In recent years the possibility of an international financial crisis has increased because of greater liquidity of international financial markets, an increase in corporate indebtedness and the decline of the banking industry. Using an asymmetric information analysis, this paper outlines what...

Introduction -- Financial globalization and the international financial architecture -- The evolution of the global financial order -- The breakdown of the Bretton Woods system and first reform of the international financial architecture -- Emerging market financial crises and the second reform...

The macroprudential regulatory framework of Basel III imposes the same capital and liquidity requirements on all banks around the world to ensure global competitiveness of banks. Using an agent-based model of the financial system, we find that this is not a robust framework to achieve...