Central bank digital currency (“CBDC”) is a crucial FinTech development which aspires to overhaul the current payment system. In the wake of the COVID-19 pandemic, CBDCs' promises to reduce personal contact, facilitate socially desirable use of money, and initiate more targeted monetary...

Rapid developments of financial technology (fintech) and the unbundling of financial services have given rise to greater collaboration between financial institutions and fintech innovators. Such collaboration takes four major forms: Third-party service relationships, data-sharing arrangements,...

Digital financial services (DFS) present an unprecedented opportunity to improve financial inclusion and economic development. However, these innovative services can prove challenging for regulators, particularly in developing countries. This article proposes a comprehensive analytical framework...

In the wake of the global financial crisis of 2008, commentators and scholars are aware of liquidity providers' important roles in preventing another catastrophic systemic risk in the financial industry. Sophisticated Institutional Lenders (“SILs”), functioning as liquidity gatekeepers, can...

Funds equal to the amount of e-money issued are typically held on trust with commercial banks, and called the float. This paper analyses the policy options of a central bank in relation to the interest earned on the float. Despite e money being an established payment method, many regulators...

As the first copycat litigation of NML Capital v. Argentina, the case of Export-Import Bank of the Republic of China v. Grenada ("Ex-Im Bank v. Grenada") has implications for the future direction of sovereign debt restructurings. It not only complicates the already muddy pari passu saga by...

Current literature on central bank digital currencies (CBDCs) generally focuses on regulatory issues in the domestic context. This paper discusses the challenges when a CBDC circulates across national borders. It addresses three cross-border spillover effects of the CBDC: the crowding out effect...

Amidst the U.S.-China trade war, China's banking sector, the backbone of China's economy, plays a key role in this battle. China's banking sector, however, poses a puzzle to contemporary studies of state-owned banks (“SBs”). According to the property right theory, the mainstream SB theory,...

While trade liberalization is the major objective that the world trade regime pursues in the long-run, the desirable pace and mode of liberalization for each economy may vary. This is particularly the case for financial liberalization, which involves plenty of prudential concerns such as control...