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This book presents an economic survey of international capital mobility from the late nineteenth century to the present. The authors examine the theory and empirical evidence surrounding the fall and rise of integration in the world market. A discussion of institutional developments focuses on capital controls and the pursuit of macroeconomic policy objectives in shifting monetary regimes. The Great Depression emerges as the key turning point in recent history of international capital markets, and offers important insights for contemporary policy debates. Its principal legacy is that the return to a world of global capital is marked by great unevenness in outcomes regarding both risks and rewards of capital market integration. More than in the past, foreign investment flows largely from rich countries to other rich countries. Yet most financial crises afflict developing countries, with costs for everyone.

“This book offers an account of the life of Shibusawa Eiichi, who may be considered the first ‘internationalist’ in modern Japan, written by his great grandson Masahide and published in 1970 under the title, Taiheiyo ni kakeru hashi (Building Bridges Over the Pacific). Japan had a tortuous relationship with internationalism between 1840, when Shibusawa was born, and 1931, the year the nation invaded Manchuria and when he passed away. The key to understanding Shibusawa’s thoughts against the background of this history, the author shows, lies in the concept of ‘people’s diplomacy,’ namely an approach to international relations through non-governmental connections. Such connections entail more transnational than international relations. In that sense, Shibusawa was more a transnationalist than an internationalist thinker. Internationalism presupposes the prior existence of sovereign states among which they cooperate to establish a peaceful order. The best examples are the League of Nations and the United Nations. Transnationalism, in contrast, goes beyond the framework of sovereign nations and promotes connections among individuals and non-governmental organizations. It could be called “globalism\" in the sense that transnationalism aims at building bridges across the globe apart from independent nation-states. In that sense Shibusawa was a pioneering globalist. It was only in the 1990s that expressions like globalism and globalization came to be widely used. This was more than sixty years after Shibusawa Eiichi’s death, which suggests how pioneering his thoughts were.\" [Akira Iriye]

\"Many have written about the extraordinary revolution known as the Meiji Restoration and the dramatic process through which Japan's society and economy were transformed and modernized. Of the numerous able and talented leaders who contributed to the transformation, Shibusawa Eiichi is remarkable in terms of the broad scope of his activities, the diversity of his ideas, and the scale of his achievements.\"

Experts from NYU Stern School of Business analyze new financial regulations and what they mean for the economy The NYU Stern School of Business is one of the top business schools in the world thanks to the leading academics, researchers, and provocative thinkers who call it home.

Financial crises have become an all too common occurrence over the past twenty years, largely as a result of changes in finance brought about by increasing internationalization and integration. As domestic financial systems and economies have become more interlinked, weaknesses can significantly impact not only individual economies but also markets, financial intermediaries, and economies around the world. This volume addresses the twin objectives of financial development in the context of financial stability and the role of law in supporting both. Financial stability (frequently seen as the avoidance of financial crisis) has become an objective of both the international financial architecture and individual economies and central banks. At the same time, financial development is now seen to play an important role in economic growth. In both financial stability and financial development, law and related institutions have a central role.

I model the equilibrium risk sharing between countries with varying financial development The most financially developed country takes greater risks because its financial intermediaries deal with funding problems better. In good times, the more financially developed country consumes more and runs a trade deficit financed by the higher financial income that it earns as compensation for taking greater risk. During global crises, it suffers heavier losses. Its currency emerges as the reserve currency because it appreciates during crises, thus providing a good hedge. I provide evidence that financial net worth plays a crucial role in understanding this asymmetric risk sharing.

The recent financial crisis proved that pre-existing arrangements for the governance of global markets were flawed. With reform underway in the USA, the EU and elsewhere, Emilios Avgouleas explores some of the questions associated with building an effective governance system and analyses the evolution of existing structures. By critiquing the soft law structures dominating international financial regulation and examining the roles of financial innovation and the neo-liberal policies in the expansion of global financial markets, he offers a new epistemological reading of the causes of the global financial crisis. Requisite reforms leave serious gaps in cross-border supervision, in the resolution of global financial institutions and in the monitoring of risk originating in the shadow banking sector. To close these gaps and safeguard the stability of the international financial system, an evolutionary governance system is proposed that will also enhance the welfare role of global financial markets.

A clear understanding of what we know, don't know, and can't know should guide any reasonable approach to managing financial risk, yet the most widely used measure in finance today--Value at Risk, or VaR--reduces these risks to a single number, creating a false sense of security among risk managers, executives, and regulators. This book introduces a more realistic and holistic framework calledKuU--theKnown, theunknown, and theUnknowable--that enables one to conceptualize the different kinds of financial risks and design effective strategies for managing them. Bringing together contributions by leaders in finance and economics, this book pushes toward robustifying policies, portfolios, contracts, and organizations to a wide variety ofKuUrisks. Along the way, the strengths andlimitationsof \"quantitative\" risk management are revealed. In addition to the editors, the contributors are Ashok Bardhan, Dan Borge, Charles N. Bralver, Riccardo Colacito, Robert H. Edelstein, Robert F. Engle, Charles A. E. Goodhart, Clive W. J. Granger, Paul R. Kleindorfer, Donald L. Kohn, Howard Kunreuther, Andrew Kuritzkes, Robert H. Litzenberger, Benoit B. Mandelbrot, David M. Modest, Alex Muermann, Mark V. Pauly, Til Schuermann, Kenneth E. Scott, Nassim Nicholas Taleb, and Richard J. Zeckhauser. Introduces a new risk-management paradigmFeatures contributions by leaders in finance and economicsDemonstrates how \"killer risks\" are often more economic than statistical, and crucially linked to incentivesShows how to invest and design policies amid financial uncertainty

The quality of financial integration is one of Europe’s principal concerns in the aftermath of the great crisis. The lack of risk sharing lies at the heart of the financial instability produced by the rapid retrenchment of capital flows within national boundaries. The limited cross-border banking and capital markets activity is unable to provide investors with the necessary risk diversification to allow economies to withstand asymmetric shocks. This book builds on a year-long discussion with a group of academics, policy-makers and industry experts to provide a long-term contribution to the Capital Markets Union project, launched by the European Commission in 2015. It identifies 36 cross-border barriers to capital markets integration and provides an organic plan, consisting of 33 policy recommendations, to relaunch EU financial integration. These aim to improve the key components of cross-border capital market transactions: price discovery, execution and enforcement. It also provides a comprehensive overview of the current structure and the state of integration of Europe’s capital markets.

Gender Bias and Digital Financial Services in South Asia: Obstacles and Opportunities on the Road to Equal Accessexamines access to financial services to women in general in South Asia and specifically their access to digital financial services.