Contemporary monetary systems permit those in positions of authority to exercise discretionary power in the pursuit of monetary policy objectives. We argue there are strong prima facie reasons why this is normatively problematic. Engaging the literature on the rule of law, we argue that a...

This chapter of the forthcoming Oxford Handbook of Financial Regulation considers, in broad historical perspective and also with respect to the global financial crisis, why financial systems are crisis-prone and the relationship between financial crises and regulation. It begins with an overview...

This paper assesses how the financial system influences the strength of the liquidity effect in a calibrated limited participation model of the monetary transmission mechanism. The model suggests that bankbased systems should be characterized by smaller liquidity effects since monetary...

We discuss the current state of the European banking system and the major challenges for the future. The low interest rate environment may give rise to asset price bubbles and interest rate risk, which should be counteracted by macroprudential regulation. Overcapacities in banking should be...

In this paper, we tried to see if the Tunisian banks are ready to confront the different and main challenges of financial liberalization. The main objective of this paper is defined in this context. We investigate the cost efficiency of Tunisian universal banks over the period 1997–2006. We...

I discuss the motivations and actions (or inaction) of individuals in the financial system, governments, central banks, academia and the media that collectively contribute to the persistence of a dangerous and distorted financial system and inadequate, poorly designed regulations. Reassurances...

Using time trend data from 1990 to 2010, the research applied the efficiency measurement and Data Envelopment Analysis approach to evaluate the performance changes of Vietnamese banking system under financial liberalization. It showed that generally this performance is on a decreasing trend and...

Using time trend data from 1990 to 2010, the research applied the efficiency measurement and Data Envelopment Analysis approach to evaluate the performance changes of Vietnamese banking system under financial liberalization. The DEA time trend model is a fruitful approach to analyze the banking...

Using time trend data from 1990 to 2010, the research applied the efficiency measurement and Data Envelopment Analysis approach to evaluate the performance changes of Vietnamese banking system under financial liberalization. The DEA time trend model is a fruitful approach to analyze the banking...