This annual series from the Brookings Institution and the Financial Institutions Center at the Wharton School provides timely and insightful analyses of the financial services industry. The fourth volume in the series focuses on integrating emerging market countries into the global financial system. Contents include: "The Regulation and Supervision of Banks around the World" James R. Barth (Auburn University), Gerald Caprio Jr. (World Bank), and Ross Levine (University of Minnesota) "Effective Property Rights and Economic Development: Next Steps" Hernando De Soto (Institute for Liberty and Democracy, Peru) and Robert E. Litan (Brookings Institution) "Infrastructure Requirements in the Area of Bankruptcy Law" Clas Wihlborg (University of Gothenburg), Shubhashis Gangopadhyay (Indian Statistical Institute), and Qaizar Hussain (International Monetary Fund) "Relevance and Need for International Regulatory Standard" Edward Kane (Boston College) "Regulatory Infrastructure Covering Financial Markets" Reena Aggarwal (Georgetown University) "The Importance of Emerging Capital Markets" Richard M. Levich (NYU) "The Relevance and Need for International Accounting Standards" Ray Ball (University of Chicago) Robert E. Litan is vice president and director of the Economic Studies program at the Brookings Institution. Richard Herring is director of the Joseph H. Lauder Institute of Management and International Studies and codirector of the Wharton Financial Institutions Center.

This annual series from the Brookings Institution and the Financial Institutions Center at the Wharton School provides timely and insightful analyses of the financial services industry. Contents: The Future of Securities Exchanges Ruben Lee The Structure of the U.S. Equity Markets Marshall E. Blume Changes in the Ownership and Governance of Securities Exchanges: Causes and Consequences Benn Steil Wall Street's Credibility Problem: Misaligned Incentives and Dubious Fixes? Leslie Boni and Kent L. Womack The Immediacy Implications of Exchange Organization James T. Moser The Future of Stock Exchanges in Emerging Economies: Evolution and Prospects Stijn Claessens, Daniela Kingebiel, and Sergio L. Schmukler ISDA, NASD, CFMA, and SDNY: The Four Horsemen of Derivatives Regulation? Frank Partnoy The Future of the Foreign Exchange Market Richard K. Lyons The Future of the New Issues Market Jay R. Ritter Implications of Auction Theory for New Issues Markets Lawrence M. Asubel

Technology has important implications for the earnings, cost, risks, competitiveness and location of financial institutions. In this work, leading international scholars discuss how financial supervision and regulation must be adapted to the new risks and new risk management methods.

A financial system is only as strong as the governing practices and institutions of its participants. The challenge to build efficient and accountable financial institutions that promote confidence is a problem that private financial sector executives and policymakers confront together. In this context, Financial Sector Governance takes a clinical approach to addressing the challenges in emerging and developed markets in each industry: capital markets, private banks, state-owned banks, asset management companies, public pension funds, and mutual funds. It also explores the linkages between public and private sector governance, and the policy implications for strengthening both sides. Financial Sector Governance emerges from the fourth annual Financial Markets and Development conference, organized by the World Bank, the International Monetary Fund and the Brookings Institution, during which participants from the public and private financial sectors of emerging and developed markets contribute to an expanding dialogue addressing key policy concerns.

Technological developments in electronic finance have changed the nature and delivery of financial services in recent years, especially through the use of online banking, online trading and brokerage services. This report reviews the developments in e-finance and analyses the implications for consumers, financial service providers and governments. Issues discussed include: the impact on competition within the financial services industry; how financial sector policies in emerging markets are affected; public policy and regulatory requirements.

In two volumes, this book covers in a comprehensive, internally balanced, systematic and detailed way the field of European Union (EU) banking law and regulation. In three parts, Volume I offers a brief introduction to the role of banks in the contemporary financial system and the theory of banking regulation, a thorough analysis of international financial standards which are contained in the sources of public international banking law (and of public international financial law, in general), a detailed presentation of the gradual evolution and the sources of EU banking law, as well as a precise analysis of the law-making process and the key institutional aspects of this branch of EU economic law. The standards and rules adopted and the institutions created in the aftermath of the (2007-2009) global financial crisis and the subsequent euro area fiscal crisis, as well as during the current pandemic crisis are discussed, as appropriate. A detailed analysis of the substantive aspects of EU banking law will follow in Volume II