In this paper, I analyze India's approach to capital account liberalization through the lens of the new literature on financial globalization. India's authorities have taken a cautious and calibrated path to capital account opening, which has served the economy well in terms of reducing its...

1. Introduction -- 2. Pre-crisis financial system in Korea -- 3. The nature of the crisis and reform environment -- 4. The politics of reform in the transition period -- 5. Financial sector reform and the role of foreign capital -- 6. Conclusion

This paper serves as a brief discussion on the current international financial architecture, and the power aff orded to private actors in capital markets. When the term ‘private surveillance' is used, it denotes the activities of supervisory bodies which are privately owned, unelected and...

Financial reform has rebalanced the power of international engagement, reducing the role of the President and his diplomats, and increasing that of Congress and independent agencies. In so doing, the reforms have readjusted a balance that many believe was skewed by the government's response to...

The Dodd-Frank Act will eliminate the requirement that credit products must be rated before they can be sold to banks and pension funds. Supporters argue that if the information in ratings is valuable, issuers or investors will choose to buy the information, even without the requirement. But...

Information costs and regulatory barriers are the main distinguishing features of international financial markets as compared to national financial markets. This paper presents a simple model of the impact of these factors on banks' cross-border activities and provides empirical evidence. Our...