"The explosive growth and increasing complexity of global financial markets are defining characteristics of the contemporary world economy. Unfortunately, financial globalization has been accompanied by a marked increase in the frequency and severity of financial crises. The International...

"Banks on the Brink explains why some countries are more prone to systemic bank failures than others. We focus on the political decisions that shape the structure of financial markets and the international economic forces that make some countries especially vulnerable to financial instability....

[Highlights] International financial institutions have promoted financial regulatory transparency, or the publication by supervisors of financial industry data. Financial regulatory transparency enhances market stability and increases democratic legitimacy. We introduce a new index of financial...