Financial regulation at the crossroads: Implications for supervision, institutional design and trade

To gain from trade, modern economies rely on a stable financial system. In many countries around the world, the benefits of finance are taken for granted. Financial stability comes to the forefront only in times of crisis. The global financial crisis of 2008 and 2009 exposed some of the regulatory and market failures of a more and more globally organized financial system and led to far-reaching discussions about a broad range of academic and policy issues on the regulation of financial services.