Global Governance of Financial Systems: The Legal and Economic Regulation of Systemic Risk

Global Governance of Financial Systems: The Legal and Economic Regulation of Systemic Risk

Global Governance of Financial Systems: The Legal and Economic Regulation of Systemic Risk

Global Governance of Financial Systems: The Legal and Economic Regulation of Systemic Risk

Synopsis

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 governancestructure is necessary to have more efficient regulation of the international financial system.

Excerpt

This book was written while all three of us were working at Cambridge University (before Dhumale left for the Federal Reserve Bank of New York). We were brought together under the aegis of a research project entitled [A World Financial Authority,] directed by John Eatwell, of Queens' College, Cambridge, and Lance Taylor, of the New School for Social Research, New York. We are very grateful to the Ford Foundation for funding the project. We are also grateful to colleagues at the Centre for Business Research at the University of Cambridge and at the Cambridge Endowment for Research in Finance for the stimulating conversation and the active dissension that helped hone our ideas. Although most chapters have been separately drafted, we are collectively responsible for them.

Over the past thirty years, innovation in international financial regulation has followed on the coattails of financial crises, some of which have resulted in significant losses in employment and reductions in standards of living. We hope that the ideas in this book will contribute to the development of a more robust financial architecture and build in preparation for the financial storms that are a persistent feature of international financial markets.

The views expressed in this book are entirely those of the authors and should not be attributed in any manner to the Federal Reserve Bank of New York or the Federal Reserve System.

Kern Alexander Rahul Dhumale John Eatwell . . .

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