of base money liabilities), (3) the inflation tax (the reduction in the real value of the stock of base money due to … inflation and (4) the operating profits of the central bank, or the taxes paid by the Central Bank to the Treasury. To … Bank’s ability to pursue and achieve an inflation target, and the importance of cooperation and coordination between the …

advantages of debt against the risk of costly default. The costs of default are endogenous: bankrupt firms are forced to …, firms’ investment is too low and, although the capital structure is chosen optimally, in equilibrium too little debt is used …

contracts. The model considers a small open economy with capital accumulation and without commitment to repay debt. Taking first … order approximations of Bellman equations, I derive analytical expressions for the equilibrium level of debt and the optimal … debt contract. In this environment, debt relief generated by reasonable fluctuations in productivity is an order of …

Really Responsive Regulation seeks to add to current theories of enforcement by stressing the case for regulators to be …

Principles-based regulation is high on the regulatory agenda in a number of regulatory domains, most particularly … financial regulation. Its supporters argue that it provides a flexible regulatory regime which can facilitate innovation; its … detractors argue that it is simply lax regulation. This article explores the political rhetoric surrounding principles …

financial crisis, we need to understand the framework of law, regulation, self-regulation and professional incentives that … play in the system of corporate governance, the ways in which law and regulation recognize that role, and the extent to …