The oldest existing international financial institution and probably the most controversial, The Bank for International Settlements remains a mystery to many people and to others, an ethical enigma. It has contributed significantly to international bank regulation and to stabilizing the international financial system, yet its operations during World War II have long been deemed suspect. Indeed, some use the word "shady." Baker discusses the history and evolution of The BIS, evaluates its operations, and in a fair balanced treatment weighs the good it has done against the bad. He describes its work on payment/settlement systems, derivatives, bank capital, and in the insurance and investment industries, and underlines how it has changed since the days when it was accused of assisting the Nazis' war effort. A major academic study, the book will be of special interest not only to teachers, scholars, and students, but to finance and investment professionals as well.