Globalisation and the governance of the international financial system have arrived at the crossroads, where either a coherent level playing field for the cross-border activities of banks and multinational enterprises is settled upon, or the risk of another crisis will build up again. This book...

How should investors manage portfolios during crises? This question has surfaced since the 2008 global financial crisis, which is the latest of a series of shocks that began in the early 1970s. While crisis situations offer opportunities to outperform markets or to be engulfed by them, little...

Nowadays remembered mostly through Adam Smith’s references to the short-lived Ayr Bank in the Wealth of Nations, the 1772-3 financial crisis was an important historical episode in its own right, taking place during a pivotal period in the development of financial capitalism and coinciding with...

Asset bubbles and contagion have had a profound effect on the financial markets after the financial and sovereign debt crises. This book takes a quantitative approach to examining these phenomena and will appeal to practitioners who need to understand the repercussions of these events on trading...

Researchers, policymakers and commentators have long debated the patterns through which adverse shocks in a few markets may quickly spread to a range of apparently disconnected financial markets causing widespread losses and turmoil. This book uses modern linear and non-linear econometric...

Emerging markets have received a particular attention of academic researchers and practitioners since they decided to open their domestic capital markets to foreign participants about three decades ago. At the same time, we remark that theoretical and empirical research in emerging stock markets...

Introduction: Financial Stability in East Asia - A Tentative Assessment -- History and Legal Framework of the People's Bank of China -- The Independence of the Bank of Japan in the Light of Statutory Rules and Central Bank Independence Indices -- The Legal Framework for the European System of...

In light of the Asian financial crisis of 1997, Lai examines whether East Asian economies converged onto the liberal market model by studying the evolution of the financial sectors of Korea, Malaysia and Thailand. This includes sectoral diversification, the nature of competition, and the...

Khan presents a theory of financial crises in the age of globalization from an evolutionary perspective and suggests policies that may be necessary for averting or managing new financial crises. Starting with the Asian financial crises, he identifies new types of financial crises that result...

Loans from international financial institutions (IFI loans) to China were a very important beginning to China’s opening to the outside world. This book represents the first comprehensive study done in China to evaluate the overall performance of IFI assistance to China from 1981 to 2002. It...