Democracy And Diversity In Financial Market Regulation

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Democracy and Diversity in Financial Market Regulation

Nicholas Dorn
Democracy and Diversity in Financial Market Regulation Book PDF

Author : Nicholas Dorn
Publisher : Routledge
Page : 200 pages
File Size : 55,8 Mb
Release : 2014-08-13
Category : Business & Economics
ISBN : 9781134659777

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Democracy and Diversity in Financial Market Regulation by Nicholas Dorn Pdf

Financial markets have become acknowledged as a source of crisis, and discussion of them has shifted from economics, through legal and regulatory studies, to politics. Events from 2008 onwards raise important, cross-disciplinary questions: must financial markets drive states into political and existential crisis, must public finances take over private losses, must citizens endure austerity? This book argues that there is an alternative. If the financial system were less 'connected', contagion within the market would be reduced and crises would become more localised and intermittent, less global and pervasive. The question then becomes how to reduce connectedness within financial markets. This book argues that the democratic direction of financial market policies can deliver this. Politicising financial market policies – taking discussion of these issues out of the sphere of the 'technical' and putting it into the same democratically contested space as, for example, health and welfare policies – would encourage differing policies to emerge in different countries. Diversity of regulatory regimes would result in some business models being attracted to some jurisdictions, others to others. The resulting heterogeneity, when viewed from a global perspective, would be a reversal of recent and current tendencies towards one single/global 'level playing field', within which all financial firms and sectors have become closely connected and across which contagion inevitably reigns. No doubt the democratisation of financial market policy would be opposed by big firms – their interests being served by regulatory convergence – and considered macabre by some financial regulators and central bankers, who are coalescing into an elite community. However, everyone else, Nicholas Dorn argues here, would be better off in a financial world characterised by greater diversity.

Democracy and Diversity in Financial Market Regulation

Nicholas Dorn
Democracy and Diversity in Financial Market Regulation Book PDF

Author : Nicholas Dorn
Publisher : Routledge
Page : 203 pages
File Size : 42,9 Mb
Release : 2014-08-13
Category : Business & Economics
ISBN : 9781134659708

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Democracy and Diversity in Financial Market Regulation by Nicholas Dorn Pdf

Financial markets have become acknowledged as a source of crisis, and discussion of them has shifted from economics, through legal and regulatory studies, to politics. Events from 2008 onwards raise important, cross-disciplinary questions: must financial markets drive states into political and existential crisis, must public finances take over private losses, must citizens endure austerity? This book argues that there is an alternative. If the financial system were less 'connected', contagion within the market would be reduced and crises would become more localised and intermittent, less global and pervasive. The question then becomes how to reduce connectedness within financial markets. This book argues that the democratic direction of financial market policies can deliver this. Politicising financial market policies – taking discussion of these issues out of the sphere of the 'technical' and putting it into the same democratically contested space as, for example, health and welfare policies – would encourage differing policies to emerge in different countries. Diversity of regulatory regimes would result in some business models being attracted to some jurisdictions, others to others. The resulting heterogeneity, when viewed from a global perspective, would be a reversal of recent and current tendencies towards one single/global 'level playing field', within which all financial firms and sectors have become closely connected and across which contagion inevitably reigns. No doubt the democratisation of financial market policy would be opposed by big firms – their interests being served by regulatory convergence – and considered macabre by some financial regulators and central bankers, who are coalescing into an elite community. However, everyone else, Nicholas Dorn argues here, would be better off in a financial world characterised by greater diversity.

Regulating and Supervising European Financial Markets

Mads Andenas,Gudula Deipenbrock
Regulating and Supervising European Financial Markets Book PDF

Author : Mads Andenas,Gudula Deipenbrock
Publisher : Springer
Page : 437 pages
File Size : 48,6 Mb
Release : 2016-08-16
Category : Law
ISBN : 9783319321745

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Regulating and Supervising European Financial Markets by Mads Andenas,Gudula Deipenbrock Pdf

The book analyses the institutions of the European financial market supervision and the challenges of financial markets. The current European supervisory structure for financial markets represents a major development in European supervisory history. Its operation however has to be explored and analysed critically. Has it gone far enough to provide a sufficiently comprehensive and resilient system to reduce or mitigate systemic risks and handle financial crises? Some claim it has gone too far already. Fresh and rigorous critical legal and economic analysis from an independent scholarly perspective are needed to assess whether the institutional design of the European supervisory architecture has proved itself to be an efficient and effective model. This book discusses many dimensions of the structure and workings of the European system from various angles providing different dimensions. The book makes an important contribution to the limited literature on financial market supervision.

The Routledge Companion to Banking Regulation and Reform

Ismail Ertürk,Daniela Gabor
The Routledge Companion to Banking Regulation and Reform Book PDF

Author : Ismail Ertürk,Daniela Gabor
Publisher : Taylor & Francis
Page : 436 pages
File Size : 45,7 Mb
Release : 2016-10-04
Category : Business & Economics
ISBN : 9781135007157

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The Routledge Companion to Banking Regulation and Reform by Ismail Ertürk,Daniela Gabor Pdf

The Routledge Companion to Banking Regulation and Reform provides a prestigious cutting edge international reference work offering students, researchers and policy makers a comprehensive guide to the paradigm shift in banking studies since the historic financial crisis in 2007. The transformation in banking over the last two decades has not been authoritatively and critically analysed by the mainstream academic literature. This unique collection brings together a multi-disciplinary group of leading authorities in the field to analyse and investigate post-crisis regulation and reform. Representing the wide spectrum of non-mainstream economics and finance, topics range widely from financial innovation to misconduct in banking, varieties of Eurozone banking to reforming dysfunctional global banking as well as topical issues such as off-shore financial centres, Libor fixing, corporate governance and the Dodd-Frank Act. Bringing together an authoritative range of international experts and perspectives, this invaluable body of heterodox research work provides a comprehensive compendium for researchers and academics of banking and finance as well as regulators and policy makers concerned with the global impact of financial institutions.

Controlling Capital

Nicholas Dorn
Controlling Capital Book PDF

Author : Nicholas Dorn
Publisher : Routledge
Page : 237 pages
File Size : 49,8 Mb
Release : 2016-02-12
Category : Business & Economics
ISBN : 9781317374015

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Controlling Capital by Nicholas Dorn Pdf

Controlling Capital examines three pressing issues in financial market regulation: the contested status of public regulation, the emergence of ‘culture’ as a proposed modality of market governance, and the renewed ascendancy of private regulation. In the years immediately following the outbreak of crisis in financial markets, public regulation seemed almost to be attaining a position of command – the robustness and durability of which is explored here in respect of market conduct, European Union capital markets union, and US and EU competition policies. Subsequently there has been a softening of command and a return to public-private co-regulation, positioned within a narrative on culture. The potential and limits of culture as a regulatory resource are unpacked here in respect of occupational and organisational aspects, stakeholder connivance and wider political embeddedness. Lastly the book looks from both appreciative and critical perspectives at private regulation, through financial market associations, arbitration of disputes and, most controversially, market ‘policing’ by hedge funds. Bringing together a distinguished group of international experts, this book will be a key text for all those concerned with issues arising at the intersection of financial markets, law, culture and governance.

The Routledge Handbook of Critical Finance Studies

Christian Borch,Robert Wosnitzer
The Routledge Handbook of Critical Finance Studies Book PDF

Author : Christian Borch,Robert Wosnitzer
Publisher : Taylor & Francis
Page : 443 pages
File Size : 55,7 Mb
Release : 2020-09-15
Category : Business & Economics
ISBN : 9781351627160

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The Routledge Handbook of Critical Finance Studies by Christian Borch,Robert Wosnitzer Pdf

There has been an increasing interest in financial markets across sociology, history, anthropology, cultural studies, and related disciplines over the past decades, with particular intensity since the 2007–2008 crisis which prompted new analyses of the workings of financial markets and how “scandals of Wall Street” might have huge societal ramifications. The sociologically inclined landscape of finance studies is characterized by different more or less well- established homogeneous camps, with more micro-empirical, social studies of finance approaches on the one end of the spectrum and more theoretical, often neo-Marxist approaches, on the other. Yet alternative approaches are also gaining traction, including work that emphasizes the cultural homologies and interconnections with finance as well as work that, more broadly, is both empirically rigorous and theoretically ambitious. Importantly, across these various approaches to finance, a growing body of literature is taking shape which engages finance in a critical manner. The term “critical finance studies” nonetheless remains largely unfocused and undefined. Against this backdrop, the key rationales of The Routledge Handbook of Critical Finance Studies are firstly to provide a coherent notion of this emergent field and secondly to demonstrate its analytical usefulness across a wide range of central aspects of contemporary finance. As such, the volume will offer a comprehensive guide to students and academics on the field of Finance and Critical Finance Studies, Heterodox Economics, Accounting, and related Management disciplines. Chapter 14 of this book is freely available as a downloadable Open Access PDF at http://www.taylorfrancis.com under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 license.

Financial Markets (Dis)Integration in a Post-Brexit EU

Dieter Pesendorfer
Financial Markets Dis Integration in a Post Brexit EU Book PDF

Author : Dieter Pesendorfer
Publisher : Springer Nature
Page : 377 pages
File Size : 40,6 Mb
Release : 2020-01-11
Category : Political Science
ISBN : 9783030360528

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Financial Markets (Dis)Integration in a Post-Brexit EU by Dieter Pesendorfer Pdf

The European Union is creating a Financial Union with a European Banking Union and a Capital Markets Union in reaction to lessons learned from incomplete financial markets integration, the Global Financial Crisis and European Sovereign Debt Crisis. This book critically analyses these projects for a more integrated, resilient and sustainable financial system at a time when the United Kingdom as the member state with the most developed capital markets and the leading global and European financial center, the City of London, is leaving the Union. Neoliberal financial globalization and markets integration policies have led to finance-led capitalism that caused the crises. By building on pre-crises integration ideas, the Union revives and expands the reach of capital markets-based financing and shadow banking. The book discusses the consequences of deeper integration and the future of European financial centers advocating an alternative financial markets integration based on theories explaining finacialization and finance-led capitalism.

Democracy in the EMU in the Aftermath of the Crisis

Luigi Daniele,Pierluigi Simone,Roberto Cisotta
Democracy in the EMU in the Aftermath of the Crisis Book PDF

Author : Luigi Daniele,Pierluigi Simone,Roberto Cisotta
Publisher : Springer
Page : 409 pages
File Size : 40,6 Mb
Release : 2017-04-21
Category : Law
ISBN : 9783319538952

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Democracy in the EMU in the Aftermath of the Crisis by Luigi Daniele,Pierluigi Simone,Roberto Cisotta Pdf

The book covers some of the major issues concerning the problematic relationship between respect for democratic principles and the new European Economic Governance. Innovative approaches are highlighted throughout the book: new frameworks and arrangements are proposed on the basis of efficiency analyses, as well as their institutional and legal suitability. Though the perspective adopted is essentially a legal one, the economic and policy background are also given due consideration.The papers presented here offer a balanced mix of empirical (including comparative) and theoretical analysis; several also combine the two approaches, carrying out empirical analyses, then setting the results against theoretical options. Given the relative dearth of literature on democratic principles and the EMU, let alone a comprehensive enquiry, the book marks a valuable new contribution.

European Objects

Brice Laurent
European Objects Book PDF

Author : Brice Laurent
Publisher : MIT Press
Page : 281 pages
File Size : 55,7 Mb
Release : 2022-02-01
Category : Political Science
ISBN : 9780262543330

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European Objects by Brice Laurent Pdf

How interventions based on objects—including chemicals, financial products, and consumer goods—offer a path to rethink European integration. Interventions based on objects, Brice Laurent claims, have become a dominant path for European policy-making. In European Objects, Laurent analyzes the political consequences of these interventions and their democratization. He uses the term “European objects” to describe technical entities that are regulated—and thereby transformed—by European policies. To uncover the bureaucratic and regulatory intricacies of European governance, Laurent focuses on a series of these objects, including food products, chemicals, financial products, consumer goods, drinking water, and occupational environments. Laurent argues that taking European objects seriously offers a way to rephrase the dreams of harmonization and, eventually, rethink the constitutional strength of European integration. Laurent doesn’t just clarify how European regulation works, but also explores ways to realize long-term objectives for European integration, such as a harmonized market or an objective expertise. Regulation is best understood as “regulatory machinery” bringing together various types of legal constraints, material interventions on objects, and the imagining of desirable futures. Analyzing European objects enables Laurent to explore what regulation has become after years of evolution have made it a central component of the European policy world. He offers practical illustrations of how the regulatory machinery functions today. If Europe succeeds at reinventing the terms of its legitimacy with objects that matter for the European publics, it will provide a telling demonstration that the opposition of expertise and populism is not the unavoidable fate of liberal democracies.

Regulatory Cycles: Revisiting the Political Economy of Financial Crises

Jihad Dagher
Regulatory Cycles Revisiting the Political Economy of Financial Crises Book PDF

Author : Jihad Dagher
Publisher : International Monetary Fund
Page : 89 pages
File Size : 55,6 Mb
Release : 2018-01-15
Category : Business & Economics
ISBN : 9781484337745

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Regulatory Cycles: Revisiting the Political Economy of Financial Crises by Jihad Dagher Pdf

Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.

The Routledge International Handbook of Financialization

Philip Mader,Daniel Mertens,Natascha van der Zwan
The Routledge International Handbook of Financialization Book PDF

Author : Philip Mader,Daniel Mertens,Natascha van der Zwan
Publisher : Routledge
Page : 564 pages
File Size : 53,8 Mb
Release : 2020-02-05
Category : Business & Economics
ISBN : 9781351390361

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The Routledge International Handbook of Financialization by Philip Mader,Daniel Mertens,Natascha van der Zwan Pdf

Financialization has become the go-to term for scholars grappling with the growth of finance. This Handbook offers the first comprehensive survey of the scholarship on financialization, connecting finance with changes in politics, technology, culture, society and the economy. It takes stock of the diverse avenues of research that comprise financialization studies and the contributions they have made to understanding the changes in contemporary societies driven by the rise of finance. The chapters chart the field’s evolution from research describing and critiquing the manifestations of financialization towards scholarship that pinpoints the driving forces, mechanisms and boundaries of financialization. Written for researchers and students not only in economics but from across the social sciences and the humanities, this book offers a decidedly global and pluri-disciplinary view on financialization for those who are looking to understand the changing face of finance and its consequences.

Crisis and Control

Renate Mayntz
Crisis and Control Book PDF

Author : Renate Mayntz
Publisher : Campus Verlag
Page : 0 pages
File Size : 49,5 Mb
Release : 2012
Category : Financial crises
ISBN : 3593396718

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Crisis and Control by Renate Mayntz Pdf

In reaction to the international financial crisis of 2007, a network of social scientists from seven countries analyzed the various changes in the regulation of financial markets, and this book presents their results. The articles published herein show patterns of institutional change that were triggered by the economic crisis on different political levels, of their implementation and effectiveness, as well as their results. An indispensible tool for political scientists, Crisis and Control contributes significantly to the theory of institutional change.

Controlling Capital

Nicholas Dorn
Controlling Capital Book PDF

Author : Nicholas Dorn
Publisher : Routledge
Page : 0 pages
File Size : 50,5 Mb
Release : 2017-09-27
Category : Banking law
ISBN : 1138570079

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Controlling Capital by Nicholas Dorn Pdf

This book examines pressing issues in financial market regulation, in the face of continuing systemic concerns and widespread wrongdoing in financial markets. Contributors explore how public and private tendencies are evolving, how they might work together, and their relation to policies in the European Union, the United States and internationally.

Money, Power, and the People

Christopher W. Shaw
Money Power and the People Book PDF

Author : Christopher W. Shaw
Publisher : University of Chicago Press
Page : 417 pages
File Size : 42,5 Mb
Release : 2019-09-05
Category : Business & Economics
ISBN : 9780226636474

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Money, Power, and the People by Christopher W. Shaw Pdf

An “engaging and well-researched study [of] ordinary people who joined together to challenge financial institutions” (Choice). Banks and bankers are hardly the most beloved institutions and people in this country. With its corruptive influence on politics and stranglehold on the American economy, Wall Street is held in high regard by few outside the financial sector. But the pitchforks raised against this behemoth are largely rhetorical: We rarely see riots in the streets or public demands for an equitable and democratic banking system that result in serious national changes. Yet the situation was vastly different a century ago, as Christopher W. Shaw shows. This book upends the conventional thinking that financial policy in the early twentieth century was set primarily by the needs and demands of bankers. Shaw shows that banking and politics were directly shaped by the literal and symbolic investments of the grassroots. This engagement remade financial institutions and the national economy, through populist pressure and the establishment of federal regulatory programs and agencies like the Farm Credit System and the Federal Deposit Insurance Corporation. Shaw reveals the surprising groundswell behind seemingly arcane legislation, as well as the power of the people to demand serious political repercussions for the banks that caused the Great Depression. One result of this sustained interest and pressure was legislation and regulation that brought on a long period of relative financial stability, with a reduced frequency of economic booms and busts. Ironically, this stability led to the decline of the very banking politics that brought it about. Giving voice to a broad swath of American figures, including workers, farmers, politicians, and bankers alike, Money, Power, and the People recasts our understanding of what might be possible in balancing the needs of the people with those of their financial institutions.

The Globalization Paradox: Democracy and the Future of the World Economy

Dani Rodrik
The Globalization Paradox Democracy and the Future of the World Economy Book PDF

Author : Dani Rodrik
Publisher : W. W. Norton & Company
Page : 368 pages
File Size : 44,8 Mb
Release : 2011-02-21
Category : Political Science
ISBN : 0393080803

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The Globalization Paradox: Democracy and the Future of the World Economy by Dani Rodrik Pdf

"Cogent, well-written . . . critiques unalloyed globalization enthusiasts, taking aim at their desire to fully liberalize foreign trade ad capital movements." —Foreign Affairs In this eloquent challenge to the reigning wisdom on globalization, Dani Rodrik reminds us of the importance of the nation-state, arguing forcefully that when the social arrangements of democracies inevitably clash with the international demands of globalization, national priorities should take precedence. Combining history with insight, humor with good-natured critique, Rodrik’s case for a customizable globalization supported by a light frame of international rules shows the way to a balanced prosperity as we confront today’s global challenges in trade, finance, and labor markets.