With a view to better understanding the optimal structure of financial regulation, this paper tests prevailing theoretical hypotheses respecting the efficiency and overall desirability of integrated financial regulation relative to competing institutional models. This test is conducted though...

Central bank lender of last resort (LOLR) regimes are the last line of defence before governments are forced to resort to taxpayer-funded bailouts of the financial system. Yet despite this important role, along with a rich theoretical literature examining the function and design of LOLR regimes,...