Financial Regulatory Harmonization And The Globalization Of Finance

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Financial Regulatory Harmonization and the Globalization of Finance

Cally Jordan
Financial Regulatory Harmonization and the Globalization of Finance Book PDF

Author : Cally Jordan
Publisher : Unknown
Page : 27 pages
File Size : 47,9 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1290704524

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Financial Regulatory Harmonization and the Globalization of Finance by Cally Jordan Pdf

In the globalizing economy, national policymakers are often forced to accept the challenge of financial integration. Faced with the potentially destabilizing effects of international financial markets, they have to strengthen financial regulation, importing international best practices and aligning domestic with foreign regulation, to avoid destabilizing phenomena of regulatory arbitrage. Jordan and Majnoni explore the main features of the ongoing process of worldwide financial regulatory convergence and the role played by the global dissemination of financial standards and codes. They analyze the reasons behind the generalized acceptance of international best practices and the limits of the standards and codes approach to financial regulatory harmonization.This paper - a joint product of the Financial Sector Operations and Policy Department and the Cofinancing and Project Finance Group, Legal Vice Presidency - is part of a larger effort in the Bank to study the impact of financial regulation on economic development.

Financial Regulation in the Global Economy

Richard J. Herring,Robert E. Litan
Financial Regulation in the Global Economy Book PDF

Author : Richard J. Herring,Robert E. Litan
Publisher : Brookings Institution Press
Page : 224 pages
File Size : 43,6 Mb
Release : 1994-12-01
Category : Business & Economics
ISBN : 0815791550

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Financial Regulation in the Global Economy by Richard J. Herring,Robert E. Litan Pdf

In recent years, the major industrialized nations have developed cooperative procedures for supervising banks, harmonized their standards for bank capital requirements, and initiated cooperative understanding about securities market supervision. This book assesses what further coordination and harmonization in financial regulation will be required in an era of increased globalization. A volume of Brookings' Integrating National Economies Series

Current Challenges in Financial Regulation

Stijn Claessens
Current Challenges in Financial Regulation Book PDF

Author : Stijn Claessens
Publisher : World Bank Publications
Page : 48 pages
File Size : 48,5 Mb
Release : 2006
Category : Bank
ISBN : 8210379456XXX

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Current Challenges in Financial Regulation by Stijn Claessens Pdf

Financial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, globalization, and technological advances. The framework for regulating finance has seen many changes as well, with approaches adapting to new issues arising in specific groups of countries or globally. The objectives of this paper are twofold: to review current international thinking on what regulatory framework is needed to develop a financial sector that is stable, yet efficient, and provides proper access to households and firms; and to review the key experiences regarding international financial architecture initiatives, with a special focus on issues arising for developing countries. The paper outlines a number of areas of current debate: the special role of banks, competition policy, consumer protection, harmonization of rules-across products, within markets, and globally-and the adaptation and legitimacy of international standards to the circumstances facing developing countries. It concludes with some areas where more research would be useful.

International Financial Markets

Claude E. Barfield
International Financial Markets Book PDF

Author : Claude E. Barfield
Publisher : American Enterprise Institute Press
Page : 288 pages
File Size : 49,5 Mb
Release : 1996
Category : Competition, International
ISBN : STANFORD:36105018385042

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International Financial Markets by Claude E. Barfield Pdf

Analyzing present and forecasting future U.S. trade and investment relations with key Asian countries, contributors to this volume weigh U.S. relations with Korea, Taiwan, the People's Republic of China, Japan, and the members of the Association of South East Asian Nations from the perspective of each country. The seven authors also explore how the new regime of the World Trade Organization will affect international trade.

International Harmonization of Financial Regulation?

Hyoung-kyu Chey
International Harmonization of Financial Regulation Book PDF

Author : Hyoung-kyu Chey
Publisher : Routledge
Page : 275 pages
File Size : 54,6 Mb
Release : 2014-01-02
Category : Business & Economics
ISBN : 9781134500949

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International Harmonization of Financial Regulation? by Hyoung-kyu Chey Pdf

It is often argued that international financial regulation has been substantially strengthened over the past decades through the international harmonization of financial regulation. There are, however, still frequent outbreaks of painful financial crises, including the recent 2008 global financial crisis. This raises doubts about the conventional claims of the strengthening of international financial regulation. This book provides an in-depth political economy study of the adoptions in Japan, Korea and Taiwan of the 1988 Basel Capital Accord, the now so-called Basel I, which has been at the center of international banking regulation over the past three decades, highlighting the domestic politics surrounding it. The book illustrates that, despite banks’ formal compliance with the Accord in these countries, their compliance was often cosmetic due to extensive regulatory forbearance that allowed their real capital soundness to weaken. Domestic politics thus ultimately determined national implementations of the Accord. This book provides its novel innovative study of the Accord through scores of interviews with bank regulators and analysis of various primary documents. It suggests that the actual effectiveness of international financial regulation relies ultimately on the domestic politics surrounding it. It implies as well that the past trend of international harmonization of financial regulation may be illusory, to at least some extent, in terms of its actual effectiveness. This book may interest not only political economists but also scholars working on the intersection of law, economics and institutions.

Current Challenges in Financial Regulation

Stijn Claessens
Current Challenges in Financial Regulation Book PDF

Author : Stijn Claessens
Publisher : Unknown
Page : 128 pages
File Size : 55,7 Mb
Release : 2012
Category : Electronic
ISBN : OCLC:931674279

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Current Challenges in Financial Regulation by Stijn Claessens Pdf

Financial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, globalization, and technological advances. The framework for regulating finance has seen many changes as well, with approaches adapting to new issues arising in specific groups of countries or globally. The objectives of this paper are twofold: to review current international thinking on what regulatory framework is needed to develop a financial sector that is stable, yet efficient, and provides proper access to households and firms; and to review the key experiences regarding international financial architecture initiatives, with a special focus on issues arising for developing countries. The paper outlines a number of areas of current debate: the special role of banks, competition policy, consumer protection, harmonization of rules-across products, within markets, and globally-and the adaptation and legitimacy of international standards to the circumstances facing developing countries. It concludes with some areas where more research would be useful.

Regulating Capital

David Andrew Singer
Regulating Capital Book PDF

Author : David Andrew Singer
Publisher : Cornell University Press
Page : 231 pages
File Size : 51,8 Mb
Release : 2015-11-15
Category : Political Science
ISBN : 9781501702297

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Regulating Capital by David Andrew Singer Pdf

Financial instability threatens the global economy. The volatility of capital movements across national borders has led many observers to argue for a reformed "global financial architecture," a body of consistent rules and institutions to prevent financial crises. Yet regulators have a decidedly mixed record in their attempts to create global standards for the financial system. David Andrew Singer seeks to explain the varying pressures on regulatory agencies to negotiate internationally acceptable rules and suggests that the variation is largely traceable to the different domestic political pressures faced by regulators. In Regulating Capital, Singer provides both a theory of the effects of domestic pressures on international regulation and a detailed analysis of regulators' attempts at international rulemaking in banking, securities, and insurance. Singer addresses the complexities of global finance in an accessible style, and he does not turn away from the more dramatic aspects of globalization; he makes clear the international implications of bank failures and stock-market crashes, the rise of derivatives, and the catastrophic financial losses caused by Hurricane Katrina and the events of September 11.

International Harmonization of Economic Regulation

Junji Nakagawa
International Harmonization of Economic Regulation Book PDF

Author : Junji Nakagawa
Publisher : Unknown
Page : 409 pages
File Size : 49,6 Mb
Release : 2011
Category : Business & Economics
ISBN : 9780199604661

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International Harmonization of Economic Regulation by Junji Nakagawa Pdf

With the advancing globalization of the world economy, domestic economic regulations are becoming more and more subject to efforts at international harmonization. This book presents an analysis of this worldwide phenomenon from both a legal and a politico-economic perspective by focusing on (1) the backgrounds and objectives of international harmonization, (2) the negotiating processes involved, and (3) the impact of harmonization on domestic laws and their administration. International harmonization is discussed in a wide range of cases including trade-related regulations, technical standards and food safety standards, intellectual property rights, labour standards, competition law and policy, financial regulations, and regulations concerning transnational economic crime. Drawing on a wide range of materials and applying a unified analytical framework based on theoretical as well as practical observations, the book surveys this much debated topic in a comprehensive and accessible way. It thus contributes to a better understanding of both the chances and the challenges of globalization and global governance today.

Financial Regulatory Harmonization and the Globalization of Finance

Cally Jordan,Giovanni Majnoni
Financial Regulatory Harmonization and the Globalization of Finance Book PDF

Author : Cally Jordan,Giovanni Majnoni
Publisher : World Bank Publications
Page : 32 pages
File Size : 53,8 Mb
Release : 2002
Category : Disclosure of information
ISBN : 8210379456XXX

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Financial Regulatory Harmonization and the Globalization of Finance by Cally Jordan,Giovanni Majnoni Pdf

In the globalizing economy, national policymakers are often forced to accept the challenge of financial integration. Faced with the potentially destabilizing effects of international financial markets, they have to strengthen financial regulation, importing international best practices and aligning domestic with foreign regulation, to avoid destabilizing phenomena of regulatory arbitrage. The authors explore the main features of the ongoing process of worldwide financial regulatory convergence and the role played by the global dissemination of financial standards and codes. They analyze the reasons behind the generalized acceptance of international best practices and the limits of the standards and codes approach to financial regulatory harmonization.

The Political Economy of Bank Regulation in Developing Countries

Emily Jones
The Political Economy of Bank Regulation in Developing Countries Book PDF

Author : Emily Jones
Publisher : Oxford University Press
Page : 405 pages
File Size : 47,9 Mb
Release : 2020
Category : Political Science
ISBN : 9780198841999

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The Political Economy of Bank Regulation in Developing Countries by Emily Jones Pdf

This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations.International banking standards are intended for the regulation of large, complex, risk-taking international banks with trillions of dollars in assets and operations across the globe. Yet they are being implemented in countries with nascent financial markets and small banks that have yet to ventureinto international markets. Why is this? This book develops a new framework to explain regulatory interdependence between countries in the core and the periphery of the global financial system. Drawing on in-depth analysis of eleven countries across Africa, Asia, and Latin America, it shows howfinancial globalisation generates strong reputational and competitive incentives for developing countries to converge on international standards. It explains how specific cross-border relations between regulators, politicians, and banks within developing countries, and international actors includinginvestors, peer regulators, and international financial institutions, generate regulatory interdependence. It explains why some configurations of domestic politics and forms of integration into global finance generate convergence with international standards, while other configurations lead todivergence. This book contributes to our understanding of the ways in which governments and firms in the core of global finance powerfully shape regulatory decisions in the periphery, and the ways that governments and firms from peripheral developing countries manoeuvre within the constraints andopportunities created by financial globalisation.

Globalization and National Financial Systems

James A. Hanson,Patrick Honohan,Giovanni Majnoni
Globalization and National Financial Systems Book PDF

Author : James A. Hanson,Patrick Honohan,Giovanni Majnoni
Publisher : World Bank Publications
Page : 304 pages
File Size : 46,9 Mb
Release : 2003
Category : Business & Economics
ISBN : 0821352083

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Globalization and National Financial Systems by James A. Hanson,Patrick Honohan,Giovanni Majnoni Pdf

This book breaks new ground by exploring the challenges, constraints, and opportunities of national financial systems in developing countries, while noting that all such systems must be considered small when viewed in the context of global finance. Banking, securities, contractual savings, and systemic macroeconomic aspects are all considered.

International Finance: Theory and Policy in Africa

Daniel Gbetnkom
International Finance Theory and Policy in Africa Book PDF

Author : Daniel Gbetnkom
Publisher : AuthorHouse
Page : 192 pages
File Size : 43,7 Mb
Release : 2012-01-26
Category : Self-Help
ISBN : 9781456785611

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International Finance: Theory and Policy in Africa by Daniel Gbetnkom Pdf

It is now well known that there are close links between financial sector development and economic growth, and in turn between economic growth and poverty reduction. A well-functioning financial sector that allocates finance to the best opportunities can contribute to a more diverse economy and a more equal society, rewarding entrepreneurial newcomers and challenging an entrenched and sometimes corrupt, economic and political status quo. However, at first glance, the international finance theory and policies would seem to have little relevance for Africa as there were built up in response to developments that took place far from Africa and whose direct impact on Africa was limited. Nonetheless, key components of the international finance functioning are very relevant for Africa. The ongoing global financial and economic crises that are shaking the world have come as a stark reminder that African countries have a direct interest in global financial stability even though they may not be the main actors. In this line, economic fundamentals, sound national macroeconomic and structural policies and a sound and properly regulated financial system are as critical as ever in Africa. This volume explores the application of the basic theory and the policies of international financial transactions in Africa. It contains six chapters on conceptual and policy-oriented issues. Analyses raise important questions and offers favorable counter-arguments to the application of international finance theory after bringing to focus the relevance of certain themes in Africas inter-state and intrastate policies.

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 : 50,5 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.

The Economic Dimensions of Globalization

D. Das
The Economic Dimensions of Globalization Book PDF

Author : D. Das
Publisher : Springer
Page : 214 pages
File Size : 52,8 Mb
Release : 2003-12-18
Category : Business & Economics
ISBN : 9781403938671

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The Economic Dimensions of Globalization by D. Das Pdf

Dilip K. Das succintly covers the principal normative and positive strands that one needs to be properly familiar with in the area of economic globalization. The selection and rejection of themes for coverage in the book has been carefully done. The picture of globalization has been painted with a broad brush. The unique feature that distinguishes it from the competition is its succinct coverage of numerous, carefully selected, thematic issues that falls under the rubric of globalization. The book is easy to access for the target readership because of its descriptive analysis style.

Finance in Asia

Qiao Liu,Paul Lejot,Douglas W. Arner
Finance in Asia Book PDF

Author : Qiao Liu,Paul Lejot,Douglas W. Arner
Publisher : Routledge
Page : 633 pages
File Size : 43,7 Mb
Release : 2013-03-12
Category : Business & Economics
ISBN : 9781135072988

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Finance in Asia by Qiao Liu,Paul Lejot,Douglas W. Arner Pdf

Asia’s demand for second-generation financial institutions and markets needs to be met in order for the region’s further development to be sustained. This book provides a compelling, fact-based assessment of current practices and regulations in Asia’s financial institutions and markets and carefully documents the exciting opportunities and challenges that lie ahead in the region’s financial systems. This book differs in design from typical treatments of financial institutions and markets because its focus is on Asia rather than using the US model (in terms of market configurations or products) as a benchmark, and its takes a contemporary and forward-looking view of financial markets. Examples of practice from Asia are used to illustrate major accepted themes in finance and financial regulation. To the extent that Asia’s main economies share characteristics that are distinct, for example, in the relationship between government and the banking sector, or in aspects of corporate governance, the book will discuss the consequences for market operation and intermediation. The book’s carefully structured facts and rigorously argued analysis carry important implications both for students in business and law and for professionals new to financial markets in Asia. It will change the way that Asian financial markets and institutions is taught in universities as well as provide a valuable resource for professionals working in finance in Asia.