Innovative technologies, such as distributed ledgers, allow securities to be issued or represented in a new form known as digital tokens. Such "tokenisation" of securities will alter post-trade clearing and settlement, and could improve efficiency in some dimensions. But the fundamental...

We develop a model to analyze distress spillover from the OTC interest rate swaps (IRS) market into the interbank market due to central clearing and margin requirements. We show that margin procyclicality in the OTC IRS market derived by interest rate volatility can lead to the onset of systemic...

We address the paradox that financial innovations aimed at risk-sharing appear to have made the world riskier. Financial innovations facilitate hedging idiosyncratic risks among agents; however, aggregate risks can be hedged only with liquid assets. When risk-sharing is primitive, agents...

This book examines how nine different health systems--U.S. Medicare, Australia, Thailand, Kyrgyz Republic, Germany, Estonia, Croatia, China (Beijing) and the Russian Federation--have transitioned to using case-based payments, and especially diagnosis-related groups (DRGs), as part of their...

India is a peninsula and shipping activities have been always the key transport mode for the international trade. India has to rely heavily on shipping activities which, contributes significantly to the promotion of trade and to boost India's imports and exports on the international market....

This paper focuses on the EU regime for client clearing, including recent amendments to this regime introduced by 2019 regulatory reforms. It begins by providing the legal and regulatory context to clearing using central counterparties and the authorities’ interest in promoting it in the...