"The focus of the global economy is increasingly shifted towards China and emerging countries. However, despite their high growth prospects, emerging economies often lack the sound capital market and corporate governance systems necessary to promote the efficient allocation of financial...

"In the years since the subprime financial crisis of 2007-2011, we have learned a number of important lessons about the crisis, and have subsequently applied appropriate legislation, such as increased capital ratios and systematic stress testing, in order to combat it. However, it would be naive...

The puzzle of credibility in international markets -- A theory of credibility through financial integration -- Foreign bank advantage in comparative perspective -- Currency boards and foreign bank presence -- Inflation targeting and foreign bank presence -- Reputation in crisis -- Conclusion