This article focuses on the two new multilateral development banks dominated by emerging economies: Asian Infrastructure Investment Bank and New Development Bank. The authors explore the main economic and political incentives that lie behind the creation of these institutions, examine challenges...

We are in the midst of the worst financial crisis since the Great Depression. This crisis is the latest phase of the evolution of financial markets under the radical financial deregulation process that began in the late 1970s. This evolution has taken the form of cycles in which deregulation...

This paper examines the distribution of power within financial networks of investment banks in equity capital markets (ECMs) of three key economies in Asia — Hong Kong, Japan, and Singapore. Using social network analysis, it shows that while bulge-bracket banks occupy core positions in all...