Ever since the Great Recession, the global financial regulatory system has undergone significant changes. But have these changes been sufficient? Have they created a new problem of over-regulation? Is the system currently in a better position than in the pre-Recession years, or have we not adequately addressed the basic causes of the financial crisis and resulting Great Recession?These were the questions and issues addressed in the seventeenth annual international banking conference held at the Federal Reserve Bank of Chicago in November 2014. In collaboration with the Bank of England, the theme of the conference was to examine the state of the new global financial system as it has evolved in response to significant market changes and regulatory reforms triggered by the global financial crisis. The papers from that conference are collected in this volume, with contributions from an international array of government officials, regulators, industry practitioners and academics.

South Korea has been through important changes since its democratization in the late 1980s – most recently in 2016–2017 when the candlelight protests led to the ousting of Park Geun-hye and the election of Moon Jae-in. Taking a thematic approach to understanding South Korean democracy, each chapter in this textbook is written by a leading Korean expert on a different element of South Korean politics and government. Covering themes such as intergenerational differences, the instability of the party system, the role of the president, and the impact of the 2016 demonstrations, this is a vital and lively introduction to Korean politics. This systematic and nuanced approach helps you understand the past, present, and possible futures of South Korea’s democracy. It also helps in understanding South Korea’s system for the purposes of comparing it with other political systems. The New Dynamics of Democracy in South Korea is an invaluable textbook for students of Korean politics, which will also be a useful resource for scholars of comparative democracy.

Examines the law and policy of financial regulation using a combination of conceptual analysis and strong empirical research.

The Legal and Economic Analysis of the WTO/FTA System presents a collation of interdisciplinary studies covering a wide range of issues from WTO dispute settlement issues to trade remedy systems and FTA negotiations. The author applies legal as well as economic rationales and methods to analyze core issues in the world trading system and in doing so, sheds an interesting light on various trade issues. The interdisciplinary analysis on WTO and FTA issues provides a unique opportunity to reconsider many conventional trade topics. For instance, the author shows that third country dumping rarely used in the GATT/WTO system may have a new role with economic incentives in the context of FTAs. Contents:Dispute Settlement in the WTO System:Understanding Non-litigated Disputes in the WTO Dispute Settlement SystemKorea in the GATT/WTO Dispute Settlement System: Legal Battle for Economic DevelopmentPractices and Theoretical Foundations of the Trade Remedy System:Alternative Approach to Causation Analysis in Trade Remedy Investigations: 'Cost of Production' TestThird Country Dumping: Origin, Evolution and ProspectRestructuring the WTO Safeguard Mechanism in The WTO Trade Remedy SystemFoe or Friend of GATT Article XXIV: Diversity in Trade Remedy RulesCountervailing Duty against China: Opening a Pandora's Box in the WTO System?United States — Anti-Dumping Measures on Certain Shrimp and Diamond Sawblades from China: Never Ending Zeroing in the WTO?International Decisions: United States — Definitive Anti-Dumping and Countervailing Duties on Certain Products from ChinaInterrelation between Trade and Finance:Linkages between International Trade and Financial Institutions: IMF, World Bank and WTOWTO Disciplines Under the IMF Program: Congruence or Conflict?Is the Chinese Exchange-rate Regime 'WTO-legal'?Book Review: International Law in Financial Regulation and Monetary AffairsLegal and Economic Analysis of Free Trade Agreements:Dispute Settlement Systems in Asian FTAs: Issues and ProblemsAnalysis of Anti-dumping Use in Free Trade AgreementsLegal Issues for Korea's "Internal Trade" in the WTO System Readership: Researchers, students, and members of the public who are interested in international trade or economic law, international economics and international political economy.

Leading economists discuss post–financial crisis policy dilemmas, including the dangers of complacency in a period of relative stability. The Great Depression led to the Keynesian revolution and dramatic shifts in macroeconomic theory and macroeconomic policy. Similarly, the stagflation of the 1970s led to the adoption of the natural rate hypothesis and to a major reassessment of the role of macroeconomic policy. Should the financial crisis and the Great Recession lead to yet another major reassessment, to another intellectual revolution? Will it? If so, what form should it, or will it, take? These are the questions taken up in this book, in a series of contributions by policymakers and academics. The contributors discuss the complex role of the financial sector, the relative roles of monetary and fiscal policy, the limits of monetary policy to address financial stability, the need for fiscal policy to play a more active role in stabilization, and the relative roles of financial regulation and macroprudential tools. The general message is a warning against going back to precrisis ways—to narrow inflation targeting, little use of fiscal policy for stabilization, and insufficient financial regulation. Contributors David Aikman, Alan J. Auerbach, Ben S. Bernanke, Olivier Blanchard, Lael Brainard, Markus K. Brunnermeier, Marco Buti, Benoît Cœuré, Mario Draghi, Barry Eichengreen, Jason Furman, Gita Gopinath, Pierre-Olivier Gourinchas, Andrew G. Haldane, Philipp Hildebrand, Marc Hinterschweiger, Sujit Kapadia, Nellie Liang, Adam S. Posen, Raghuram Rajan, Valerie Ramey, Carmen Reinhart, Dani Rodrik, Robert E. Rubin, Jay C. Shambaugh, Tharman Shanmugaratnam, Jeremy C. Stein, Lawrence H. Summers

Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.

How well designed are the financial regulations that have been imposed after the global financial crisis in 2008–09 and the subsequent euro crisis? Will the new bail-in rules work in a systemic crisis, or do we risk further costly bail-outs by governments? How does monetary policy influence household debt? Have macroprudential tools been well-calibrated? Answers to these questions are crucial for judging the risks that the current corona crisis might also trigger a new financial crisis. The 2020 issue of the Nordic Economic Policy Review consists of six papers, including an introduction by editors Lars Calmfors and Peter Englund.

This SDN revisits the debate on bank resolution regimes, first by presenting a simple model of bank insolvency that transparently describes the trade-off involved between bail-outs, bail-ins, and larger capital buffers. The note then looks for empirical evidence to assess the moral hazard consequences of bail-outs and the systemic spillovers from bail-ins.

A pioneering model for constructing and assessing government authority and achieving policy goals more effectively Regulation is frequently less successful than it could be, largely because the allocation of authority to regulatory institutions, and the relationships between them, are misunderstood. As a result, attempts to create new regulatory programs or mend under-performing ones are often poorly designed. Reorganizing Government explains how past approaches have failed to appreciate the full diversity of alternative approaches to organizing governmental authority. The authors illustrate the often neglected dimensional and functional aspects of inter-jurisdictional relations through in-depth explorations of several diverse case studies involving securities and banking regulation, food safety, pollution control, resource conservation, and terrorism prevention. This volume advances an analytical framework of governmental authority structured along three dimensions—centralization, overlap, and coordination. Camacho and Glicksman demonstrate how differentiating among these dimensions better illuminates the policy tradeoffs of organizational alternatives, and reduces the risk of regulatory failure. The book also explains how differentiating allocations of authority based on governmental function can lead to more effective regulation and governance. The authors illustrate the practical value of this framework for future reorganization efforts through the lens of climate change, an emerging and vital global policy challenge, and propose an “adaptive governance” infrastructure that could allow policy makers to embed the creation, evaluation, and adjustment of the organization of regulatory institutions into the democratic process itself.

The Economics of International Migration is a collection of the fundamental articles written by Giovanni Peri on the economic determinants and consequences of international migration. These papers have provided the theoretical framework and empirical analysis for a rethinking of the economics of migration, going beyond the Canonical model of labor demand and supply used until the 1990s. Beginning with a simple model that recognizes the differences between immigrants and natives as workers, the articles develop the analysis of complementarity, specialization and productivity effect of immigrants in developed economies. The book then presents a series of papers analyzing and testing the economic motivation for international migration. Finally, the focus is shifted to the effect of immigration policies and their consequences on immigration and the economy.