This paper discusses the too-big-to-fail problem from the perspective of individual banks and the financial system as a whole. It starts by exploring the potential implications of recent financial deepening and concentration, which has generated escalating expectations of state support, thereby...

The recent financial crisis has shown that financial innovation can have devastating systemic impacts. International standard setters and national regulators response has been a global concerted effort to overhaul and tighten financial regulations. However, at a time of designing stricter...

This paper is a translation of the Foreword to the first issue of the journal, published in April 1995.

This is the third and last volume of Martin Shubik's exposition of his vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of...