On August 17, 1998, Russia defaulted on its domestic public debt, declared a moratorium on the private banks' foreign liabilities which was equivalent to an outright default, and abandoned its exchange rate regime. The depth of the Russian meltdown shocked the international markets, and...

This paper revisits, modifies, and combines elements of three major 'institutional' international-trade models, none of which has yet fully received the attention that it deserves, to provide a new explanation for the growth, decline, and then rebirth of internationally-oriented fairs in the...

The aim of this article is to describe the banking union and its importance for the EU, its pillars, and principles on which it is based, its goal and contribution to the stronger financial system in Europe. We focus especially on the supervision system in the EU and possibilities of financing...

This article is devoted to the banking sector regulation in the European Union and worldwide. The banking regulation is used to control banking risk activities and sustainable portfolio growth. Basel Committee on Banking Supervision (BCBS) coordinates this regulation process and supervision in...

Brexit is creating a lot of uncertainty for banking and financial relationships. This article tries to bring some clarity on four issues: the law applicable to contractual and non contractual obligations, the interpretation and performance of contracts executed before the referendum, the...

The linkages between human rights and multilateral trade have been a subject of considerable debate in the last decade or so. The emergence of the World Trade Organization (WTO) in 1995 as the nodal agency for multilateral trade in goods and services led to its intrusion into many issues that...

This paper studies the design of law-making and law enforcement institutions based on the premise that law is inherently incomplete. Under incomplete law, law enforcement by courts may suffer from deterrence failure, defined as the socialwelfare loss that results from the regime's inability to...

This paper studies the design of law-making and law enforcement institutions based on the premise that law is inherently incomplete. Under incomplete law, law enforcement by courts may suffer from deterrence failure, defined as the socialwelfare loss that results from the regime's inability to...

Behavioral finance raises questions about market efficiency, suggesting that noise, and not just information, moves securities prices. This creates a conundrum for the fraud on the market theory. While some fraud remedy is arguably necessary to ensure adequate disclosure, behavioral finance...

This paper discusses the treatment of Ocwen Financial Corp by the Consumer Financial Protection Bureau (CFPB) since 2012 and also examines the actions of private investors. The paper suggests that the CFPB has been overly harsh in its treatment of Ocwen, both measured by the amount of fines and...