The benefits of incrementalism are frequently lauded in international lawmaking. Scholars argue that these benefits accrue to international organizations with limited resources or to nation-states that are reluctant to move too fast. Using the case of UNCITRAL's (the United Nations Commission on...

The study of national business systems is increasingly concerned with the issue of path dependency and change. This paper seeks to clarify this debate through a theoretical and empirical examination of these issues in the context of change within the Japanese financial markets. The first section...

Since the G-7 called for a new international financial architecture, international financial institutions have been designing templates for markets and the laws that govern them. Corporate bankruptcy regimes have been among the bundle of reform packages urged upon developing and transitional...

This paper examines the institutional, political and regulatory history of U.S. derivatives markets from the 1980s until the financial crisis of 2008 to understand the divergence between exchange-traded derivatives and over-the-counter derivatives. Although exchanges like the Chicago Mercantile...