This paper focuses on regulatory challenges posed by the two interconnected structures of the global financial system – the economy of tax havens (or offshore financial centres), and the shadow banking system. The financial crisis of 2007-09 has revealed that tax havens structures and shadow...

Modern corporations have increasingly been adopting a decentred, layered, and multi-jurisdictional form as a strategy of boundary manipulation known amongst tax lawyers and accountants as "regulatory arbitrage". The argument we put forward in this article is that the scholarly work that treats...

This paper argues that the credit crunch is the result of a particular problem in the world financial system, that is, of the phenomenon of "liquidity illusion". At the heart of this still poorly under-stood phenomenon lies the spiral of financial innovation and its effects on systemic...