The concept of compliance has developed over recent years. Gone are the days when satisfactory compliance in a bank consisted of making sure that a set of rules provided by a regulator had been met and each could be 'ticked off' and that appropriate returns had been sent in. Now the accepted...

The paper examines the relations between the architecture of an economy's financial system - its degree of market orientation - and economic performance in the real sector. We argue that the relative effectiveness of bank-based versus market-based financial systems depends on the strength of the...

This paper examines the costs, wealth effects, and determinants of international capital raising for a sample of 260 public debt issues made by non-U.S. firms in the U.S. (Yankee) market. We find that investors demand economically significant premiums on bonds issued by firms that are located in...

In this paper contagious risks and financial crises are endogenized through the interactions among corporations, banks, and the interbank market. We show that the lack of financial discipline in a single-bank-financing economy generates informational problems and thus the malfunction of the...

The early stages of banking and finance in Turkey were one of its brightest periods, even though it was the toughest because of lack of capital and unfavourable initial conditions. The finance and banking conception was quite rational and potential crises were eliminated through careful choices....

The economic narratives of Southeast Europe during the first part of the 20th century are currently being re-written. A story of failed industrialisation and delayed modernisation during the Interwar period has dominated since the pioneering work of Gerschenkron, but not enough aggregate data...

We provide a new theory of the role of banks as catalysts for industrialization. In their influential analysis of 19th century continental European industrialization, Gerschenkron and Schumpeter accorded banks a central role, arguing that they promoted the creation of new industries. We...

For over a century, economists and policy makers have debated the relative merits of bank-based versus market-based financial systems. Recent research, however, argues that classifying countries as bank-based or market is not a very fruitful way to distinguish financial systems. This paper...

The gender pay gap is economically irrational and yet stubbornly persistent. Focusing on the UK finance industry which is known for its gender pay disparity, this book explores the initiatives to fix gendered inequities in the workplace. Rachel Verdin crafts a unique framework, weaving extensive...

The paper examines the relations between the architecture of an economy's financial system - its degree of market orientation - and economic performance in the real sector. We argue that the relative effectiveness of bank-based versus market-based financial systems depends on the strength of the...