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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...
Persistent link: https://www.econbiz.de/10012903436
Conventional economic analysis assumes that Central Counterparties (CCPs) may help to reduce systemic risk and avoid future financial crises by mandating the central clearing of over-the-counter (OTC) derivatives. This view largely goes unchallenged by governments, regulators, practitioners, and...
Persistent link: https://www.econbiz.de/10014101938
Persistent link: https://www.econbiz.de/10012261063
financial globalization. The first culminates with the 1929 crisis, while the second characterizes the more recent experience … starting from the 1970s. The period in between is divided into two subperiods. The first goes up to World War II and sees a … retrenchment from globalization and the affirmation of a statist approach to national policy autonomy in pursuing domestic goals …
Persistent link: https://www.econbiz.de/10012165419
The working hypothesis of international financial regulation is that it should be globally harmonized. This paper contends, to the contrary, that we should be wary about the efficacy of global harmonization, and in particular, harmonization of systemic risk measurement and regulation. The thesis...
Persistent link: https://www.econbiz.de/10012896449
The article explores the legislative and regulatory responses to the global financial crisis, from a US-EU comparative perspective, focusing on the measures dealing with banks' and financial intermediaries' distress. A dual-stage approach in both legal systems is identified: the first, aiming to...
Persistent link: https://www.econbiz.de/10012929569
This paper discusses the role that finance plays in promoting the capital development of the economy, with particular emphasis on the current situation of the United States and the United Kingdom. We define both "finance" and "capital development" very broadly. We begin with the observation that...
Persistent link: https://www.econbiz.de/10010517057
greatest explosion of financial innovation the world had ever seen. Financial fragility grew until the economy collapsed into …
Persistent link: https://www.econbiz.de/10010530034
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
Persistent link: https://www.econbiz.de/10013124956
and examines the potential operation of the equivalence regime in a post-Brexit world …
Persistent link: https://www.econbiz.de/10012910065