Remittance flows are an important source of financing for developing countries. In addition to the microeconomic impact at the household level, remittances have grown into an important pillar of macroeconomic stability, reducing volatility of external flows, lessening the probability of current...

This Article studies how the status and the liability regime of credit rating agencies (CRAs) have evolved and argues that CRAs lost their regulatory and judicial "quasi-immunity" over the last decade. Until the 1980s, libel lawsuits rarely threatened CRAs because their ratings were akin to...

During 1982–83 and 2003–04, two waves of decentralization in France devolved more powers to the three levels of subnational governments (SNGs): the municipalities, the departments, and the regions. This new institutional framework has enabled SNGs to enjoy a greater degree of autonomous...

Chapter 1. Introduction -- Chapter 2. Two Centuries of Country Risk, 1816–2016 -- Chapter 3. Taxonomy of Country Risk -- Chapter 4. Sovereign Risk Indicators -- Chapter 5. Country Risk Indicators -- Chapter 6. Concluding Remarks.

This chapter argues that, since the 1980s, moral hazard has encouraged excessive indebtedness and contributed to greater leniency from regulators and financial gatekeepers towards systemic banks. Examining the rise of the “too big to fail” (TBTF) banking behemoths, we question how moral...

We discuss the implications of our analysis. Persistent regulatory issues continue after the 2008 crash, threaten the stability of financial flows and the world economy, and undermine our democratic societies. The global nature of these issues requires serious efforts to harmonise regulation,...