This paper discusses a "pure" form of financial contagion, unrelated to economic fundamentals - investors' shifting appetite for risk. It provides an analytical framework for identifying changes in investors' risk appetite and discusses whether it is possible to directly measure them in a way...

This paper examines the economic costs and benefits of extending the UK's existing tax on share transactions to include other securities, and of removing abuses of the current exemption for market makers. The post-crisis regulatory environment, especially changes to beneficial ownership...

This paper discusses a pure form of financial contagion, unrelated to economic fundamentals - investors' shifting appetite for risk. It provides an analytical framework for identifying changes in investors' risk appetite and discusses whether it is possible to directly measure them in a way that...

Reinventing Financial Regulation offers an analysis of the fundamental flaws that plague the current system of financial regulation, one built around ideas of "risk-sensitivity" and "capital adequacy." Author Avinash Persaud argues that while some sensible reforms have been introduced, a fresh...

With more than $50 trillion in assets worldwide, investment funds run by the insurance industry and pension system are one of the most systemically important elements of the global financial system. In March 2014, following the global and euro area financial and economic crises, the European...

Bailouts and bail-ins of failing financial institutions have been hotly disputed in the global financial crisis of the last five years. At the height of the crisis, several failing banks were bailed out with taxpayer money so they could service their debts, but as public outrage mounts,...

The locus of finance has shifted from banks to markets, posing new and significant challenges as evidenced by the nature of the recent Global Financial Crisis. Regulators have responded by developing comprehensive reforms of the arcane world of market infrastructure: trade repositories, trading...