One of the many lingering questions posed by the continuing meltdown of global finance concerns the role of securitization and the so-called shadow banking system in amplifying the scope of the crisis. As the crisis has revealed, a crucial function of many shadow financial units such as special...

This article focuses on the issue of systemic illiquidity as a key component in the financial crises of the late 1990s. The article critically revisits Minsky's financial fragility hypothesis, advancing his insights into the analysis of crises in East Asia, Russia, and the United States in the...

The globalisation of financial markets has attracted much academic and policymaking commentary in recent years, especially with the growing number of banking and financial crises and the current credit crisis that has threatened the stability of the global financial system. This major Research...

This vital new Handbook is an authoritative volume presenting key issues in finance that have been widely discussed in the financial markets but have been neglected in textbooks and the usual compilations of conventional academic wisdom.

Since deregulation in the 1980s, all advanced countries have gone along the same route increasingly shaping their financial regulations according to principles and theoretical models set out by global standard setters. Structural fragilities, failures of regulators, and short-sighted supervisors...

We study the origin of European imbalances in the context of European integration. As a whole, the European Union and Eurozone have had nearly balanced external accounts. However, member countries have presented divergent positions. We analyse the factors underlying the presence of European...