Taking steps to reduce financial system fragility is important for sustained economic growth. This paper focuses on two questions: What are the key problems of the Romanian financial system? What specific action steps are needed to address these problems and achieve the desired financial reform?...

We examine the effects of a variety of mandatory information disclosure regimes on the expected revenues of issuing firms and on their endogenously-arising incentives for financial innovation. The main question we ask is: what kind of information and how much of it should firms be asked to...