Global Governance of Financial Systems: The International Regulation of Systemic Risk

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Overview

The book sets forth the economic rationale for international financial regulation and what role, if any, international regulation can play in effectively managing systemic risk while providing accountability to all affected nations. The book suggests that a particular type of global governance structure is necessary to have more efficient regulation of the international financial system.

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Editorial Reviews

From the Publisher
This book finds serious deficiencies with the by now extensive system of committees, organizations, rules, and guidelines that have emerged to govern and manage the international financial system. Concretely, it suggests that the existing framework, based on the supervision of individual financial institutions (especially banks), fails to take adequate account of the negative macroeconomic consequences that may flow from the financial failures of particular institutions... In making its central argument, the book offers informative coverage of the International Monetary Fund, the Basel committees on banking, the Asian financial crises, bankruptcy, the legal aspects of the system for settlement of payments, and many other relevant topics. —Foreign Affairs

"This volume is a well-written, thoughtful analysis of the role of regulation in the international financial system. One does not have to agree with all the policy conclusions to gain insight from the authors' approach. Highly recommended."—CHOICE

Foreign Affairs
This book finds serious deficiencies with the by now extensive system of committees, organizations, rules, and guidelines that have emerged to govern and manage the international financial system. Concretely, it suggests that the existing framework, based on the supervision of individual financial institutions (especially banks), fails to take adequate account of the negative macroeconomic consequences that may flow from the financial failures of particular institutions. Even worse, emerging rules (such as the Basel II guidelines for minimum bank capital) may actually increase systemic fragility by making financial institutions more homogeneous in their behavior, leading to abrupt disruptions (financial crises) following periods of apparent but fragile stability. In making its central argument, the book offers informative coverage of the International Monetary Fund, the Basel committees on banking, the Asian financial crises, bankruptcy, the legal aspects of the system for settlement of payments, and many other relevant topics.
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Product Details

Meet the Author

University of Cambridge

Federal Reserve Bank of New York

Queens College, Cambridge

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Table of Contents

1. Managing Systemic Risk—The Rationale for International Financial Regulation
2. The International Response for Financial Instability
3. The International Legal Framework for International Financial Regulation
4. The Formation of Binding International Financial Regulation and the Role of International Soft Law Norms
5. Strengthening the Global Financial System through Institutional and Legal Reform
6. Incentives vs. Rules: Alternative Approaches to International Financial Regulation
7. The Economics of Systemic Risk in International Settlements
8. A Microeconomic Examination of Financial Fragility: A Test of Capital Adequacy Standards
9. Reforming the Basel Accord and the use of Subordinated Debt: Making Markets Work for the Regulator

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