In the post-crisis agenda of reform of financial regulation, macroprudential policy has been assigned a central role. Some of the measures of this agenda involve restrictions on cross-border financial flows and discriminatory restrictions targeting particular financial institutions and...

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 paper is a commentary on the third in the series of consultative papers (CP3) on a New Basel Capital Accord for banks, earlier papers being issued in 1999 and 2001. While CP3 retains the overall structure of its predecessor, it contains many revisions and a more complete set of rules....

Four years after the debacle, the term 'Enron' has earned its place in the everyday vocabulary of business ethics. Hardly anyone understands the business intricacies of what really happened with the sophisticated energy conglomerate. Even fewer are those able to envision, beyond the business...

Reviewing the birth of the modern international financial system since its Bretton Woods roots, Professor Jan Kregel shows that the roots of today’s problems and imbalances were already present from the outset. In “The Clearing Union Principle as the Basis for Regional Financial Arrangements...