This paper revisits the relationship between liberalization and systemic banking crisis in light of a more comprehensive measure of financial liberalization and its interaction with various measures of banking governance and institutional quality. We estimate the probability of systemic banking...

This paper focuses on the impact of financial market infrastructures (FMIs) and of their regulation on the post-crisis transformation of securities and derivatives markets. It examines, in particular, the role that trading and post-trading FMIs, and their new regulatory regime, are playing in...

Some policymakers and scholars view cryptocurrencies as conduits of illegality and fraud, which therefore should be tightly regulated. Others warn that regulation could simply cause trading activity to cross borders into less-regulated jurisdictions—or even smother a promising new financial...

We investigate regulatory arbitrage during the G20's global derivatives market reform. Using hand-collected data on staggered reform progress, we find that banks shift their trading towards less regulated jurisdictions. The result is driven by agenda items – such as the promotion of central...

Why do countries tend to repay their domestic and external debt, even though the legal enforcement of the sovereign debt contract is limited? Contrary to conventional wisdom, we argue that temporary market exclusion after default is costly. When the domestic financial market is characterized by...

This article discusses a trend towards increased empiricism in enforcement reporting by financial regulators that emphasises greater use of numerical indicators. The article examines how the Australian Securities and Investments Commission (ASIC), the UK Financial Conduct Authority (FCA) and the...

Through parametric accelerated failure time survival analysis on a panel of 120 countries for 1970-2018, the study finds empirical evidence that time to upsurge in income inequality declines after a country liberalizes investment across borders. This occurs with a significant non-monotonic...

From March 3 to March 5, 2010, the German Association for Law and Society and the University of Bremen hosted a Conference on "Transnationalism in Law, State and Society". Part of this conference was a panel on transnational financial markets regulation. The aim of this panel was to ask some...

Current theories of financial regulation suggest expanding rules-based formal state intervention to promote international banking stability. Such policy solutions should then be global in scope. This article instead argues that principles-based informal co- and self-regulation through domestic...

We study if government response to the novel coronavirus COVID-19 pandemic can mitigate investor herding behaviour in international stock markets. Our empirical analysis is informed by daily stock market data from 72 countries from both developed and emerging economies in the first quarter of...