The Political Economy Of Financial Market Regulation

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The Political Economy of Financial Market Regulation

Peter Mooslechner
The Political Economy of Financial Market Regulation Book PDF

Author : Peter Mooslechner
Publisher : Edward Elgar Publishing
Page : 284 pages
File Size : 41,7 Mb
Release : 2006-08-29
Category : Business & Economics
ISBN : 9781781007549

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The Political Economy of Financial Market Regulation by Peter Mooslechner Pdf

'In this very nice volume reputed academics and central bankers discuss recent regulatory reforms in financial governance from a political economy perspective. Therefore it is invaluable for both policymakers and scholars interested in financial governance and market regulation.' - Sylvester C.W. Eijffinger, Tilburg University, The Netherlands, Centre for Economic Policy Research, UK and CESifo Research Network, Munich, Germany This book focuses on recent financial market reforms, and their implications for social, economic and political exclusion. In particular it considers the hitherto under-researched question of whose interests govern the design of regulatory mechanisms and who influences the decision-making process. This process is set out as contested terrain, in which there are winners and losers, and in which there are inevitably circles of exclusion. The authors, comprising financial authority experts and academic specialists, expand the concept of exclusion beyond its typical social dimension to incorporate all actors, be they individuals or institutions not permitted to contribute to financial market regulation as a public good. As they point out, this may take the form of political, economic or indeed cultural exclusion. The book examines the conflicts that arise between various interests and how these are managed within the process of regulation.

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 : 49,6 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.

Banking, Monetary Policy and the Political Economy of Financial Regulation

Gerald A. Epstein,Tom Sclesinger,Matias Vernengo
Banking Monetary Policy and the Political Economy of Financial Regulation Book PDF

Author : Gerald A. Epstein,Tom Sclesinger,Matias Vernengo
Publisher : Edward Elgar Publishing
Page : 392 pages
File Size : 53,5 Mb
Release : 2014-07-31
Category : Banks and banking
ISBN : 9781783472642

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Banking, Monetary Policy and the Political Economy of Financial Regulation by Gerald A. Epstein,Tom Sclesinger,Matias Vernengo Pdf

The many forces that led to the economic crisis of 2008 were in fact identified, analyzed and warned against for many years before the crisis by economist Jane D�Arista, among others. Now, writing in the tradition of D�Arista's extensive work, the

The Failure of Financial Regulation

Anil Hira,Norbert Gaillard,Theodore H. Cohn
The Failure of Financial Regulation Book PDF

Author : Anil Hira,Norbert Gaillard,Theodore H. Cohn
Publisher : Springer
Page : 252 pages
File Size : 51,6 Mb
Release : 2019-04-16
Category : Political Science
ISBN : 9783030056803

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The Failure of Financial Regulation by Anil Hira,Norbert Gaillard,Theodore H. Cohn Pdf

“This publication could not be more timely. Little more than a decade after the global financial crisis of 2008, governments are once again loosening the reins over financial markets. The authors of this volume explain why that is a mistake and could invite yet another major crisis.” —Benjamin Cohen, University of California, Santa Barbara, USA “Leading political scientists from several generations here offer historical depth, as well as sensible suggestions about what reforms are needed now.” —John Kirton, University of Toronto, Canada, and Co-founder of the G7 Research Group “A valuable antidote to complacency for policy-makers, scholars and students.” —Timothy J. Sinclair, University of Warwick, UK This book examines the long-term, previously underappreciated breakdowns in financial regulation that fed into the 2008 global financial crash. While most related literature focuses on short-term factors such as the housing bubble, low interest rates, the breakdown of credit rating services and the emergence of new financial instruments, the authors of this volume contend that the larger trends in finance which continue today are most relevant to understanding the crash. Their analysis focuses on regulatory capture, moral hazard and the reflexive challenges of regulatory intervention in order to demonstrate that financial regulation suffers from long-standing, unaddressed and fundamental weaknesses.

Redefining the Market-State Relationship

Ioannis Glinavos
Redefining the Market State Relationship Book PDF

Author : Ioannis Glinavos
Publisher : Routledge
Page : 184 pages
File Size : 53,8 Mb
Release : 2013-10-01
Category : Business & Economics
ISBN : 9781136014727

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Redefining the Market-State Relationship by Ioannis Glinavos Pdf

This book offers an interdisciplinary overview of the role of law in modern capitalism in the context of financial crisis. In this work, the reader will find a discussion of key issues relevant to the crisis that have occupied the pages of the financial press since 2007 including an assessment of the meltdown of the sub-prime mortgage market, the credit crunch, the European debt crisis and the turmoil in Greece, plus a series of theoretical contributions that are aimed to challenge perceptions of the market-state relationship and the place of law within it. The book includes a methodological defence of the state-market dichotomy, a critique of the tenets of neoclassical economics, and an evaluation of what the financial crisis heralds for the future of the political economy of western democracies. Ioannis Glinavos argues that it is a mistake to associate markets with freedom and states with oppression, and suggests that more choice for consumers can -and does- mean less choice for citizens. The book suggests that a new social contract is needed to ensure the survival of both capitalism and democracy. In contributing a unique, legal perspective to the underlying dynamics of the financial crisis, this book will be valuable to scholars and students of regulation, financial markets and economic development.

Financial Market Regulation

John A. Tatom
Financial Market Regulation Book PDF

Author : John A. Tatom
Publisher : Springer Science & Business Media
Page : 240 pages
File Size : 46,7 Mb
Release : 2011-01-11
Category : Business & Economics
ISBN : 9781441966377

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Financial Market Regulation by John A. Tatom Pdf

What role should regulation play in financial markets? What have been the ramifications of financial regulation? To answer these and other questions regarding the efficacy of legislation on financial markets, this book examines the impact of the Gramm Leach Bliley Act (GLBA), also called the Financial Modernization Act of 1999, which fundamentally changed the financial landscape in the United States. The GLBA allows the formation of financial holding companies that can offer an integrated set of commercial banking, securities and insurance products. The tenth anniversary of the most sweeping financial legislation reform in the industry’s structure is a natural benchmark for assessing the effects of the law and for questioning whether changes are necessary in the working of this historic legislation. The importance of this review is reinforced by a variety of proposals in the last several years to reform the regulation of financial institutions that have attracted considerable attention among regulators and in the financial firms that they regulate. Most recently, the financial crisis and the failure of some large financial institutions have called into question the legitimacy of America’s current financial structure and its regulation, including to some degree the GLBA. There is no doubt that regulatory reform is front and center on today’s policy agenda. The lessons of the GLBA experience and its effects, both domestic and international, on financial markets and competitiveness, risk-taking and risk management by financial services firms and their regulators will be critical to the direction the country takes and the effort to ensure that future financial crises do not occur or have less costly damage. With contributions from academics, policy experts, and a sponsor of the GLBA, Congressman James Leach, this book is invaluable to anyone interested in financial system reform.

Financial Regulation in the European Union After the Crisis

Domenica Tropeano
Financial Regulation in the European Union After the Crisis Book PDF

Author : Domenica Tropeano
Publisher : Routledge
Page : 179 pages
File Size : 42,8 Mb
Release : 2018-01-12
Category : Business & Economics
ISBN : 9781317211433

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Financial Regulation in the European Union After the Crisis by Domenica Tropeano Pdf

In the wake of the financial crisis, new regulatory measures were introduced which, along with changes in monetary and macroeconomic policy, have transformed the global financial structure. However, this new financial structure displays various fragilities. A new shadow banking system has grown both inside and outside the traditional banks and the divergence between core and periphery countries’ banks has increased further due to both the new regulations and the European Central Bank’s very peculiar interventions. Following Minsky’s approach, this volume explores the interplay between monetary policy, regulation and institutions in the aftermath of the great financial crisis. Minsky’s insights are used to interpret the recent regulatory changes and consider how they have affected the evolution of banks and financial markets. The unfortunate conclusion is that the changes in financial regulation introduced in various jurisdictions and inspired by the work of the Basel Committee, have not succeeded in thwarting the instability of the economic system. Instead, the mix of policies implemented so far has brought about increased fragility in the financial system. Minksy’s work on financial stability offers alternative solutions which policy-makers need to consider to resolve these issues. Financial Regulation in the European Union After the Crisis is an important volume for those who study political economy, banking and monetary economics.

Financial Stability Policy in the Euro Zone

Gundbert Scherf
Financial Stability Policy in the Euro Zone Book PDF

Author : Gundbert Scherf
Publisher : Springer Science & Business Media
Page : 256 pages
File Size : 51,6 Mb
Release : 2013-06-17
Category : Business & Economics
ISBN : 9783658009830

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Financial Stability Policy in the Euro Zone by Gundbert Scherf Pdf

​Due to the lack of political salience that financial stability policy enjoys in tranquil economic times, this policy field lends itself particularly well to capture – the more so the more important the role of banks is in the financial system. Gundbert Scherf’s research focuses on this nexus between integrated banking, supranational monetary policy and national banking regulation. He finds that national level differences in financial systems and related institutions explain and drive variation in regulatory financial stability policy across countries.

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 : 53,7 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.

Global Finance in Crisis

Eric Helleiner,Stefano Pagliari,Hubert Zimmermann
Global Finance in Crisis Book PDF

Author : Eric Helleiner,Stefano Pagliari,Hubert Zimmermann
Publisher : Routledge
Page : 215 pages
File Size : 41,5 Mb
Release : 2010-01-21
Category : Business & Economics
ISBN : 9781135157623

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Global Finance in Crisis by Eric Helleiner,Stefano Pagliari,Hubert Zimmermann Pdf

Presents a systematic analysis of the international regulatory response to the global financial crisis. This volume examines the changes in international financial regulation from the vantage point of the key powers in global finance including the US, the EU, Japan, and China.

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 : 55,8 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.

Great Expectations, Slow Transformation

Manuela Moschella,Eleni Tsingou
Great Expectations Slow Transformation Book PDF

Author : Manuela Moschella,Eleni Tsingou
Publisher : ECPR Press
Page : 240 pages
File Size : 49,7 Mb
Release : 2014-07-01
Category : Political Science
ISBN : 9781910259290

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Great Expectations, Slow Transformation by Manuela Moschella,Eleni Tsingou Pdf

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.

State and Financial Systems in Europe and the USA

Jaime Reis
State and Financial Systems in Europe and the USA Book PDF

Author : Jaime Reis
Publisher : Routledge
Page : 266 pages
File Size : 44,6 Mb
Release : 2016-04-01
Category : History
ISBN : 9781317050520

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State and Financial Systems in Europe and the USA by Jaime Reis Pdf

During the twentieth century the financial sector became possibly the most regulated area of the economy in many advanced and developing countries. The interwar years represented the defining moment for the escalation of governments' intervention, turning the State into the core of financial systems in its capacity of regulator, supervisor or owner. The essays in this collection shed light on different aspects of the experience of financial regulation, ownership and deregulation in Europe and the USA from a secular historical perspective. The volume's chapters explore how the political economy of finance changed in the nineteenth and twentieth centuries and how such changes were related to shifting attitudes towards globalization. They also investigate how regulation responded to governance problems of financial intermediaries and markets, and how different legal frameworks and institutional architectures influenced such response. The collection engages with a set of issues as diverse as they are interrelated across countries and over time: the regulatory attitude of British authorities toward the banking system and the stock exchange market in the nineteenth and twentieth centuries; the comparative evolution of bankruptcy laws and procedures; the link between state, regulation and governance in the evolution of the US and French financial systems; the emergence of banking regulation and supervision by central banks; the regulation and supervision of international financial markets since the 1950s; and the connection between deregulation and banking crises at the end of the past century. Taken as a whole, the chapters offer an intriguing insight into the differing ways western countries approached and responded to the challenges of the international financial system, and the legacy of this on the modern world. In so doing the volume holds up to historical scrutiny the debate as to whether overt state regulation of financial markets always has a negative affect on economic growth, or whether it can be an essential tool for developing nations in their efforts to expand their economies.

Financial Regulation at the Crossroads

Panagiotis Delimatsis,Nils Herger
Financial Regulation at the Crossroads Book PDF

Author : Panagiotis Delimatsis,Nils Herger
Publisher : Kluwer Law International B.V.
Page : 424 pages
File Size : 48,7 Mb
Release : 2011-04-01
Category : Law
ISBN : 9789041137647

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Financial Regulation at the Crossroads by Panagiotis Delimatsis,Nils Herger Pdf

This book brings outstanding expertise and provides insightful perspectives from nineteen authors with diverse backgrounds, including officials from international organizations, national regulators, and commercial banking, as well as academics in law, economics, political economy, and finance. The authors not only shed light on the causes of the financial turmoil, but also present thoughtful proposals that contribute to the future policy debate, and discuss opportunities that financial services can offer in funding activities which raise standards of living through initiatives in microfinance, renewable energy, and food distribution. The contributions to this volume tackle several of the thorniest issues of financial regulation in a post-crisis environment, such as: the mechanics of contagion within the financial system and the role of liquidity; moral hazard when large financial institutions are no longer subject to the disciplinary effects of bankruptcy; bank capital requirements; management compensation; design of bank resolution schemes; a function-centric versus institution-centric regulatory approach; subsidization and compatibility of stimulus packages with EU rules on state aid; trade finance and the role of the GATS prudential carve-out; and the role of financial services in promoting human rights or combating climate change.

US Financial Regulation and the Level Playing Field

H. Garten
US Financial Regulation and the Level Playing Field Book PDF

Author : H. Garten
Publisher : Springer
Page : 236 pages
File Size : 44,6 Mb
Release : 2001-01-19
Category : Political Science
ISBN : 9780333977606

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US Financial Regulation and the Level Playing Field by H. Garten Pdf

What will deregulation and globalization of financial markets mean for the future of US financial regulation? This book argues that the uniqueness of US regulation derives from its success in promoting four principles of competitive fairness that US players demand from financial markets. The peculiar US notion of a 'level playing field' provides a novel approach to understanding the evolution of US regulation, including recent reform, and to predicting US attitudes toward questions of global financial market supervision.