With financial firestorms erupting left and right in Europe, the global credit crisis takes a new dimension. Analysts say it might be time for coordinated interest rate cuts.

A look at the current U.S. financial regulatory framework, delineating the different agencies tasked with monitoring U.S. financial institutions and their respective roles.

One year ago, with spectacular timing, a Wall Streeter named Richard Bookstaber published a book on financial engineering. He called it "A Demon of Our Own Design," and his argument was that a new breed of "quants" had created a system too complex to be manageable. In this Washington Post op-ed, Sebastian Mallaby agrees with Dr. Bookstaber that—in the wake of Bear Stearns—modern financial engineering has become harder to defend.

In this Wall Street Journal op-ed, Benn Steil argues that Calpers, the California Public Employees' Retirement System, is best viewed as a highly political "sovereign wealth fund." Governed by state political figures and union representatives, Calpers' investment decisions are frequently guided by foreign policy and social agendas rather than fundholder interests.

Investment has grown rapidly in China in recent years, reaching more than 40 percent of GDP. Despite good progress on bank and enterprise reforms, this paper from the IMF argues that weaknesses remain that could contribute to inefficient investment decisions, and that the regulation of state lending to state-owned companies needs to be reformed further if productive investment is to be maintained.

In a short time, the Gates Foundation has established a reputation as an innovative, effective donor to global health causes. A $30 billion gift from Warren Buffett is expected to dramatically expand the foundation's influence.

Four former chairmen of the U.S. Securities and Exchange Commission have welcomed ongoing moves toward greater global convergence on market regulatory standards, saying they are key to the success of U.S. investors.

Assessing the SEC's changing role in a world where corporations increasingly operate across-borders and globally.

Assistant Attorney General R. Hewitt Pate gave these remarks on the history of antitrust law and the role of the U.S. Supreme Court at the British Institute of International and Comparative Law Conference in London on May 11, 2004.

This report suggests that, within Asia, there stretches a universal recognition that regulatory infrastructure and institutions do matter and that they must play a major role in the way we think about economic development. After the miracle years in East Asia, "good governance" has become the Spirit of the Age.