Download or read book Reframing International Financial Regulation After the Global Financial Crisis written by Matthew C. Turk and published by . This book was released on 2015 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Article uses a rational choice analysis to simplify the increasingly complex area of international financial regulation. It proceeds by identifying four “interdependence problems” relating to harmonization of financial standards, capital requirements, bank resolution procedures, and an international lender of last resort -- in which the globalization of finance creates potential benefits from regulatory cooperation between countries. It finds that interdependence problems that relate to the efficiency gains made available by cross-border financial integration are more amenable to international regulation than are efforts to reduce losses from financial instability, which will likely continue to be ineffective despite active reforms in response to the global financial crisis.A policy implication is that ambitious proposals for a legal body to centrally administer international financial regulation are unlikely to succeed, because they misstate the underlying dynamics of the interdependence problems that are specific to international finance. Instead, this Article argues that certain incremental reforms, such as international harmonization of bank resolution plans and provision of a regional lenders of last resort, provide a more promising avenue for reform.This Article constitutes a reframing of the literature on international financial regulation, because it seeks to show that a state-centered rational choice approach can provide greater clarity and explanatory power than competing scholarship that commonly incorporates more complicated variables. In particular, the Article argues that the influential literatures on “transgovernmental networks” of regulators and the international “soft law” that they create overstate both the extent and efficacy of these mechanisms for international cooperation on finance and international law generally.

Download or read book Regulation and the Global Financial Crisis written by Daniel Cash and published by Routledge. This book was released on 2020-11-24 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis was a cross-sector crisis that fundamentally affected modern society. Regulation, as a concept, was both blamed for allowing the crisis to happen, but also tasked with developing and implementing solutions in the wake of the crash. In this book, a number of specialists from a range of fields have contributed their insights into the effect of the Financial Crisis upon the regulatory frameworks affecting their fields, how regulators have responded to the Crisis, and then what this may mean for the future of regulation within those industries. These analyses are joined by a picture of past financial crises – which reveals interesting patterns – and then analyses of architectural regulatory models that were fundamentally affected by the Crisis. The book aims to allow sector specialists the freedom to share their insights so that, potentially, a broader picture can be identified. Providing an interesting and thought-provoking account of this societally impactful era, this book will help the reader develop a more informed understanding of the potential future of financial regulation. The book will be of value to researchers, students, advanced level students, regulators, and policymakers.

Download or read book From Crisis to Crisis written by Ross P. Buckley and published by Kluwer Law International B.V.. This book was released on 2011-01-01 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial system has proven increasingly unstable and crisis-prone since the early 1980s. The system has failed to serve either creditors or debtors well. This has been reinforced by the global financial crisis of 2008, where we have seen systemic weaknesses bring rich countries to the brink of bankruptcy and visit appalling suffering on the poorest citizens of poor countries. Yet the regulatory responses to this crisis have involved little thinking from outside the box in which the crisis was delivered to the world. This book presents a powerful indictment of this regulatory failure and calls for greatly increased attention to international financial law and analyses new regulatory measures with the potential to make a new recognition of the principles that ought to underlie it. Using a historical approach that compares the various financial crises of the past three decades, the authors clearly show how misconceived economic policy responses have paved the way for each next 'crash'. Among the numerous topics that arise in the course of this revealing analysis are the following: overvalued exchange rates; excess liquidity in rich countries; premature liberalisation of local financial markets; capital controls; derivatives markets; accounting standards; credit ratings and the conflicts in the role of credit rating agencies; investor protection arrangements; insurance companies; and payment, clearing and settlement activities. The authors offer detailed commentary on: the role of multilateral development banks, the IMF and the WTO in responding to crises; the role of the Basel Accords, the Financial Stability Forum and Board, and the responses of the European Commission, the US, and the G20 to the most recent crisis. The book concludes by exploring systemic game-changing reforms such as bank levies, financial activities taxes and financial transaction taxes, and a global sovereign bankruptcy regime; as well as measures to remove the currency mismatches from the balance sheets of developing countries. Apart from its great usefulness as a detailed introduction to the international financial system and its regulation, the book is enormously valuable for its clear identification of the areas of regulatory failure, and its analysis of new regulatory approaches that offer the potential for a genuinely more stable system. Banking and investment policymakers at every level, the lawyers that serve these markets and the regulators that seek to regulate them, cannot afford to neglect this book.

Download or read book The Role and Character of Law in Financial Markets written by Jennie Robinson and published by GRIN Verlag. This book was released on 2018-07-10 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Submitted Assignment from the year 2015 in the subject Economics - Finance, grade: 65.00, School of Oriental and African Studies, University of London (CEFIMS), course: Financial Law, language: English, abstract: Before the 2008-2009 global financial crisis, law was a necessary tool for financial markets. English financial law represents “the entire body of legal rules that govern and regulate financial markets, financial assets and financial transactions under the law of England and Wales”. It is classified as “a sub-species of English commercial law, which is heavily influenced by English common law”. According to Ellinger et al., « in order to safeguard the stability of the banking system, a degree of regulation and supervision needs to be imposed on banks themselves ». In this context, the United Kingdom passed the Financial Services and Markets Act 2000, which authorized the Financial Services Authorities to become « a super-regulator , having responsibility for the regulation and supervision of the whole financial services sector ». However, this regulatory system was not suited for adressing the difficulties the banks were going into during the global financial crisis of 2008-2009. After the crisis, law and regulation's role shifted to provide more protection for financial stability and for the prevention of any misconducts. The Banking Act 2009 was going to fill the gap in « dealing with pre-insolvency 'stabilization' and with banking insolvency and administration ». And a year later, the Financial Services Act 2010 was given the role of « strengthening the powers of the FSA and giving it a 'financial stability' objective. In this paper, we are going to critically discuss the different views on the role of law and finance before and after the financial crises areas.

Download or read book The Regulatory Responses to the Global Financial Crisis written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-03-14 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three tenets: adopting a system-wide perspective explicitly aimed at addressing market failures; understanding and incorporating into regulations agents’ incentives so as to align them better with societies’ goals; and acknowledging that risks of crises will always remain, in part due to (unknown) unknowns – be they tipping points, fault lines, or spillovers. Corresponding to these three tenets, specific areas for further reforms are identified. Policy makers need to resist, however, fine-tuning regulations: a “do not harm” approach is often preferable. And as risks will remain, crisis management needs to be made an integral part of system design, not relegated to improvisation after the fact.

Download or read book The Consequences of the Global Financial Crisis written by Wyn Grant and published by Oxford University Press, USA. This book was released on 2012-05-24 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: Systematically exploring the consequences of the global financial crisis, this text focuses primarily on the impact on policy and politics. It asks how governments responded to the challenges that the crisis has posed, and the policy and political impact of the combination of both the crisis itself and these responses.

Download or read book Great Expectations Slow Transformation written by Manuela Moschella and published by ECPR Press. This book was released on 2014-07-01 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: n the aftermath of the financial crisis, why has the reform process been incremental yet the conditions for more rapid and abrupt transformations appeared to be available? Is there anything specific about financial policy that prevents more radical reforms? Drawing from Comparative Politics and Historical Institutionalism in particular, as well as International Political Economy, this book answers these questions by examining the particular institutional frictions that characterise global financial governance and influence the activity of change agents and veto players involved in the process of global regulatory change. The chapters in this volume collectively demonstrate that the process of change in financial rule-making as well as in the institutions governing finance does not fit with the punctuated model of policy change. The book also shows, however, that incremental changes can lead to fundamental shifts in the basic principles that inform global financial governance.

Download or read book Global Finance in Crisis written by Eric Helleiner and published by Taylor & Francis. This book was released on 2010 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the vantage point of the key powers in global finance including the United States, the European Union, Japan, and China, this highly accessible book provides the first systematic analysis of the international regulatory response to the current financial crisis.

Download or read book Lessons and Policy Implications from the Global Financial Crisis written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2010-02-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ongoing global financial crisis is rooted in a combination of factors common to previous financial crises and some new factors. The crisis has brought to light a number of deficiencies in financial regulation and architecture, particularly in the treatment of systemically important financial institutions, the assessments of systemic risks and vulnerabilities, and the resolution of financial institutions. The global nature of the financial crisis has made clear that financially integrated markets, while offering many benefits, can also pose significant risks, with large real economic consequences. Deep reforms are therefore needed to the international financial architecture to safeguard the stability of an increasingly financially integrated world.

Download or read book After the Fall The Policy Legacy of the Global Financial Crisis written by Daniel McDowell and published by World Politics Review. This book was released on 2013-08-20 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Five years after the global financial crisis shook the world's developed economies to their foundations and hastened the rise of the emerging powers in the global economy, questions remain about the nature and effectiveness of the international response to the crisis. Daniel McDowell highlights the re-emergence of monetary and industrial policy in developed countries' efforts to return to growth. Stefano Pagliari examines post-crisis reforms to the financial sector and the politics that constrain them. And Mark Thirlwell explains why the G-20 may be the victim of its initial post-crisis successes in shoring up global economic governance.

Download or read book Preventing the Next Financial Crisis written by Erlend Nier and published by International Monetary Fund. This book was released on 2016-04-05 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis that began in 2007 brought much of the global economy to its knees and nearly triggered another Great Depression. The financial storm gradually died down in 2009, at least in the United States, but even six years after that, much of the world had yet to fully recover from the enormous economic damage caused by the crisis.This essay describes what happened and outlines a new approach to financial regulation (macroprudential policy) that aims to prevent such crises from happening again.

Download or read book The Regulatory Aftermath of the Global Financial Crisis written by Eilís Ferran and published by Cambridge University Press. This book was released on 2012-11-15 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EU and the US responded to the global financial crisis by changing the rules for the functioning of financial services and markets and by establishing new oversight bodies. With the US Dodd–Frank Act and numerous EU regulations and directives now in place, this book provides a timely and thoughtful explanation of the key elements of the new regimes in both regions, of the political processes which shaped their content and of their practical impact. Insights from areas such as economics, political science and financial history elucidate the significance of the reforms. Australia's resilience during the financial crisis, which contrasted sharply with the severe problems that were experienced in the EU and the US, is also examined. The comparison between the performances of these major economies in a period of such extreme stress tells us much about the complex regulatory and economic ecosystems of which financial markets are a part.

Download or read book New Paradigms for Financial Regulation written by Masahiro Kawai and published by Rowman & Littlefield. This book was released on 2012-12-20 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Asian Development Bank Institute publication The global financial crisis has led to a sweeping reevaluation of financial market regulation and macroeconomic policies. Emerging markets need to balance the goals of financial development and broader financial inclusion with the imperative of strengthening macroeconomic and financial stability. The third in a series on emerging markets, New Paradigms for Financial Regulation develops new analytical frameworks and provides policy prescriptions for how the frameworks should be adapted to a world of more free and more volatile capital. This volume provides an overview of the global regulatory landscape from the perspective of Asian emerging markets. The contributors discuss the many challenges ahead in developing sound and flexible financial regulatory systems for emerging market economies. The challenges are heightened by the rising integration of these economies into global trade and finance, the growing sophistication of their financial systems as globalization and emergence processes accelerate, and their potential vulnerability to instability arising from the financial markets in the advanced economies. The contributors provide guidance about pitfalls to be avoided, general principles that should guide the creation of sound regulatory systems, and valuable analytic perspectives about how to continue to broaden the financial sector and innovate while still maintaining financial and macroeconomic stability.

Download or read book Financial Regulation and Stability written by Charles Goodhart and published by Edward Elgar Publishing. This book was released on 2019 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the interaction of monetary and regulatory policy to achieve the important goal of price and financial stability. The authors show how financial stability can be assessed and measured continuously, and discuss the interrelationships between liquidity and default. Without default there would be no concern about liquidity. But the financial crisis was not just a liquidity problem, and requires a general equilibrium model. Their general equilibrium analysis demonstrates how policy should depend on understanding all the relevant factors.

Download or read book The Status Quo Crisis written by Eric Helleiner and published by Oxford University Press. This book was released on 2014-06-19 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 financial crisis was the worst since the Great Depression and many voices argued that it would transform global financial governance. Analysts anticipated a "Bretton Woods moment", referring to the 1944 conference that established the postwar international financial order. Widespread expectations of change were then reinforced by the creation of the G20 leaders' forum, extensive debates about the dollar's global role, the launching of international financial regulatory reforms, and the establishment of the Financial Stability Board. But half a decade later, how much has really changed? In The Status Quo Crisis, Helleiner surveys the landscape and argues that continuity has marked global financial governance more than dramatic transformation. The G20 leaders forum contributed much less to the management of the crisis than advertised. The US dollar remains unchallenged as the world's dominant international currency. The market-friendly nature of pre-crisis international financial regulation has been not overturned in a significant manner. And the Financial Stability Board has strengthened the governance of international financial standards in only very modest ways. What we are left with are some small-bore incremental changes that, collectively, have not fundamentally restructured the governance of the global financial system. Helleiner argues that this strangely conservative result was generated partly by the structural power and active policy choices of the country at the center of the crisis: the United States. Status quo outcomes also reflected the unexpected weakness of Europe and conservatism of policymakers in large emerging market countries. Only if this distinct configuration of power and politics among and within influential states shifted in the coming years might the 2008 crisis leave a more transformative legacy over the longer term. Cutting against much of the received wisdom on offer today, The Status Quo Crisis will be essential reading for those interested in the politics of global finance and for anyone curious how expectations of change can be thwarted after even in the most dire of crises.

Download or read book Financial Regulation after the Global Recession written by C. Peláez and published by Palgrave Macmillan. This book was released on 2009-11-12 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The failure on the part of Banks to enforce rigorous self regulation has precipitated a deep and prolonged global recession. This book provides a comprehensive review of principles, institutions and experience of financial regulation, to help illustrate current regulatory proposals.

Download or read book Global Governance of Financial Systems written by Kern Alexander and published by Oxford University Press. This book was released on 2006 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book sets forth the economic rationale for international financial regulation and what role, if any, international regulation can play in effectively managing systemic risk while providing accountability to all affected nations. The book suggests that a particular type of global governance structure is necessary to have more efficient regulation of the international financial system.