The paper describes two insolvency codes, those of the United Kingdom and the United States, and appraises their efficiency using five criteria, including (1) premature and deferred liquidation, (2) adherence to the terms of the debt contract, (3) direct costs of insolvency, (4) over or under...

This paper provides an overview of the issue. It considers the existing structure of financial regulation, the deficiencies that were encountered during the financial crisis, and the proposed reforms. It discusses whether these are likely to be adequate and argues that there are fundamental...

This paper analyses the causes, consequences, and cures for financial instability based on nine articles on this subject in the Oxford Review of Economic Policy. It argues that the articles suggest a high degree of consensus about the policies required to minimize risks of financial instability...

Eastern Europe is engaged in a massive program of financial reform. This paper argues that while this program has many desirable features, it has failed to address some of the most basic issues. These concern the relationship between the financial system and the enterprise sector, and the...

This article reviews the development of corporate finance from domestic analyses to international comparisons of financial systems, to comparative corporate governance, to law and finance, and most recently to politics and finance. It describes how both theoretical developments and empirical...