The problem is that despite an explosion of research in this area, we still find ourselves with many gaps from theoretical and empirical standpoints. A number of measures need to be implemented at the domestic and international levels if these challenges are to be overcome.
This comprises research, more and better statistics, building the appropriate analytical capacity, and adjusting national institutional frameworks as needed, among other measures. Furthermore, in view of the implications of financial globalization for contagion and regulatory arbitrage, cooperation from the international community is of the essence.