Private market professionals, national regulators, and ministry officials have formed numerous informal international bodies commonly called transnational regulatory networks. Their goal: to produce standards and convince governments to adopt them voluntarily as domestic laws. How do they...

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...

What are the constraints that have stalled EMs efforts to reuse their securities in international financial centers? We discuss the economics of collateral re-use and the present institutional structure in Asian and Latin American countries. Our empirical investigation suggests pledgeability...

Corporations have a major impact on the lives of people in developing countries. Not only do they determine the shape of the international economy, but also many private companies now provide essential social services that were previously the responsibility of government. The growth of corporate...