Financial Transparency Coalition

Global Financial Integrity's lead economist, Dev Kar, and research associate, Ann Hollingshead, are published in the Maharashtra Economic Development Council's Monthly Economic Digest this month. The article, titled "The Global Economic Crisis and Its Impact on Remittances," can be found on page 35 of the digest.

LONDON (Reuters) - The financial crisis will widen the gulf between countries in governance and corruption, a leading expert says, with some states hastening reforms but others using economic distress to justify doing nothing.

By Timothy Geithner and Lawrence Summers - Over the past two years, we have faced the most severe financial crisis since the Great Depression. The financial system failed to perform its function as a reducer and distributor of risk. Instead, it magnified risks, precipitating an economic contraction that has hurt families and businesses around the world.

This just in, from the Financial Times:

"The City regulator will put less emphasis on maintaining London’s competitiveness in relation to other financial centres, its head said on Tuesday, in a striking acknowledgement that the approach had undermined the stability of the financial system.

Lord Turner, chairman of the Financial Services Authority, said that prudential regulation of institutions and the financial system had suffered as regulators in many countries had in the past put too much focus on the attractiveness to the financial industry of their home markets."

That is quite a confession. The regulator of the...