How will sovereign debt markets evolve in the 21st century? We survey how the literature has responded to the eurozone debt crisis, placing "lessons learned" in historical perspective. The crisis featured: (i) the return of debt problems to advanced economies; (ii) a bank-sovereign "doom-loop"...

Does international financial integration boost economic growth? The question has been discussed controversially for a long time. As of yet, robust evidence for a positive impact is lacking (Edison et al., 2002). However, there is substantial narrative evidence from economic history that...

In the first era of financial globalization (1880-1914), global capital market integration led to substantial net capital movements from rich to poor economies. The historical experience stands in contrast to the contemporary globalization where gross capital mobility is equally high, but did...

Using long time series for sovereign bond markets of fifteen industrialized economies from 1875 to 2009, I find that financial market integration by the end of the 20th century was higher than in earlier periods and exhibited a J-shaped trend with a trough in the 1920s. The main reason for the...

We show that political booms, measured by the rise in governments’ popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging...

This paper seeks to add to the current debate about financial development and growth in the emerging world by looking at how different financial systems evolve: how and why financial structures change during various stages of development, how best to measure them, and seeing what practical...

This article discusses the unitended effects of increased anti-corruption enforcement by the United States Department of Justice and the Securities & Exchange Commission. With the emergence of other maturing economies, the United States can no longer assume that most companies will tolerate its...

The current economic crisis is a complex social phenomenon, several aspects of which go beyond national borders and also cross traditional academic disciplinary boundaries. While initial academic commentary in media has typically been grounded within finance or economics disciplinary boundaries,...

Currently, there are no adequate mechanisms under international law to balance the competing tensions climate change presents to state sovereignty. On one hand, climate change threatens state sovereignty because the catastrophic loss of life and property of millions of people would deprive...

The National Collegiate Athletic Association has recently amended a bylaw to allow international students who have played alongside professionals to compete for University sports teams. Dr. Anastasios Kaburakis, an Attorney who had proposed such an amendment in past research, explains the...