Tension Between Competition and Coordination in International Financial Regulation
Popular discussions of financial regulation naively ascribe to financial regulators remarkable powers and heroically idealistic goals. If such powers and goals are indeed real, it is hard to understand why regulation so regularly goes awry. If superpowered public servants seek only to promote the common good and are able to perceive that good in a miraculously clearsighted fashion, how can they fail?
KeywordsInternational Coordination Dominant Firm Security Firm Japanese Bank Contestable Market
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