Banking

Global Governance of Financial Systems: The International - download pdf or read online

By Kern Alexander

ISBN-10: 0195166981

ISBN-13: 9780195166989

Ebook used to be stated to be "new"...far from it..a torn web page and used..also my associates ordered an identical booklet from one other vendor and it received to them inside of a week..it took over a month to get my copy..seller will be banned!

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Extra info for Global Governance of Financial Systems: The International Regulation of Systemic Risk

Example text

States act as rational agents in using IFIs to solve the collective action problem. The IFIs have become the main instrument through which states act to reduce the occurrence of financial crises. They perform this function by serving as focal points for states in exchanging information about other states’s preferences, intentions, and motivations. This leads to increased cooperation and coordination among national regulators in developing international standards and rules to promote the efficient pricing of financial risk.

Therefore, a more effective international regime is needed to devise international standards and to monitor their implementation and enforcement. The establishment of international financial bodies and their efforts to set international standards and improve national regulatory regimes are responses to the growing problem of how to regulate risk taking in financial markets. The globalization of financial markets has resulted in increased integration of financial systems, especially in the banking sector, where financial conglomerates play a significant role in facilitating crossborder capital flows and in spreading risk across borders.

11 As banking becomes more international and deregulated, national regulatory authorities remain the prime supervisors monitoring crossborder banking activities. Expanded and diversified international banking operations require adherence to a common core of supervisory and regulatory standards recognized by the world’s major financial regulators. These core international standards require effective international supervision to reduce systemic risk. Moreover, the institutional framework of international financial regulation has not kept pace with globalized financial markets.

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Global Governance of Financial Systems: The International Regulation of Systemic Risk by Kern Alexander


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