The question has never been more relevant in light of the underwhelming response by the Basel Committee, the Financial Stability Forum, and IOSCO to the financial crisis. Over at Opinio Juris, I debate the question with Pierre-Hugues Verdier, an international banking scholar on his way to join the faculty at Virginia, and the author of a new article taking a second look at these networks. Pierre's opener is here, my response is here, and his reply is here. Give it a look, if you're into that kind of thing (and I suspect this blogger might be, at least).
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