The nature of modern credit markets, banking and financial innovation / Kern Alexander, John Eatwell, and Avinash Persaud -- The shadow banking system as a new source of financial turmoil / Tom Burns -- Ethical failures in regulating and supervising the pursuit of safety net subsidies / Edward J. Kane -- The determinants of capital held by UK banks and building societies and the role of individual capital requirements / Isaac Alfon, Isabel Argimon, and Patricia Bascuñana-Ambrós -- Considerations on developing and validating expected loss (EL) methodologies / Gianluca Riccio -- The Basel capital rules and trade finance / Andrew Cornford -- Some rules for cross-border banks in Europe / David G. Mayes -- Transatlantic convergence of financial regulation : a European perspective / Klaus R. Ilmonen -- The new course of EU state aid rules during the 2007-09 financial crisis / Costanza A. Russo -- Globalisation and the regulation of FDI : recent proposals / Ajit Singh -- Central counterparties and derivatives / Chryssa Papathanassiou -- The European regulation of central counterparties : some international challenges / Kern Alexander -- Lessons from Japan's banking crisis, 1991 to 2005 / Mariko Fujii and Masahiro Kawai -- Determinants of financial supervision regimes : markets, institutions, politics, law or geography? / Donato Masciandaro -- Liquidity illusions in the global financial architecture / Anastasia Nesvetailova -- Governance in international financial institutions : the case of the IMF / Xenia Roduner -- Foreign IPOs : the experience of Israeli firms / Iftekhar Hasan and Maya Waisman -- International regulatory reform and financial taxes / Kern Alexander and John Eatwell -- Goodbye neo-liberalism? : Contested policy responses to uncertain consequences of the 2007-09 financial crisis / Dieter Pesendorfer -- Summing up and the challenges ahead / Kern Alexander.