The financial system is a private-public partnership coming from government ceding the right to produce means of payment with the related permission on leveraged lending services, against the acceptance of rules designed to ensure stability for both individual institutions and the financial...

The almost consensual view on the global financial crisis is that it should be attributed to massive regulatory failure. Regulation is either argued to have failed in constraining an inherently instable financial system or to have provoked the crisis by means of inappropriate regulatory changes....

The paper aims to study the evolution of the financial regulation and supervision in Hungary from 1987, the year when the foundations of the two-tier banking system were laid. After a brief overview of the history of the Hungarian financial system we turn our attention to the history of the...

The evolution of the Italian regulatory system is based on five basic principles: (i) maintenance of trust in the financial system; (ii) investors protection; (iii) stability and wellfunctioning of the financial system; (iv) financial system competitiveness; (v) compliance of financial rules....

Over time the financial sector has gained greater relevance in the economy, a phenomenon that some call financialisation. Contrary to the mainstream view, financialisation literature emphasises that risk management by financial corporations will not be socially efficient in a context of...

There is no doubt that the shadow banking system played an important role in the global financial crisis. What is in question is whether it played a causal or merely amplifying role. This paper argues in favour of the latter. Focusing specially on the process of the production of CDOs through...

The aim of this document is to complement the analysis of ‘variegated financialisation’ provided (in an associated paper) by Passarella Veronese (2013) with a preliminary examination of the process of financial integration of EU countries, and especially of Euro Area’s member-States. In...