We discuss the implications of our analysis. Persistent regulatory issues continue after the 2008 crash, threaten the stability of financial flows and the world economy, and undermine our democratic societies. The global nature of these issues requires serious efforts to harmonise regulation,...

This paper provides new evidence on the rise of the dollar as an international currency, focusing on its role in the conduct of trade and the provision of trade credit. We show that the shift to the dollar occurred much earlier than conventionally supposed: during and immediately after World War...

The National Monetary Commission was deeply concerned with importing best practice. One important focus was the connection between the money market and international trade. It was said that Britain's lead in the market for acceptances originating in international trade was the basis of its...