The global financial crisis triggered a vast number of new laws and regulations at international level, including initiatives that can be classified as "soft law". The legitimacy and efficacy of these new norms are subject to intensive academic and political debates. At the same time, soft law...

As a response to multiple financial shocks, international standards have disappointed. Consensus-seeking has stifled innovation, perpetuating outdated regulatory concepts at a time of rapid market change. Different forces are at work now. Markets are complex and idiosyncratic; they may not be...

Rethinking Regulation of International Finance encapsulates the most important aspects of the development and operation of the international financial system. This book questions the fundamental basis of the existing international financial architecture (soft law) and explores the need for a...

I identify issues that bank regulators need to consider if fair value accounting is used for determining bank regulatory capital and when making regulatory decisions. In financial reporting, US and international accounting standard setters have issued several disclosure and measurement and...

My thesis, in a nutshell, is this: the Asian financial crisis has revealed some deep fault lines in our international economy, and for years to come we shall look back on it as a turning point in economic history. The crisis will have repercussions far into the new century, especially in three areas

The massive crisis lingering in the Eurozone for almost 4 years now has been confronted by an enhanced integration of fiscal policies and regulations, an increase in the control mechanisms by EU institutions, and by the creation of ex post crisis management instruments to deal with the severe...

This Article uses a rational choice analysis to simplify the increasingly complex area of international financial regulation. It proceeds by identifying four “interdependence problems” relating to harmonization of financial standards, capital requirements, bank resolution procedures, and an...

The seeds for the 2007-09 financial collapse were sewn over many years and nurtured by ill-advised governmental housing policy, the presence of pervasive fraud both large and small and the widespread failure of personal integrity. A chronology of bad choices made by individuals and the...

A stable financial system is a prerequisite for well-functioning market exchanges, which, in turn, allow reaping the benefits of economic specialisation and trade. In many countries around the world, the benefits of modern finance are taken for granted. Financial stability comes to the forefront...

This Article maps financial crisis containment - extraordinary measures to stop the spread of financial distress - as a category of legal and policy choice. I make three claims.First, containment is distinct from financial regulation, crisis prevention and resolution. Containment is brief; it...