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The Politics Of Regime Complexity In International Derivatives Regulation
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Book Synopsis The Politics of Regime Complexity in International Derivatives Regulation by : Lucia Quaglia
Download or read book The Politics of Regime Complexity in International Derivatives Regulation written by Lucia Quaglia and published by Oxford University Press, USA. This book was released on 2020-10-15 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the post-crisis international regulation of derivatives by bringing together the international relations literature on regime complexity and the international political economy literature on financial regulation.
Book Synopsis The Perils of International Regime Complexity in Shadow Banking by : Lucia Quaglia
Download or read book The Perils of International Regime Complexity in Shadow Banking written by Lucia Quaglia and published by Oxford University Press. This book was released on 2022-05-26 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the role of shadow banking in the building up of the 2008 international financial crisis, the massive size of this sector, its cross-border nature, and the risks it entails for financial stability, the post-crisis regulation of shadow banking has remained rather feeble. Why? The Perils of International Regime Complexity in Shadow Banking identifies a 'game of shadows', which unfolded recursively concerning the definition, monitoring, and regulation of shadow banking internationally. Thus, states, regulators, and private actors tended to cast light away from various parts of the shadow banking system - shadow banking was (re)fined over time, its measurement was narrowed down, lessening the (perceived) need for regulation. The playing out of such a game was facilitated by the international architecture for shadow banking governance, which is a 'regime complex' characterized by the presence of multiple institutions and elemental regimes governing a set of related issues. Indeed, shadow banking is a quintessential case for demonstrating the perils of international regime complexity, which magnifies problems that are endemic in governing global finance - namely, interstate competition, disagreement between technocratic bodies, and the power of the financial industry - while splintering solutions, due to the fragmentation of regulatory authority. Empirically, this book examines various elemental regimes concerning different aspects of shadow banking, namely: international standards for defining, measuring, and monitoring global shadow banking; international standards for shadow banking entities, including money market funds, hedge funds, and investment funds; international standards for shadow banking activities, such as securitization, securities lending, and repos; international standards for bank capital exposures to shadow banking.
Book Synopsis Global Financial Networked Governance by : Peter Knaack
Download or read book Global Financial Networked Governance written by Peter Knaack and published by Taylor & Francis. This book was released on 2022-12-30 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global Financial Networked Governance provides a careful analysis of the Financial Stability Board (FSB) and the standard-setters under its umbrella to show how such government networks harness the power of public reputation to herd their members into compliance. The FSB’s track record in coordinating global financial regulatory reform is uneven. Some items on its agenda have seen the rapid evolution of globally coordinated regulatory standards and their implementation by all member states, sometimes even ahead of the stipulated timelines. In contrast, other initiatives have stalled at different stages of the policymaking process, global coordination is lacking, deadlines have been missed, and it is currently unclear when the post-crisis financial reform project will come to completion, if ever. In this book, the author asks the question: why has the FSB succeeded in some areas of its global financial regulatory coordination work and not in others? The book traces the global policymaking process in three major issue areas: banking regulation (Basel III), over-the-counter (OTC) derivatives, and ending too-big-to-fail. Through a combination of careful process tracing and rigorous testing against alternative explanations, it challenges the existing literature by revealing that the institutional pathway of policymaking is the main predictor of FSB progress. It shows that government networks on their own have succeeded in implementing globally coherent safety standards. In contrast, legislation and legislators in key G20 countries have limited the power and effectiveness of the FSB. The author analyzes the causes and effects of this phenomenon and suggests a novel institutional solution to the effectiveness-legitimacy dilemma that global governance forums face, combining the advantages of functional specialization and electoral accountability. This book will be of great interest to graduate students; academics working at the intersection of economics, political science, and international law; students of the FSB in particular; and policymakers in global economic governance.
Book Synopsis Transnational Securities Regulation by : Antonio Marcacci
Download or read book Transnational Securities Regulation written by Antonio Marcacci and published by Springer Nature. This book was released on 2022-11-25 with total page 518 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides an analysis of the emergence, evolution, and transformation of transnational securities regulation and of the influences from and the interactions between global regulatory powers in the field. Combining insights from law and political science, the work employs a two-tier complementary "on-the-books" and "in-action” approach. The more classical "on-the-books" approach draws on scholarship in United States and European Union securities regulation; transnational regulation and global administrative law; regime complexity; global governance studies; and the regulatory production of the International Organisation of Securities Commissions (IOSCO). The law in-action approach leverages the author’s experience as Compliance senior professional in a multinational financial institution as well as research interviews with senior IOSCO staff. The author’s findings enable the reader to develop an original understanding of IOSCO, its standards, and its unique place in the transnational regulatory arena. They also challenge the doxa that the US are the only driving regulatory power in the securities area when in fact, other regulatory powers are emerging – for the time being, the EU. The balance has shifted and regulatory compromises are achieved at different points in the rule making process.
Book Synopsis EU Securities and Financial Markets Regulation by : Niamh Moloney
Download or read book EU Securities and Financial Markets Regulation written by Niamh Moloney and published by Oxford University Press. This book was released on 2023-03-25 with total page 1335 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the decade or so since the global financial crisis rocked EU financial markets and led to wide-ranging reforms, EU securities and financial markets regulation has continued to evolve. The legislative framework has been refined and administrative rulemaking has expanded. Alongside, the Capital Markets Union agenda has developed, the UK has left the EU, and ESMA has emerged as a decisive influence on EU financial markets governance. All these developments, as well as the Covid-19 pandemic, have shaped the regulatory landscape and how supervision is organized. EU Securities and Financial Markets Regulation provides a comprehensive, critical, and contextual account of the intricate rulebook that governs EU financial markets and its supporting institutional arrangements. It is framed by an assessment of how the regime has evolved over the decade or so since the global financial crisis and considers, among other matters, the post-crisis reforms to key legislative measures, the massive expansion of administrative rulemaking and of soft law, the Capital Markets Union agenda, the development of supervisory convergence as the means for organizing pan-EU supervision, and ESMA's role in EU financial markets governance. Its coverage extends from capital-raising and the Prospectus Regulation to financial market intermediation and the MiFID II/MiFIR and IFD/IFR regimes, to the new regulatory regimes adopted since the global financial crisis (including for benchmarks and their administrators), to retail market regulation and the PRIIPs Regulation, and on to the EU's third country regime and the implications of the UK's departure from the EU. This is the fourth edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Heavily revised from the third edition to reflect developments since the global financial crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, institutional, and international context of the regulatory and supervisory regime.
Book Synopsis European Integration and the Global Financial Crisis by : Michele Di Donato
Download or read book European Integration and the Global Financial Crisis written by Michele Di Donato and published by Springer Nature. This book was released on 2022-12-12 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offering a fresh take on a crucial phase of European history, this book explores the years between the 1980s and 1990s when the European Union took shape. Whilst contributing to existing literature on the Maastricht Treaty and European integration at the end of the twentieth century, the book also brings those debates into the twenty-first century and makes connections with longer-term issues. The transformation of the European political climate in the wake of the global financial crisis in 2008, and the watershed Brexit vote in 2016, has made it all the more urgent to reconsider the way scholars and opinion-makers have looked at European integration in the past. Drawing from recently released archival documents, the authors analyse European cooperation as part of the broader international history in which it unfolded, taking into account the changes in the Cold War order and the advance of a new phase of globalisation. Comparing and contrasting the debates, objectives and achievements of the 1980s and 1990s with the current political landscape of the European Union, this book proposes a novel interpretation of the choices that were made during the Maastricht years, and of their longer-term consequences.
Book Synopsis The Politics of Regime Complexity in International Derivatives Regulation by : Lucia Quaglia
Download or read book The Politics of Regime Complexity in International Derivatives Regulation written by Lucia Quaglia and published by Oxford University Press. This book was released on 2020-11-12 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides the first comprehensive account of post-crisis international regulation of derivatives by bringing together the international relations literature on regime complexity and the international political economy literature on financial regulation. It addresses three questions: What factors drove international standard-setting on derivatives post-crisis? Why did international regime complexity emerge? And how was it managed and with what outcomes? This research innovatively combines a state-centric, a transgovernmental, and business-led explanations. It examines all the main sets of standards (or elemental regimes) concerning various aspects of derivatives markets, namely: trading, clearing, and reporting of derivatives; resilience, recovery and resolution of central counterparties; capital requirements for bank exposures to central counterparties and derivatives; margins for derivatives non-centrally cleared. It is argued that regime complexity in derivatives ensued from the multi-dimensionality and the interlinkages of the problems to tackle, especially given the fact that it was a new policy area without a focal international standard-setter. Despite these challenges, international cooperation resulted in relatively precise, stringent, and consistent rules, even though there was variation across standards. The main jurisdictions played an important role in managing regime complexity, but their effectiveness was constrained by limited domestic coordination. Networks of regulators gathered in international standard-setting bodies deployed a variety of formal and informal coordination tools to deal with regime complexity. The financial industry, at times, lobbied for less precise and stringent rules and engaged in 'venue shopping', whereas, other times, it contributed to the quest for regulatory consistency.
Book Synopsis Handbook of the International Political Economy of Monetary Relations by : Thomas Oatley
Download or read book Handbook of the International Political Economy of Monetary Relations written by Thomas Oatley and published by Edward Elgar Publishing. This book was released on 2014-06-27 with total page 507 pages. Available in PDF, EPUB and Kindle. Book excerpt: This extensive Handbook provides an in-depth exploration of the political economy dynamics associated with the international monetary and financial systems. Leading experts offer a fresh take on research into the interaction between system structure, t
Download or read book Bank Politics written by David Howarth and published by Oxford University Press. This book was released on 2022-11-03 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: The problem of banks being 'too big to fail' was the defining regulatory issue of the global financial crisis. However, attempts to tackle the problem by separating retail banking from higher risk trading activities - known as structural reform - proved to be highly divisive and contributed to significant regulatory divergence. In this book, David Howarth and Scott James explain this variation by examining the politics of bank structural reform across six key jurisdictions: the United States, the European Union, the United Kingdom, France, Germany, and the Netherlands. Integrating political economy and public policy approaches, they develop a novel 'comparative financial power' framework to analyse how financial industry influence is mediated by two factors: first, whether bank lobbying is unified and centralized (cooperative financial power) or divided and fragmented (competitive financial power); and second, policy makers' use of venue shifting to depoliticize contentious policy issues. The book explains that the US and UK governments implemented major reforms because the banking industry was divided and faced significant opposition. However, venue shifting to an independent committee led to durable reform in the UK, while political polarization in the US contributed to contested reform. By contrast, the French and German governments balanced unified bank lobbying and political pressures to act by pursuing limited symbolic reforms; the Dutch government deflected the issue through delegation to multiple commissions (no reform); while political stalemate at the EU level resulted from early venue shifting and concerted pan-European bank lobbying. The book makes a major contribution to scholarship on the political economy of finance and business power.
Book Synopsis Global Business Regulation by : John Braithwaite
Download or read book Global Business Regulation written by John Braithwaite and published by Cambridge University Press. This book was released on 2000-02-13 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: How has the regulation of business shifted from national to global institutions? What are the mechanisms of globalization? Who are the key actors? What of democratic sovereignty? In which cases has globalization been successfully resisted? These questions are confronted across an amazing sweep of the critical areas of business regulation--from contract, intellectual property and corporations law, to trade, telecommunications, labor standards, drugs, food, transport and environment. This book examines the role played by global institutions such as the World Trade Organization, World Health Organization, the OECD, IMF, Moodys and the World Bank, as well as various NGOs and significant individuals. Incorporating both history and analysis, Global Business Regulation will become the standard reference for readers in business, law, politics, and international relations.
Book Synopsis The Political Economy of Financial Regulation by : Emilios Avgouleas
Download or read book The Political Economy of Financial Regulation written by Emilios Avgouleas and published by Cambridge University Press. This book was released on 2019-01-31 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the law and policy of financial regulation using a combination of conceptual analysis and strong empirical research.
Book Synopsis Global Finance in Crisis by : Eric Helleiner
Download or read book Global Finance in Crisis written by Eric Helleiner and published by Routledge. This book was released on 2010-01-21 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the vantage point of the key powers in global finance including the United States, the European Union, Japan, and China, this highly accessible book brings together leading scholars to examine current changes in international financial regulation. They assess whether the flurry of ambitious initiatives to improve and strengthen international financial regulation signals an important turning point in the regulation of global finance. The text: Examines the kinds of international reforms have been implemented to date and patterns of international regulatory change. Provides an analysis of change across a number of financial sectors, including the regulation of hedge funds, derivatives, credit rating agencies, accounting, and banks. Offers an explanation of contemporary regulatory developments with reference to inter-state power dynamics, domestic politics, transgovernmental networks, and/or transnational non-state forces. Providing the first systematic analysis of the international regulatory response to the current global financial crisis, this ground-breaking volume is vital reading for students and scholars of international political economy, international relations, global governance, finance and economics.
Book Synopsis Searching for Contemporary Legal Thought by : Justin Desautels-Stein
Download or read book Searching for Contemporary Legal Thought written by Justin Desautels-Stein and published by Cambridge University Press. This book was released on 2017-12-28 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: For more than a century, law schools have trained students to 'think like a lawyer'. In these times of legal crisis, both in legal education and in global society, what does that mean for the rest of us? In this book, thirty leading international scholars - including Louis Assier-Andrieu, Marianne Constable, Yves Dezalay, Denise Ferreira da Silva, Bryant Garth, Peter Goodrich, Duncan Kennedy, Martti Koskenniemi, Shaun McVeigh, Samuel Moyn, Annelise Riles, Charles Sabel and William Simon - examine what is distinctive about legal thought. They probe the relation between law and time, law and culture, and legal thought and legal action; the nature of current legal thought; the geography of legal thought; and the conditions for recognition of a new 'contemporary' style of law. This work will help theorists, social scientists, historians and students understand the intellectual context of legal problems, legal doctrine, and jurisprudential trends in the current conjuncture.
Book Synopsis Regulatory Capitalism by : John Braithwaite
Download or read book Regulatory Capitalism written by John Braithwaite and published by Edward Elgar Publishing. This book was released on 2008 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this sprawling and ambitious book John Braithwaite successfully manages to link the contemporary dynamics of macro political economy to the dynamics of citizen engagement and organisational activism at the micro intestacies of governance practices. This is no mean feat and the logic works. . . Stephen Bell, The Australian Journal of Public Administration Everyone who is puzzled by modern regulocracy should read this book. Short and incisive, it represents the culmination of over twenty years work on the subject. It offers us a perceptive and wide-ranging perspective on the global development of regulatory capitalism and an important analysis of points of leverage for democrats and reformers. Christopher Hood, All Souls College, Oxford, UK It takes a great mind to produce a book that is indispensable for beginners and experts, theorists and policymakers alike. With characteristic clarity, admirable brevity, and his inimitable mix of description and prescription, John Braithwaite explains how corporations and states regulate each other in the complex global system dubbed regulatory capitalism. For Braithwaite aficionados, Regulatory Capitalism brings into focus the big picture created from years of meticulous research. For Braithwaite novices, it is a reading guide that cannot fail to inspire them to learn more. Carol A. Heimer, Northwestern University, US Reading Regulatory Capitalism is like opening your eyes. John Braithwaite brings together law, politics, and economics to give us a map and a vocabulary for the world we actually see all around us. He weaves together elements of over a decade of scholarship on the nature of the state, regulation, industrial organization, and intellectual property in an elegant, readable, and indispensable volume. Anne-Marie Slaughter, Princeton University, US Encyclopedic in scope, chock full of provocative even jarring claims, Regulatory Capitalism shows John Braithwaite at his transcendental best. Ian Ayres, Yale Law School, Yale University, US Contemporary societies have more vibrant markets than past ones. Yet they are more heavily populated by private and public regulators. This book explores the features of such a regulatory capitalism, its tendencies to be cyclically crisis-ridden, ritualistic and governed through networks. New ways of thinking about resultant policy challenges are developed. At the heart of this latest work by John Braithwaite lies the insight by David Levi-Faur and Jacint Jordana that the welfare state was succeeded in the 1970s by regulatory capitalism. The book argues that this has produced stronger markets, public regulation, private regulation and hybrid private/public regulation as well as new challenges such as a more cyclical quality to crises of market and governance failure, regulatory ritualism and markets in vice. However, regulatory capitalism also creates opportunities for better design of markets in virtue such as markets in continuous improvement, privatized enforcement of regulation, open source business models, regulatory pyramids with networked escalation and meta-governance of justice. Regulatory Capitalism will be warmly welcomed by regulatory scholars in political science, sociology, history, economics, business schools and law schools as well as regulatory bureaucrats, policy thinkers in government and law and society scholars.
Book Synopsis Theories of International Regimes by : Andreas Hasenclever
Download or read book Theories of International Regimes written by Andreas Hasenclever and published by Cambridge University Press. This book was released on 1997-10-02 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: International regimes have been a major focus of research in international relations for over a decade. Three schools of thought have shaped the discussion: realism, which treats power relations as its key variable; neoliberalism, which bases its analysis on constellations of interests; and cognitivism, which emphasizes knowledge dynamics, communication, and identities. Each school articulates distinct views on the origins, robustness, and consequences of international regimes. This book examines each of these contributions to the debate, taking stock of, and seeking to advance, one of the most dynamic research agendas in contemporary international relations. While the differences between realist, neoliberal and cognitivist arguments about regimes are acknowledged and explored, the authors argue that there is substantial scope for progress toward an inter-paradigmatic synthesis.
Book Synopsis International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Regulatory Cycles: Revisiting the Political Economy of Financial Crises by : Jihad Dagher
Download or read book Regulatory Cycles: Revisiting the Political Economy of Financial Crises written by Jihad Dagher and published by International Monetary Fund. This book was released on 2018-01-15 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
