The liberal international legal order faces a legitimacy crisis today that becomes visible with the recent anti-internationalist turn, the rise of populism and the recent Russian invasion of Ukraine. Either its authority or legitimacy has been tested many times over the last three decades. The...

The overriding practical problem now is the tension between the global financial and market system and the national political and power structures. The main analytical short-coming lies in the failure to incorporate financial frictions, especially default, into our macro-economic models. Neither...

This paper intends to approach the financial market regulation and its prospects of evolution. It will first identify the meaning of financial regulation from a global approach. Then, it will discuss the cornerstones of regulation and its main characteristics, including regulatory organizations....