This paper discusses the global credit crisis and its implications for international finance and financial regulation. It begins with a discussion of the causes of the credit crisis, particularly the role of regulatory incentives underlying excessive international and domestic borrowing, lending and investment. From this basis, the paper looks to the international responses to the crisis, focusing on the Financial Stability Forum and the Group of Twenty. In this context, it considers issues relating to systemic risk and financial stability, with particular attention to possible regulatory changes and their implications for international finance.

This paper by Professor Douglas Arner Professor Douglas Arner Kerry Holdings Professor in Law, Faculty of Law, The University of Hong Kong AIIFL Profile › is available at: SSRN .