The failure of foreign banks to penetrate Japanese financial markets is often blamed on stringent Japanese protectionist policies. Brown takes a broader view, arguing that the ineptitude of foreign banks has also played its part

A definitive historical record of financial development for three countries, highlighting the centrality of the financial system in each country's economic development and growth. - Provided by publisher

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...

This note discusses the basic economics of central clearing for derivatives and the need for a proper regulation, supervision and resolution of central counterparty clearing houses (CCPs). New regulation in the U.S. and in Europe renders the involvement of a central counterparty mandatory for...