Global Governance of Financial Systems: The International Regulation of Systemic Risk (CERF Monographs on Finance and the Economy)

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. Global Governance Of Financial Systems Analyzes The Current International Legal And Regulatory Framework For Controlling Systemic Risk In Global Financial Markets. It Suggests That Current Efforts At International Regulation Are Inefficient, Fragmented, And Lack Political Legitimacy. The Current Structure Of International Financial Regulation Fails To Manage Systemic Risk In An Efficient Manner That Promotes Adequate Economic Growth And Political Accountability Among Nations. This Book Sets Forth The Economic Rationale For International Financial Regulation And What Role, If Any, International Regulation Can Play In More Effectively Managing Systemic Risk And Providing More Accountability For States Subject To Such Regulation.--jacket. Managing Systemic Risk -- Global Governance And International Standard Setting -- International Legal Framework For International Financial Regulation -- International Soft Law And The Formation Of Binding Internatioanl Financial Regulation -- Strengthening The Global Financial System Through Institutional And Legal Reform -- Incentives Versus Rules -- Economics Of Systemic Risk In International Settlements -- Microeconmic Examination Of Financial Fragility -- Reforming The Basel Accord And The Use Of Subordinated Debt -- Enhancing Corporate Governance For Financial Institutions -- Summing Up And Conclusion. Kern Alexander, Rahul Dhumale, John Eatwell. Includes Bibliographical References And Index. Contents......Page 9 Introduction......Page 13 1. Managing Systemic Risk: The Rationale for International Financial Regulation......Page 24 2. Global Governance and International Standard Setting......Page 44 3. The International Legal Framework for International Financial Regulation......Page 89 4. International Soft Law and the Formation of Binding International Financial Regulation......Page 144 5. Strengthening the Global Financial System through Institutional and Legal Reform......Page 165 6. Incentives versus Rules: Alternative Approaches to International Financial Regulation......Page 184 7. The Economics of Systemic Risk in International Settlements......Page 194 8. A Microeconomic Examination of Financial Fragility: A Test of Capital Adequacy Standards......Page 211 9. Reforming the Basel Accord and the Use of Subordinated Debt: Making Markets Work for the Regulator......Page 237 10. Enhancing Corporate Governance for Financial Institutions: The Role of International Standards......Page 249 11. Summing Up and Conclusion: The New International Financial Architecture—Promise or Threat?......Page 261 Notes......Page 283 References......Page 303 B......Page 323 C......Page 324 F......Page 325 I......Page 326 L......Page 327 P......Page 328 S......Page 329 W......Page 330 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 systems The authors set forth the economic rationale for international financial regulation & what role, if any, international regulation can play in effectively managing the systemic risk while providing accountability to all affected nations The deregulation and liberalization of domestic financial markets, combined with advances in technology, has resulted in a substantial increase in cross-border trade in financial services and portfolio capital flows.