Technological change and financial deregulation have dramatically globalised financial markets. Financial firms have developed innovative financial instruments, such as swaps and derivatives, to meet the often different global demand of investors and borrowers and have organised themselves to...

The financial crisis required governments to make massive interventions in their financial systems. This book sets out priorities for reforming incentives in financial markets as well as for phasing out these emergency measures.

This paper examines the role of structural indicators in the process of multilateral surveillance of structural policies. An analytical framework is suggested that is based on welfare economics and which focuses on efficiency considerations. Potential indicators are examined for six areas --...