This paper seeks to explain how failures in corporate governance contributed to the global financial crisis. More precisely, it studies how the current corporate governance systems failed to safeguard against aggressive risk taking and to provide the control that companies need in order to...

We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making mortgage-related risks internationally tradeable, securitization contributes considerably to better international consumption risk sharing: we find that countries with the most...

Most of countries have been badly affected by the tremendous global financial crisis and economic downturn happening recently. It is really difficult to predict the timing and magnitude of events caused by the global economic crises, the effects of the crisis vary from country to country. It has...