Financial systems and public treasuries are communicating vessels: strength or weakness in one flows to the other, and back. This chapter considers the implications of this insight using case studies from Europe, Asia, and Latin America. The connection is not unique to Europe, although it does...

Purpose: The aim of the paper is to underline the (hidden) risks posed after the crisis by the exemption of non-financial operators, especially sovereigns, from the regulatory reforms of OTC derivatives undertaken by G20 countries in the absence of accounting data on...

Theoretical work suggests an ambiguous relationship between the strength of institutions and the distribution of access to finance. Using a sample of listed firms from 70 countries, this study constructs country-level measures of inequality in access to external finance, and explores its...

The European single market supported the creation of multinational banking groups. However, the European banking directives and the single license system were built along the model of the stand-alone bank and cannot keep pace with recent market developments. The national character of prudential...

This paper analyzes the Wirecard AG case from a digital finance perspective. The relatively low pace of digital transformation of financial supervisors and the high speed of advancements in technology increase the technological gaps between supervisors and their responsibility areas and result...

Small jurisdictions have become significant players in cross-border corporate and financial services. Their nature, legal status, and market roles, however, remain under-theorized. Lacking a sufficiently nuanced framework to describe their functions in cross-border finance - and the peculiar...

This paper, Part One of a 2015-2016 Paper Series, examines the need for ESG data transparency, consistency, and reliability. It identifies (i) the three main drivers creating the rising global capital market systemic risk caused by unrecognized, under-reported, and under-valued ESG risks; (ii)...

In this Article, we intend to fill a gap in the comparative law literature by adopting a case-based approach to comparative corporate law that highlights the important dimension of specific cases in corporate law matters and how identifiable, but limited issues arising from such case disputes...