kaal:claim:2808132-034 A core problem for most regulation is its inaccurate and delayed timing, which follows from the collective act...
• extends kaal:claim:2273857-053 The core problem for financial regulation is timing: governance improvements are not enacted before crises whe...
• extends kaal:claim:kaal-2014-dynamicregulationviagove-008 Because rulemaking is subject to regulatory cycles and to a classic collective action problem, rules are gener...
• extends kaal:claim:2273857-020 Financial regulation is characterized and controlled by a classic collective action problem, and as a conseque...

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