A liberalized, sophisticated financial system, with a premium placed on the possibility of exit, is a fragile financial system. That fragility is manifest in liquidity crises, some of which have substantial reverberations in reduced real output; in risk aversion in the private sector which...

Intro -- Contents -- Introduction -- 1. Managing Systemic Risk: The Rationale for International Financial Regulation -- 2. Global Governance and International Standard Setting -- 3. The International Legal Framework for International Financial Regulation -- 4. International Soft Law and the...