The paper analyses the causes of the current crisis of the global financial system, with particular emphasis on the systemic elements that turned the crisis of subprime mortgage-backed securities in the United States, a small part of the overall system, into a worldwide crisis. The first half of...

The paper reviews and assesses our understanding of the notion of “market discipline†in corporate governance. It questions the wholesale appeal to this notion in policy discussion, which fails to provide an account of the underlying mechanisms in terms of theory and empirical...

The paper studies the changing relations between political systems and banking systems. After a brief survey of traditional mechanisms of protection for banks from competition combined with subsidized finance for selected worthy purposes, the paper sketches the structural change that has taken...

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