4  The “contract-theoretic” approach to sovereign debt was pioneered by J. Bulow and K. Rogoff, “A Constant Recontracting Model of Sovereign Debt,” Journal of Political Economy, 1989; and J. Bulow and K. Rogoff, “Sovereign Debt: Is Forgive to Forget?,” American Economic Review, 1989. 2  BIS central bankers’ speeches  accident was then clearly due to bad luck.
To build the capacity for undertaking effective macroprudential regulation and supervision;  4. To develop suitable resolution regimes for financial institutions;  5. To strengthen the infrastructure of financial markets, including markets for derivative transactions;  6. To improve compensation practices in financial institutions;  7.