Financial regulation is normally imposed in reaction to some prior crisis, rather than founded on theoretical principle. In the past, regulation has been deployed to improve risk management practices in individual banks. This was misguided. Instead, regulation should focus first on systemic...

The international financial system (IFS) has undergone a series of financial crises over the past decade. This paper analyzes the shortcomings of said system (that have contributed to the crises) and, with them in mind, reviews and evaluates the IFS refor

Since the mid-1970s, the banking industry has been changing rapidly, but our analysis of its regulation has been lagging. Leaving aside the sterile discussion about the intrinsic instability of the industry, today its regulation aims at preventing systemi

The paper presents a model of political loss to analyze the interrelationship between the political nature of economic decisions and their influence on the probability of financial crisis. Two different definitions of crises, currency and balance of payments, are used to verify the explanatory...

Central banks act as lenders of last resort to commercial banks and other financial institutions. However, there is much controversy about whether or not they should perform this function. This article analyses, in the first place, the principal aspects o