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

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

The Peruvian financial system is highly dollarized with more than 50 per cent of deposits held in dollars. The structure and operation of the payment system reflect this financial dollarization. Not only does it settle payments in local and foreign currency, but the Intraday Financial Facility...

Spanish Abstract: En ese artículo se efectúa un análisis de la integración y dependencia de las políticas monetarias de la Unión Europea y, en concreto, de las políticas monetarias de la Unión Económica y Monetaria y de la zona no euro para el periodo comprendido entre Enero de 1999 y...

Spanish Abstract: El Fondo Monetario Internacional (FMI) realizó en agosto de 2021 una nueva asignación de derechos especiales de giro (DEG), por un importe equivalente a 650 mm de dólares estadounidenses. Se trata de una cuantía significativa, que triplica los saldos actuales. En...

La unificación monetaria en la Unión Europea (UE) comenzó en enero de 1999. A partir de esa fecha once países fijaron irrevocablemente el tipo de cambio de sus monedas con respecto a una unidad de cuenta denominada euro, y el Banco Central Europeo asumió el control de las ofertas monetarias...