There is a long tradition of regulating banks and securities markets in many countries. The primary justification for bank regulation that is usually given is the avoidance of systemic risk, or in other words, the avoidance of financial crises. With securities markets it is usually argued the...

This is the second chapter of a book, Financial Regulation in the Global Economy, Herring is writing with Robert Litan. In this chapter they show how technological advances - dramatic reductions in transportation, telecommunications and computation costs - are creating an increasingly integrated...

Improvements in the technological infra-structure have freed financial institutions from many of the constraints of geography. Yet when courts are asked to determine liability after some event interferes with the payment of an international bank deposit, they often fall back on the notion of...