Differences in financial systems are often named as a prime candidate for the current state of global imbalances. This paper argues that the process of capital liberalization can explain a substantial fraction of the US net external liabilities. We present a simple two-country model with an...

"Digital Coins and Cryptocurrencies, Law and Regulation: Cases and Problems is a comprehensive legal casebook for law students, legal professionals, academics, who seek to understand the complex legal and regulatory landscape surrounding digital coins and cryptocurrencies. The following is a...

A growing body of literature indicates that competition increases bank soundness. Applying an industrial organization based approach to large data sets for European and U.S. banks, we offer new empirical evidence that efficiency plays a key role in the transmission from competition to soundness....