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

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