On October 24, 2003, SUERF celebrated its 40th anniversary in the Galerie Dorée of the Banque de France with an especially high level and rich seminar. The memorable occasion was further elevated by Jean Claude Trichet giving the tenth SUERF Annual Lecture in his last public speech as Governor...

Intro -- Contents -- Foreword -- Contributors -- Chapter 1: Summary of the Discussion -- Choosing an Appropriate Regulatory Structure -- Managing the Transition -- Making Structures Work -- Other Issues -- Conclusions -- Chapter 2: Institutional Structure of Financial Regulation and Supervision:...

The Bill gives the FSA substantial discretion in the way its powers can be exercised. A key issue for a financial regulator relates to the selection it makes from the range of instruments available and the way they are combined in an overall regulatory strategy so as to achieve objectives...

The FSA will become the most powerful financial regulator in the world as a single agency responsible for the regulation and supervision of the full range of financial services. While questions of institutional structure raise important issues, they are of second‐order importance compared with...

This paper presents a generalised framework to understand mixed-strategy sales behaviour with informative advertising. By introducing competition in the utility space into a clearinghouse sales model, we oer a highly tractable framework that can i) provide a novel welfare analysis of...

Globalisation is associated with long periods of sustained economic growth and credit expansion, whereas major recessions tend to lead to falling trade and protectionism. I investigate this, using a model where an important component of trade is search by rms trying out new trade part- ners. To...

We investigate the theoretical relationship between wage concentration and international market integration. Access to imported varieties lowers the cost of intermediate inputs (“machines”) used to carry out production tasks, causing workers with different comparative abilities to be sorted...