Financial Reform
Government Failure vs. Market Failure
In this paper, the author outlines the principles underlying the modern theory of regulation. Section I presents the rationale for regulation—why regulation is required. Section II discusses the forms that regulation can and should take. Section III applies these principles to three subjects of current concern: sovereign wealth funds, financial market regulation, and environmental regulations directed at greenhouse gases.
Globalization
Sovereign Wealth Funds
This paper analyzes the rationale for sovereign wealth funds and the implications for the world economy. It is divided in six sections, the first of which is the introduction. Section II details the evolution of foreign exchange assets in different parts of the developing world, the relative importance of the current vs. the capital accounts as the source of those assets, and discusses some categorizations of SWFs.