This paper takes a look at two areas where the subprime crisis has triggered debate and is paving the way for possible movement towards greater global regulation: international banking supervision and the role of credit rating agencies. It surveys the varied range of opinions on the role that...

Regulation consists of rulemaking and enforcement. Economic theory offers two complementary rationales for regulating financial institutions. Altruistic public-benefits theories treat rules as governmental instruments for increas- ing fairness and efficiency across society as a whole....

Inadequate regulation of the financial system is widely thought to have contributed to the financial crisis. The purpose of the book is to articulate a framework within which financial regulation can be analysed in a coherent and comprehensive fashion. The book's approach is distinctive in...