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Ending “Too Big To Fail”: Government Promises Versus Investor Perceptions

Todd A. Gormley, Simon Johnson and Changyong Rhee.

in Review of Finance

March 2015; p ublished online April 2014 .

Journal Article. Subjects: Money and Interest Rates; Financial Regulation; Law and Economics; History of Financial Markets and Institutions; Capitalist Systems. 11359 words.

Can a government credibly promise not to bailout firms whose failure would have major negative systemic consequences? Our analysis of Korea’s 1997–98 crisis suggests an answer: No. Despite...

The political economy of financial development

Sourafel Girma and Anja Shortland.

in Oxford Economic Papers

October 2008; p ublished online September 2007 .

Journal Article. Subjects: Law and Economics; Financial Regulation; Capitalist Systems; Economic Development. 11217 words.

Political economy theories of financial development argue that in countries where a narrow elite controls political decisions, financial development may be obstructed to deny access to...

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