This paper studies how capital requirements influence a bank's mode of entry into foreign financial markets. We develop a model of an internationally operating bank that creates and allocates liquidity across countries and argue that the advantage of multinational banking over offering...

This paper analyses the rise of the new order of regulatory capitalism. It starts with an analytical and historical analysis of the relations between capitalism and regulation, and suggests that change in the governance of capitalist economy is best captured by reference to five dimensions: (a)...