For decades now, Australian banks have been a class apart. Thanks to a ceaselessly growing economy, an oligopolistic structure that prevents mergers between the big four lenders, and the loyalty of self-funded retirees who play a large part in the local stock market, they’ve been valued as if they’re in a fundamentally different business from counterparts in other countries. At ...

Any attempt at sweeping out a corner of India’s financial system means bringing investors face to face with creepy-crawlies. Disagreeable as the task is, it’s also necessary. More than $200 billion in bad loans tumbled out when banks were made to open their attics to the regulatory broom four years ago. That cleanup isn’t over, and already it’s the stockbrokers’ ...

The inflow of migrants from North Africa has split Europe between those who think governments should do all they can to save human lives and those who fear rescue operations mainly benefit smugglers. A new study shows such concerns could be well-grounded. Giovanni Mastrobuoni, one of Europe’s preeminent economists of crime based at the Collegio Carlo Alberto in Turin, worked ...