pifs nav image

Research Publications

When the Euro Falls Apart — A Sequel
H. Scott, Harvard Public Law Working Paper No. 12-16

International Finance: Transactions, Policy, and Regulation, 19th ed.
H. Scott, Foundation Press, 2012
Each year, this textbook on international finance is revised and published, primarily for lawyers. The book is organized into five parts: Part One deals with the international aspects of major domestic markets, Part Two with the infrastructure of financial markets, Part Three with instruments and offshore markets, Part Four with emerging markets, and Part Five with fighting terrorism. While the approach is rooted in government policy and regulation, the book introduces basic financial concepts, theory, and transactions.

International Finance: Law and Regulation, 6th ed.
H. Scott, Sweet and Maxwell, 2012

The Global Financial Crisis
H. Scott, Foundation Press, 2009

Optional Federal Chartering of Insurance: Design of a Regulatory Structure
March 2007

Sovereign Debt Default: Cry for the United States, Not Argentina
Washington Legal Foundation, September 2006

Mandating Corporate Behavior: Can One Set of Rules Fit All?
H. Scott and G. Dallas, Standard and Poor's, Spring 2006
On December 6, 2005, Standard & Poor's, BusinessWeek, and Harvard Law School's Program on International Financial Systems (PIFS) joined to present a half-day symposium at the McGraw-Hill Companies auditorium in New York, focusing on key issues of corporate governance affecting companies, investors, and financial markets globally. The above white paper transpired from this event, and the publication also includes a transcript of the December proceedings.

An Overview of International Finance: Law and Regulation
draft of chapter in Handbook of International Economic Law, eds., A. Guzman and A. Sykes, Edward Elgar Publishing, 2006

A Global Perspective on Corporate Governance
Standard & Poor's Credit Week, November 30, 2005

Japan's Postal Savings Showdown
H. Scott and T. Cargill, The Financial Regulator, September 2005

Capital Adequacy Beyond Basel: Banking, Securities, and Insurance
ed., H. Scott, Oxford University Press, 2005
This book provides an interdisciplinary perspective on the Capital Adequacy regime being put into place for global financial institutions. It provides both quantitative and qualitative (e.g., legal) analysis of Basel II.

Sizing Operational Risk and the Effect of Insurance: Implications for the Capital Accord II
H. Scott and A. Kuritzkes, in Capital Adequacy Beyond Basel: Banking, Securities, and Insurance, ed., H. Scott, Oxford University Press, 2005

What Games Are They Playing? A Critique of the Game of Life and Reclaiming the Game
speech at Princeton Football Association President's Dinner, February 26, 2004

International Finance: Law and Regulation
H. Scott, Sweet and Maxwell, 2004
This book has been specifically written from the viewpoint of practitioners in law and finance, providing an in-depth guide to the law and regulation of offshore markets and the international aspects of major financial markets in the United States, the European Union, and Japan. This book discusses all issues bearing on the subject—law, regulation, and government policy—and dealing with regulation of the banking, securities, derivatives, and foreign exchange sectors.

Market Discipline for Financial Institutions and Sovereigns
Financial Market Discipline Across Countries and Industries, eds., C. Borio, W. Hunter, G. Kaufman, and K. Tsatsaronis, The MIT Press, 2004

A Bankruptcy Procedure for Sovereign Debtors?
The International Lawyer, 2003

How Would a New Bankruptcy Regime Help?
Discussion Paper: A Bankruptcy Court for Soverign Debt, Brookings Panel on Economic Activity, April 4-5, 2002

Internationalization of Primary Public Securities Markets Revisited
Capital Markets in the Age of the Euro: Cross-Border Transactions, Listed Companies, and Regulation, eds., K. Hopt, E. Wymeersch, and G. Ferrarini, Kluwer, 2002

What Game are They Playing? A Review of the Game of Life
J. Shulman and W. Bowen, The Journal of College and University Law 28:3, 2002

International Securities Regulation
H. Scott and P. Wellons, Foundation Press, 2001
The textbook on international securities regulation is designed for use in a general securities regulation course or a course on international securities regulation. Part One presents securities regulation in the three major markets in the world: the United States, the European Union, and Japan. Part Two deals with international and offshore markets, such as the markets for eurobonds and global bonds. Part Three deals with two important infrastructure topics, capital adequacy and clearance and settlement.

Secured Transactions Law Reform in Asia: Unleashing the Potential of Collateral in Law and Policy Reform at the Asian Development Bank
H. Fleisig, N. de la Pena, and P. Wellons, December 2000
This report, sponsored by the Asian Development Bank (ADB) and conducted in conjunction with the Center for the Economic Analysis of Law, studies the effect of laws governing security interests (in personal property) on lending and borrowing in China, India, Indonesia, Pakistan, and Thailand. Researchers studied how lenders and borrowers actually use security interests in many different sectors of the economy, including agriculture, manufacturing, and distribution.

Internationalization of Primary Public Securities Markets
Duke Journal of Law and Contemporary Problems, 2000

Reforming Bank Capital Regulation: A Proposal of the U.S. Shadow Financial Regulatory Committee
AEI, 2000

Prototypes of Securities Regulation for Africa: Key Issues
P. Wellons, CAER II Discussion Paper No. 47, August 1999
This functional analysis of securities laws in developing countries evaluates options available to regulators. An example involving investor protection is the relative balance between merit regulation and disclosure. Long resolved as an issue in the United States, the merit/disclosure debate continued to be important in emerging markets, including several severely damaged by the 1997 crisis in Southeast Asia. The research, sponsored by the U.S. Agency for International Development (USAID), helps financial policy makers articulate their choices and make more informed decisions.

Euro: Law and Market Practices
Oceana, 1999

The Role of Law and Legal Institutions in Asian Economic Development 1960-1995
K. Pistor and P. Wellons (as authors); H. Scott and J. Sachs (as senior advisors), Oxford University Press, 1999
This book examines the role of law in the development of China, India, Japan, Korea, Malaysia, and Taiwan from 1960 to 1995, in a project done jointly with Harvard Institute for International Development (HIID) for the Asian Development Bank (ADB). Teams of researchers, led by a senior economist and a senior lawyer in each country, found that during this period, formal law in the Western sense played a minor role in development when direct government involvement in the economy was high, but became increasingly important as governments moved to a more indirect role and the markets were allowed to function. See also L. Liu and T-J Chen, The Role of Law and Legal Institutions in Asian Economic Development: The Case of Taiwan—Patterns of Change in the Legal System and Socio-Economy (Development Discussion Paper No. 663, November 1998) and T.C.A. Anant and N.L. Mitra, The Role of Law and Legal Institutions in Asian Economic Development: The Case of India—Patterns of Change in the Legal System and Socio-Economy (Development Discussion Paper No. 662, November 1998).

Integration of Stock Exchanges in Regions in Europe, Asia, Canada, and the U.S.
P. Wellons, CAER II Discussion Paper No. 14, April 1998
Stock exchanges in most countries compete less with world-class exchanges like the NYSE or the LSE, and more with other exchanges in their region (a group of contiguous countries or different parts of the same country). Key forms of integration are cross-listing (the trading of the same security on different exchanges) and cross-investment. In regions that are groups of countries, the top-down approach to integration, based on efforts by member governments to promote it, is less successful than bottom-up efforts promoted by players in the market. This is important for capital market development projects in many parts of the world where the exchanges may be too small to be self-sustaining. This project was sponsored by the U.S. Agency for International Development (USAID). See also A. Licht, Stock Market Integration in Europe (CAER II Discussion Paper No. 15, January 1998) and N. Tiehang, Stock Market Integration in China and Hong Kong (CAER II Discussion Paper No. 16, January 1998).

Regulation of the Relationship Among European Union Stock Exchanges in European Securities Markets: The Investment Services Directive and Beyond
ed., G. Ferrarini, Kluwer, 1998

When the Euro Falls Apart
International Finance 1:2, 1998

Models-Based Regulation of Bank Capital in Making Commercial Law
Essays in Honor of Roy Goode, ed., R. Cranston, Oxford University Press, 1997

Asian Money Markets
eds., D. Cole, H. Scott, and P. Wellons, Oxford University Press, 1995
Asian Money Markets is about the effect of government policy on money markets in Hong Kong, Indonesia, Korea, Malaysia, the Philippines, and Singapore, plus Japanese money markets before and after the second world war. Each country chapter examines the evolution of money markets under changing policy regimes. Together, they yield insights about substantive policies and an understanding of the process. Funding for the project was provided by the Ford Foundation and the U.S. Agency for International Development (USAID).

Financing Capital Market Intermediaries in East and Southeast Asia
eds., H. Scott and P. Wellons,  Kluwer Publishers, 1995
Financing Capital Market Intermediaries in East and Southeast Asia examines the intersection of money and capital markets in Hong Kong, Indonesia, Korea, Malaysia, the Philippines, Singapore, Japan, Taiwan, and Thailand (all emerging capital markets with strong potential). The focus is on the way money markets provide finance for capital market intermediaries, notably underwriters, brokers, and traders. A panel of senior financial officers from the United States, Japan, and East and Southeast Asia, chaired by John J. Phelan, Jr., former Chairman of the New York Stock Exchange, advised. Financing was provided by the John M. Olin Foundation and the Japan Center for International Finance (JCIF).

Last modified: August 14, 2012

© 2014 The President and Fellows of Harvard College. All rights reserved.