On regulating financial innovations / Eduardo Pol -- Important structural trends and developments in the foreign exchange and OTC derivative markets / Harvey Arbeláez, E.K. Gatzonas -- The subprime market crisis, structured products in the securities credit markets, and hedge funds / Rosaria Troia -- Interaction between stock and exchange crises in emerging markets / Nefzi Nabiha, Ben Arab Mounira -- Exchange rate changes and price dynamics in Poland : an empirical investigation / Piotr Misztal -- Russian banking in transition : survey and synthesis / Mikhail A. Sherstnev -- Assessing sovereign bond portfolios : some risk measures / Michael G. Papaioannou -- Currency swaps and Australian debt management practice / Alham Yusuf, Jonathan A. Batten -- The US versus Asian financial crisis / Jongmoo Jay Choi, Michael G. Papaioannou -- Evaluating the implicit guarantee to Fannie Mae and Freddie Mac using contingent claims / Michael T. Gapen -- Effectiveness of monetary policy : market reactions and volatility interactions / Thomas K. Lee, John Zyren -- Are microfinance institutions in developing countries a safe harbour against the contagion of global recession? / Roberto Moro Visconti -- Trade credit during financial crises : do negotiated agreements work? / Alexander Agronovsky, Christoph Trebesch -- Blame the bankers? An empirical study of cyclical credit quality / Risto Herrala -- From Wall Street to Main Street : a European perspective / Andreas Mattig, Stefan Morkoetter -- Risk management lessons from Madoff fraud / Pierre Clauss, Thierry Roncalli, Guillaume Weisang -- Returning agency back to finance : the critical role of politics and governance in financialization / Loong Wong -- Regulatory use of credit ratings : how it impacts the behavior of market constituents / Viktoria Baklanova.

This edited volume on Credit, Currency, or Derivatives: Instruments of Global Financial Stability or Crisis contains original papers that examine various issues concerning the role, the structure and functioning of credit, currency and derivatives instruments and markets as they relate to financial crises. We stress the importance of the inter-linkages of these instruments and markets in promoting or hindering financial stability or crises as well as government policies, on a local and global level. The papers in this volume highlight various aspects of credit and currency instruments and markets, along with their interactions, for the stability of domestic and international financial systems. Particular emphasis is given on the failures of regulatory systems and their implications for systemic financial crises. Also, the papers analyze the costs of financial crises and explore the institutional and economic arrangements that could ameliorate the adverse effects of financial crises in advanced and emerging-market countries.