As financial markets recover after their crisis, the academic field as well as politics have refocused on drawing the lessons from the crisis and are doing so mainly with regards to a reform in financial regulation and market transparency. In taking this approach, however, one important aspect...

This paper focuses on the nature and intensity of regulatory responses to crises. It highlights the role of mediation played by capital markets and banks in transmitting the action to economic and the time effect this intermediation activity as on the final outcome. In this context, we argue...