This study engages in a detailed analysis of interconnectedness (i.e., the linkage between financial institutions) in the context of the failure of Lehman Brothers in October 2008 and concludes that interconnectedness was not a major cause of the recent financial crisis.The study continues with...

This article for the first time compares the Federal Reserve's powers as lender of last resort (‘LLR') and its ability to fight contagion, with its three major peers, the Bank of England (the ‘BOE'), the European Central Bank (the ‘ECB') and the Bank of Japan (the ‘BOJ'). It concludes...

This paper examines the case for Member States withdrawing from the euro area (using Greece and Italy as examples), focusing on the economic benefits to exit and the operational and legal obstacles to doing so. It concludes that withdrawal is preferable to solely restructuring debt that remains...