The Regulation of International Financial Markets: Perspectives for Reform

by Edited by Rainer Grote , Thilo Marauhn

• ISBN13: 9780521831444
• ISBN10: 052183144X
• Format: Hardcover
• Copyright: 2006-02-27
• Publisher: Cambridge University Press

Summary

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 (such as the European Central Bank, Basel Committee, IMF and World Bank) 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.

Table of Contents

Notes on contributors	vii
Preface	x
List of abbreviations	xi
Introduction: the regulatory dilemma in international financial relations	1	(24)
Thilo Marauhn
PART I An historical perspective	25	(30)
Monetary governance and capital mobility in historical perspective	27	(28)
Benjamin J. Cohen
PART II A comparative perspective	55	(58)
The liberalisation of financial markets: the regulatory response in the United Kingdom	57	(18)
Eilis Ferran
The liberalisation of financial markets: the regulatory response in Germany	75	(20)
Rainer Grote
Perspectives on US financial regulation	95	(18)
John K. M. Ohnesorge
PART III A public international law perspective	113	(94)
The regulation of financial services in the European Union	115	(26)
Volker Roben
The free movement of capital in the European Union	141	(10)
Till Hafner
International regulation of finance: is regionalism a preferred option to multilateralism for East Asia?	151	(25)
Qingjiang Kong
WTO rules on trade in financial services: a victory of greed over reason?	176	(31)
Michael J. Hahn
PART IV An institutional perspective	207	(50)
The European Central Bank as regulator and as institutional actor	209	(15)
Thilo Marauhn
Michael Weiss
The Basle Committee on Banking Supervision -- a secretive club of giants?	224	(13)
Susan Emmenegger
Strengthening the international financial architecture: contribution by the IMF and World Bank	237	(20)
Axel Peuker
PART V A policy perspective	257	(59)
Liberalisation and regulation of international capital flows: where the opposites meet	259	(18)
Peter Nunnenkamp
Do we need a new international financial architecture? Many questions and some preliminary policy advice	277	(19)
Stefan Voigt
Proposing built-in stabilisers for the international financial system	296	(20)
Kunibert Raffer
Conclusions and agenda for further research	316	(17)
Rainer Grote
Thilo Marauhn
Index	333