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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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
About the Author
Kern Alexander is at Queens College, Cambridge. Rahul Dhumale is at Federal Reserve Bank of New York.
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5 of 5 people found the following review helpful:
5.0 out of 5 stars
Review in Foreign Affairs:,
This review is from: Global Governance of Financial Systems: The International Regulation of Systemic Risk (Finance and the Economy) (Hardcover)
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.
1 of 2 people found the following review helpful:
5.0 out of 5 stars
A FUNDAMENTAL BOOK ON WORLD ECONOMY,
By 100% "alrightnik" (Amsterdam Netherlands) - See all my reviews
This review is from: Global Governance of Financial Systems: The International Regulation of Systemic Risk (Finance and the Economy) (Hardcover)
THE AUTHORS ARE VERY WORRIED ABOUT THE PARLOUS STATE OF THE WORLD FINANCIAL SYSTEM AFTER "FREE CAPITAL" PRIVATIZATION, DEREGULATION, AND THE GOALS AND SHIBBOLETHS OF THE MAJOR GOVERMENTS FOR THE PAST DECADE. THIS IS A TECHNICAL ACCOUNT OF WHY THE STATUS QUO WILL VERY LIKELY PRODUCE DISASTER. DESPITE THE INHIBITED TONE OF THE WRITING, THIS IS A WARNING TO ALL: ECONOMIC DISASTER IS THE MOST PROBABLE OUTCOME OF ALL THE CHANGES THAT HAVE BEEN MADE IN THE WORLD ECONOMY SINCE 1971 AND THE COLLAPSE OF THE BRETTON WOODS SYSTEM. A VERY IMPORTANT BOOK.
0 of 3 people found the following review helpful:
1.0 out of 5 stars
Pathetic Seller,
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This review is from: Global Governance of Financial Systems: The International Regulation of Systemic Risk (Finance and the Economy) (Hardcover)
Book was said to be "new"...far from it..a torn page and used..also my friends ordered the same book from another seller and it got to them within a week..it took over a month to get my copy..seller should be banned!
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Inside This Book
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First Sentence:
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. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
international soft law, host state regulators, prudential exception, international financial regulation, international financial standards, soft law rules, state regulatory practice, soft law norms, sovereignty costs, indirect holding systems, netting systems, conditionality programs, microeconomic risk, host supervisors, host country regulators, convertibility obligation, international supervisory bodies, financial regulatory regime, net settlement systems, international banking regulation, intraday credit, host jurisdiction, consolidated supervision, international financial bodies, systemic risk Key Phrases - Capitalized Phrases (CAPs): (learn more)
Basel Committee, World Bank, United States, Capital Accord, Bretton Woods, Forty Recommendations, Basel Accord, Financial Action Task Force, European Union, Articles of Agreement, Federal Reserve, Technical Committee, European Community, Executive Board, International Monetary Fund, Revised Concordat, Bank of England, General Council, Latin American, East Asian, Financial Stability Forum, Odds Change, European Central Bank, Global Financial Governance Council, Board of Governors New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
international soft law, host state regulators, prudential exception, international financial regulation, international financial standards, soft law rules, state regulatory practice, soft law norms, sovereignty costs, indirect holding systems, netting systems, conditionality programs, microeconomic risk, host supervisors, host country regulators, convertibility obligation, international supervisory bodies, financial regulatory regime, net settlement systems, international banking regulation, intraday credit, host jurisdiction, consolidated supervision, international financial bodies, systemic risk Key Phrases - Capitalized Phrases (CAPs): (learn more)
Basel Committee, World Bank, United States, Capital Accord, Bretton Woods, Forty Recommendations, Basel Accord, Financial Action Task Force, European Union, Articles of Agreement, Federal Reserve, Technical Committee, European Community, Executive Board, International Monetary Fund, Revised Concordat, Bank of England, General Council, Latin American, East Asian, Financial Stability Forum, Odds Change, European Central Bank, Global Financial Governance Council, Board of Governors New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 78
books:
See all 78 books this book cites
- The European Union by Richard Gibb in Back Matter (1), Back Matter (2), and Back Matter (3)
- International Monetary Law: Issues for the New Millennium by Mario Giovanoli in Back Matter (1), and Back Matter (2)
- Financial Regulation: Why, How and Where Now? (CENTRAL BANK GOVERNOR'S SYMPOSIUM) by Charles Goodhart in Back Matter (1), and Back Matter (2)
- International Capital Markets: Systems In Transition by John Eatwell in Back Matter (1), and Back Matter (2)
- Money Laundering (Butterworth's Compliance Series) by Toby Graham in Back Matter (1), and Back Matter (2)
See all 78 books this book cites
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