Rethinking Regulation Of International Finance

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Rethinking Regulation of International Finance

Uzma Ashraf Barton
Rethinking Regulation of International Finance Book PDF

Author : Uzma Ashraf Barton
Publisher : Kluwer Law International B.V.
Page : 280 pages
File Size : 41,8 Mb
Release : 2016-04-24
Category : Law
ISBN : 9789041189189

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Rethinking Regulation of International Finance by Uzma Ashraf Barton Pdf

Why have financial standards and institutions almost always failed to effectively predict and respond to real-world financial crises? The answer, this challenging book shows, is that international financial law suffers from a persistent lack of judicial or quasi-judicial enforcement mechanisms, leaving flaws in the structure of the international financial system that lead inevitably to excesses that threaten the public good of global financial stability. The author, an internationally renowned legal expert on financial and fiscal reforms, responds to the increasingly urgent call for rethinking the structure and the functioning of international financial law. Centering on the concept of enforcement – which continues to be an unresolved issue in the discipline of international financial law – the analysis describes the likely contours of hard-law regulatory reform. It weighs the pros and cons of much-talked-about regulatory and policy issues like the following and more: – policy implications from the transformation of finance from a domestic to an international concept; – new or revised supervisory and regulatory bodies with redefined mandate, jurisdictions and powers; – possibility of a treaty-based structure similar to the European Union’s integration framework; and – consolidation of crisis-prevention and crisis-management policies; The analysis takes into account instances from trade and monetary systems pertinent to the development of the discipline of international financial law. A concluding chapter explores possibilities for putting in place an asset-backed resilient financial system based on risk-sharing and empowered to legislate reform and authorized to seek compliance from its members. With its provision of unconventional alternatives for further development of international financial law to realize stable, predictable and robust international markets – including early-warning systems and fully primed crisis-prevention mechanisms – the book explores the essential link between global financial stability, effective regulation and institutional development that will engender realistic global policy solutions. It will prove to be of great importance to regulatory and legal practitioners as well as to academic and think-tank scholars.

Reconceptualising Global Finance and its Regulation

Ross P. Buckley,Emilios Avgouleas,Douglas W. Arner
Reconceptualising Global Finance and its Regulation Book PDF

Author : Ross P. Buckley,Emilios Avgouleas,Douglas W. Arner
Publisher : Cambridge University Press
Page : 467 pages
File Size : 53,7 Mb
Release : 2016-03-11
Category : Law
ISBN : 9781316462607

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Reconceptualising Global Finance and its Regulation by Ross P. Buckley,Emilios Avgouleas,Douglas W. Arner Pdf

The current global financial system may not withstand the next global financial crisis. In order to promote the resilience and stability of our global financial system against future shocks and crises, a fundamental reconceptualisation of financial regulation is necessary. This reconceptualisation must begin with a deep understanding of how today's financial markets, regulatory initiatives and laws operate and interact at the global level. This book undertakes a comprehensive analysis of such diverse areas as regulation of financial stability, modes of supply of financial services, market infrastructure, fractional reserve banking, modes of production of global regulatory standards and the pressing need to reform financial sector ethics and culture. Based on this analysis, Reconceptualising Global Finance and its Regulation proposes realistic reform initiatives, which will be of primary interest to regulatory and banking legal practitioners, policy makers, scholars, research students and think tanks.

Rethinking Regulatory Structure

Robert A. Schwartz,John Aidan Byrne,Gretchen Schnee
Rethinking Regulatory Structure Book PDF

Author : Robert A. Schwartz,John Aidan Byrne,Gretchen Schnee
Publisher : Springer Science & Business Media
Page : 103 pages
File Size : 40,8 Mb
Release : 2012-07-23
Category : Business & Economics
ISBN : 9781461443735

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Rethinking Regulatory Structure by Robert A. Schwartz,John Aidan Byrne,Gretchen Schnee Pdf

Three dominant forces worldwide are driving change today in our financial markets: competition, technology and regulation. But their collective impact in reshaping the markets, though they may be viewed individually as desirable or well-intentioned, is producing challenging results that are difficult to predict, hard to control and not easy to understand. Extreme market turbulence has underlined the key issues as much attention turns to the appropriate regulatory response. That is the backdrop for this thought-provoking book, emerging from a Baruch College Conference on equity market structure in the aftermath of the global financial crisis, and featuring contributions from an acclaimed panel of international scholars, policymakers, regulators, and industry leaders. The result presents emerging perspective and ideas that illuminate the dynamics of financial regulation today and into the future. The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.

The Money Problem

Morgan Ricks
The Money Problem Book PDF

Author : Morgan Ricks
Publisher : University of Chicago Press
Page : 360 pages
File Size : 55,6 Mb
Release : 2016-03-09
Category : Business & Economics
ISBN : 9780226330464

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The Money Problem by Morgan Ricks Pdf

An “intriguing plan” addressing shadow banking, regulation, and the continuing quest for financial stability (Financial Times). Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a “public” or “private” activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch? In The Money Problem, Morgan Ricks addresses these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad. “Highly recommended.” —Choice

Rethinking the Regulation of Cryptoassets

Johnstone, Syren
Rethinking the Regulation of Cryptoassets Book PDF

Author : Johnstone, Syren
Publisher : Edward Elgar Publishing
Page : 328 pages
File Size : 47,7 Mb
Release : 2021-09-21
Category : Law
ISBN : 9781800886797

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Rethinking the Regulation of Cryptoassets by Johnstone, Syren Pdf

This thought-provoking book challenges the way we think about regulating cryptoassets. Bringing a timely new perspective, Syren Johnstone critiques the application of a financial regulation narrative to cryptoassets, questioning the assumptions on which it is based and whether regulations developed in the 20th century remain fit to apply to a technology emerging in the 21st.

Rethinking Bank Regulation

James R. Barth,Gerard Caprio,Ross Levine
Rethinking Bank Regulation Book PDF

Author : James R. Barth,Gerard Caprio,Ross Levine
Publisher : Cambridge University Press
Page : 446 pages
File Size : 41,5 Mb
Release : 2008-05-12
Category : Business & Economics
ISBN : 052170930X

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Rethinking Bank Regulation by James R. Barth,Gerard Caprio,Ross Levine Pdf

This volume presents a new database on bank regulation in over 150 countries. It offers a comprehensive cross-country assessment of the impact of bank regulation on the operation of banks and assesses the validity of the Basel Committee's influential approach to bank regulation.

The Regulation of International Financial Markets

Rainer Grote,Thilo Marauhn
The Regulation of International Financial Markets Book PDF

Author : Rainer Grote,Thilo Marauhn
Publisher : Cambridge University Press
Page : 358 pages
File Size : 45,6 Mb
Release : 2006-02-16
Category : Law
ISBN : 9781139450348

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The Regulation of International Financial Markets by Rainer Grote,Thilo Marauhn Pdf

International financial relations have become increasingly important for the development of global and national economies. At present these relations are primarily governed by market forces, with little regulatory interference at the international level. In the light of numerous financial crises, this abstinence must be seriously questioned. Starting with an analysis of the regulatory problems at the international level, with only minimal powers entrusted to international organisations, this book develops various possibilities for reform. On the basis of an historical analysis, the book first adopts a comparative approach to national attempts to regulate international financial markets, then outlines the potential of relevant institutions and finally develops a policy perspective. It seeks to provide a framework for analysing options for the regulation of international financial markets from a public international law and comparative law perspective.

The Governance and Regulation of International Finance

Fabrizio Cafaggi,Geoffrey P. Miller
The Governance and Regulation of International Finance Book PDF

Author : Fabrizio Cafaggi,Geoffrey P. Miller
Publisher : Edward Elgar Publishing
Page : 220 pages
File Size : 48,8 Mb
Release : 2013
Category : Business & Economics
ISBN : 9780857939487

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The Governance and Regulation of International Finance by Fabrizio Cafaggi,Geoffrey P. Miller Pdf

ÔThe publication of this book could hardly be more timely; it fills a gap in present-day discussion of the reasons for the recent ongoing financial crises, and who was responsible. The balance between the governance and regulation of the international finance market underpins how securely we proceed into the future. At a time when sovereign defaults dominate public discussion, this issue is of quintessential importance. The editors are to be congratulated for this important publication.Õ Ð Christoph Paulus, Humbolt University of Berlin, Germany This thought-provoking book adds a new perspective to the analysis of how regulation should respond to the global financial crisis of 2008Ð2009. It focuses on the ÔprivateÕ as opposed to ÔpublicÕ aspect of regulation, and highlights the works of the publicÐprivate dialectic in regulation and enforcement. The expert authors examine what is perhaps the single most important sector in which public and private regulation and enforcement intersect: the arena of banking and global finance. The detailed analysis of these particular areas of finance thus provides a means for investigating aspects of the important topic of private regulation and enforcement in financial markets. A number of pertinent questions are addressed, including: How does private regulation and enforcement enhance or detract from the legitimacy of the process by which these market segments are managed and controlled? How does private regulation and enforcement manifest independence of action and judgment, as compared with public regulation? How does private regulation and enforcement measure up along dimensions of quality, relative to public regulation? and, finally, What forms of accountability characterize private as opposed to public regulation and enforcement? Illustrating the works of the publicÐprivate dialectic in regulation and enforcement, this challenging book will prove a fascinating read for academics, scholars and practitioners with an interest in regulation and governance issues, and in financial and banking law.

Rethinking the Financial Crisis

Alan S. Blinder,Andrew W. Loh,Robert M. Solow
Rethinking the Financial Crisis Book PDF

Author : Alan S. Blinder,Andrew W. Loh,Robert M. Solow
Publisher : Russell Sage Foundation
Page : 375 pages
File Size : 51,9 Mb
Release : 2013-01-03
Category : Business & Economics
ISBN : 9781610448154

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Rethinking the Financial Crisis by Alan S. Blinder,Andrew W. Loh,Robert M. Solow Pdf

Some economic events are so major and unsettling that they “change everything.” Such is the case with the financial crisis that started in the summer of 2007 and is still a drag on the world economy. Yet enough time has now elapsed for economists to consider questions that run deeper than the usual focus on the immediate causes and consequences of the crisis. How have these stunning events changed our thinking about the role of the financial system in the economy, about the costs and benefits of financial innovation, about the efficiency of financial markets, and about the role the government should play in regulating finance? In Rethinking the Financial Crisis, some of the nation’s most renowned economists share their assessments of particular aspects of the crisis and reconsider the way we think about the financial system and its role in the economy. In its wide-ranging inquiry into the financial crash, Rethinking the Financial Crisis marshals an impressive collection of rigorous and yet empirically-relevant research that, in some respects, upsets the conventional wisdom about the crisis and also opens up new areas for exploration. Two separate chapters–by Burton G. Malkiel and by Hersh Shefrin and Meir Statman – debate whether the facts of the financial crisis upend the efficient market hypothesis and require a more behavioral account of financial market performance. To build a better bridge between the study of finance and the “real” economy of production and employment, Simon Gilchrist and Egan Zakrasjek take an innovative measure of financial stress and embed it in a model of the U.S. economy to assess how disruptions in financial markets affect economic activity—and how the Federal Reserve might do monetary policy better. The volume also examines the crucial role of financial innovation in the evolution of the pre-crash financial system. Thomas Philippon documents the huge increase in the size of the financial services industry relative to real GDP, and also the increasing cost per financial transaction. He suggests that the finance industry of 1900 was just as able to produce loans, bonds, and stocks as its modern counterpart—and it did so more cheaply. Robert Jarrow looks in detail at some of the major types of exotic securities developed by financial engineers, such as collateralized debt obligations and credit-default swaps, reaching judgments on which make the real economy more efficient and which do not. The volume’s final section turns explicitly to regulatory matters. Robert Litan discusses the political economy of financial regulation before and after the crisis. He reviews the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which he considers an imperfect but useful response to a major breakdown in market and regulatory discipline. At a time when the financial sector continues to be a source of considerable controversy, Rethinking the Financial Crisis addresses important questions about the complex workings of American finance and shows how the study of economics needs to change to deepen our understanding of the indispensable but risky role that the financial system plays in modern economies.

The Political Economy of Financial Regulation

Emilios Avgouleas,David C. Donald
The Political Economy of Financial Regulation Book PDF

Author : Emilios Avgouleas,David C. Donald
Publisher : Cambridge University Press
Page : 531 pages
File Size : 52,7 Mb
Release : 2019-01-31
Category : Business & Economics
ISBN : 9781108470360

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The Political Economy of Financial Regulation by Emilios Avgouleas,David C. Donald Pdf

Examines the law and policy of financial regulation using a combination of conceptual analysis and strong empirical research.

Estimating the Costs of Financial Regulation

Mr.Andre Santos,Douglas Elliott
Estimating the Costs of Financial Regulation Book PDF

Author : Mr.Andre Santos,Douglas Elliott
Publisher : International Monetary Fund
Page : 43 pages
File Size : 44,6 Mb
Release : 2012-09-11
Category : Business & Economics
ISBN : 9781475510089

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Estimating the Costs of Financial Regulation by Mr.Andre Santos,Douglas Elliott Pdf

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Rethinking Market Regulation

John N. Drobak
Rethinking Market Regulation Book PDF

Author : John N. Drobak
Publisher : Oxford University Press
Page : 183 pages
File Size : 50,6 Mb
Release : 2021-05-25
Category : Law
ISBN : 9780197578971

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Rethinking Market Regulation by John N. Drobak Pdf

A subversive approach to economic theory, Rethinking Market Regulation explores the devastating impact of globalisation and a lack of governmental regulation on the US workforce. It challenges two key economic principles: that markets are competitive, making government intervention unnecessary, and the claim that corporations exist for the benefit of their shareholders, but not for other stakeholders. Arguing that both principles are based in myth, this book offers an insightful perspective into the plight of workers faced with widespread job losses through the merging and outsourcing of resources. Rethinking Market Regulation ties together the problems that come with using economic principles as a justification for a lack of government intervention with the harm and widespread social repercussions faced by workers. With a close focus on the personal and financial consequences of losing employment, this book offers a compelling comparison of the legal and social treatment of labor in the US and the EU, closing with the recommendation for a new regulatory regime as a prescription for the current system of mass inequality and widespread job losses. Rethinking Market Regulation is ideal for scholars, professionals and anyone else interested in gaining an alternative perspective to modern US economic theory and market regulation.

Rethinking the Financial Crisis

Alan S. Blinder,Andrew W. Loh,Robert M. Solow
Rethinking the Financial Crisis Book PDF

Author : Alan S. Blinder,Andrew W. Loh,Robert M. Solow
Publisher : Russell Sage Foundation
Page : 374 pages
File Size : 44,8 Mb
Release : 2013-01-03
Category : Business & Economics
ISBN : 0871548100

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Rethinking the Financial Crisis by Alan S. Blinder,Andrew W. Loh,Robert M. Solow Pdf

Some economic events are so major and unsettling that they “change everything.” Such is the case with the financial crisis that started in the summer of 2007 and is still a drag on the world economy. Yet enough time has now elapsed for economists to consider questions that run deeper than the usual focus on the immediate causes and consequences of the crisis. How have these stunning events changed our thinking about the role of the financial system in the economy, about the costs and benefits of financial innovation, about the efficiency of financial markets, and about the role the government should play in regulating finance? In Rethinking the Financial Crisis, some of the nation’s most renowned economists share their assessments of particular aspects of the crisis and reconsider the way we think about the financial system and its role in the economy. In its wide-ranging inquiry into the financial crash, Rethinking the Financial Crisis marshals an impressive collection of rigorous and yet empirically-relevant research that, in some respects, upsets the conventional wisdom about the crisis and also opens up new areas for exploration. Two separate chapters–by Burton G. Malkiel and by Hersh Shefrin and Meir Statman – debate whether the facts of the financial crisis upend the efficient market hypothesis and require a more behavioral account of financial market performance. To build a better bridge between the study of finance and the “real” economy of production and employment, Simon Gilchrist and Egan Zakrasjek take an innovative measure of financial stress and embed it in a model of the U.S. economy to assess how disruptions in financial markets affect economic activity—and how the Federal Reserve might do monetary policy better. The volume also examines the crucial role of financial innovation in the evolution of the pre-crash financial system. Thomas Philippon documents the huge increase in the size of the financial services industry relative to real GDP, and also the increasing cost per financial transaction. He suggests that the finance industry of 1900 was just as able to produce loans, bonds, and stocks as its modern counterpart—and it did so more cheaply. Robert Jarrow looks in detail at some of the major types of exotic securities developed by financial engineers, such as collateralized debt obligations and credit-default swaps, reaching judgments on which make the real economy more efficient and which do not. The volume’s final section turns explicitly to regulatory matters. Robert Litan discusses the political economy of financial regulation before and after the crisis. He reviews the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which he considers an imperfect but useful response to a major breakdown in market and regulatory discipline. At a time when the financial sector continues to be a source of considerable controversy, Rethinking the Financial Crisis addresses important questions about the complex workings of American finance and shows how the study of economics needs to change to deepen our understanding of the indispensable but risky role that the financial system plays in modern economies.

Prioritising the Implementation of International Financial Regulation

John Armour,Daniel Awrey
Prioritising the Implementation of International Financial Regulation Book PDF

Author : John Armour,Daniel Awrey
Publisher : Unknown
Page : 0 pages
File Size : 50,7 Mb
Release : 2015
Category : International finance
ISBN : 1849291403

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Prioritising the Implementation of International Financial Regulation by John Armour,Daniel Awrey Pdf

Presents a risk-based framework for implementing international financial regulation within national economies, in particular in small states. It includes case studies to illustrate how the framework can be integrated with standard setting processes to improve outcomes for small states.

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 : 44,9 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.