The governance of infrastructure institutions in the financial markets – namely exchanges, central counter-parties (CCPs), and central securities depositories (CSDs) – has become a matter of significant commercial, regulatory, legislative, and even political concern. Such institutions play a...

This is a Powerpoint presentation. The full article is also available on ssrn at http://ssrn.com/abstract=1924831U.S. policymakers often treat market competition as a panacea. However, in the case of mortgage securitization, policymakers' faith in competition is misplaced. Competitive mortgage...

U.S. policymakers often treat market competition as a panacea. However, in the case of mortgage securitization, policymakers' faith in competition is misplaced. Competitive mortgage securitization has been tried three times in U.S. history - during the 1880s, the 1920s, and the 2000s - and every...

In this study I review the main scientific contributions of Minsky and other scholars to the financial instability and crisis issues, and the role of institutions in modeling the medium and long financial and business waves. The topics developed in this paper are the following: the relationships...

Industrial performance in Belarus remained strong in 2005-08. Industrial productivity growth was broad based, driven by within-firm-improvements of the existing industrial enterprises rather than by new entry.However, below the surface, there are a number of warning signs regarding the quality...

We scrutinize the systemic consequences of state intervention triggered by external shocks in the transforming Chinese economy before and after the global crisis. We interpret investment dynamics using a comparative party-state model concept framework. We identify the overinvestment as an...