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...

This paper presents the major changes in financial regulation in the United States starting with the historical background and concluding with the most recent measures contained in, or mandated by, the 2010 Dodd-Frank Act. It will present the most important changes in regulatory legislation...

Since the 1980s, structural and regulatory evolutions and reforms of the French banking and financial system have been manifold. They have been influenced not only by the European integration process, but also by the historical worldwide context of deregulation and, morerecently, by the...

This Report provides an introduction to the seven country studies on the implementation of the European Directives on Banking and Finance in the period from the introduction of the Single European Act to the 2007/8 Global financial crisis and the additional national measures that have been taken...

This paper provides an overview of some of the long-run changes in the relationship between the financial and non-financial aggregate sectors of the South African economy. In particular the paper considers the impact of financialisation on capital investment, consumption, inequality and the...