Polycentric development is a widely-used term both in academic research and in the normative agenda. However, its theoretical foundations and economic implications are still unknown and the concept of polycentricity still does not have a shared definition, or a shared measurement method. The aim...

We assess whether during the recent financial crisis banking systems in countries with more stringent prudential banking regulation have proved more stable. We find indicators of regulatory strength to be relatively well correlated with the extent to which countries have escaped damage during...