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International Financial System

Author: Ross P. Buckley
Publisher: Kluwer Law International
ISBN: 9041128689
Size: 15.24 MB
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'History has a way of repeating itself in financial matters because of a kind of sophisticated stupidity,' John Kenneth Galbraith once wrote. In this superb new book, Ross Buckley suggests that the stupidity identified by Galbraith can be traced to the persistence of an inadequate legal system for the regulation of international finance − a system rooted in the failure of economists and investors to take the legal demands of real-world finance seriously. Everywhere, trade is glorified while finance tends to be taken for granted. Yet financial flows far exceed trade flows, by a factor of over sixty to one; international financial transactions represent a far greater proportion of the practice of most major law firms than do trade transactions; and international finance, when it goes wrong, brings appalling suffering to the poorest citizens of poor countries. In a powerful demonstration of how we can learn from history, Professor Buckley provides deep analyses of some of the devastating financial crises of the last quarter-century. He shows how such factors as the origins and destinations of loans, bank behaviour, bad timing, ignorance of history, trade regimes, capital flight, and corruption coalesce under certain circumstances to trigger a financial crash. He then offers well-thought out legal measures to regulate these factors in a way that can prevent the worst from happening and more adequately protect the interests of vulnerable parties and victims. In the course of the discussion he covers such topics as the following: ; the roles of the Bretton Woods institutions in the globalisation process; global capital flows; debtor nation policies; the effects of the Brady restructurings of the 80s and 90s; fixed versus floating exchange rates; the social costs of IMF policies; debt-for-development exchanges; and the national balance sheet problem. Professor Buckley's far-reaching recommendations include details of tax, regulatory, banking, and bankruptcy regimes to be instituted at a global level. As a general introduction to the international financial system and its regulation; as a powerful critique of the current system's imperfections; and most of all as a viable overarching scheme for an international finance law framework soundly based on what history has taught us, International Financial System: Policy and Regulation shows the way to amending a system that repeatedly sacrifices the lives of thousands and compromises the future of millions.

Digital Innovation In Financial Services

Author: Phoebus Athanassiou
Publisher: International Banking and Fina
ISBN: 9789041187819
Size: 73.60 MB
Format: PDF
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Digital Innovation in Financial Services' is a comprehensive legal assessment of FinTech or digital financial innovation covering its potential applications to payments, securities clearing and settlement, crowd-funding, and central banking. It is the first systematic attempt at proposing a conceptual framework against which to consider the most advisable regulatory policy approach vis-à-vis this incipient phenomenon. Consumer behaviour is rapidly trending towards the use of digital devices as instruments through which to transact day-to-day business. This book shows how the global digitisation trend and the steadily rising consumer demand for innovation in the field of financial services create new opportunities not only for retail consumers but also for financial service providers, regulators, and central banks. The author offers a comprehensive overview of these opportunities and their countervailing legal and regulatory challenges.

International Banking Regulation Law Policy And Practice

Author: George Walker
Publisher: Kluwer Law International
ISBN: 904119794X
Size: 52.71 MB
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This work offers a comprehensive examination of the development and structure of the provisions for the control of international financial markets. It explores the background to the major financial crises of the late 20th-century and the nature of the global response.

The Fundamental Principles Of Financial Regulation

Author: Markus Konrad Brunnermeier
Publisher: Centre for Economic Policy research
ISBN: 9780955700972
Size: 73.68 MB
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"Today's financial regulatory systems assume that regulations which make individual banks safe also make the financial system safe. The eleventh Geneva Report on the World Economy shows that this thinking is flawed. Actions that banks take to make themselves safer can - in times of crisis - undermine the system's stability. The Report argues for a different approach."--P. xvi.

Rethinking Regulation Of International Finance

Author: Uzma Ashraf Barton
ISBN: 9789041188380
Size: 31.30 MB
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This book encapsulates the most important aspects of the development and operation of the international financial system. It questions the fundamental basis of the existing international financial architecture (soft law) and explores the need for a compliance-based model based on legitimacy of regulations and accountability of the regulatory bodies in international financial stability. Why have financial standards and institutions almost always failed to effectively predict and respond to real-world financial crises? The answer, as this challenging book shows, is that international financial law suffers from a persistent lack of judicial or quasi-judicial enforcement mechanisms, leaving flaws in the structure of the international financial system that lead inevitably to excesses that threaten the public good of global financial stability.

From Crisis To Crisis

Author: Ross P. Buckley
Publisher: Kluwer Law International
ISBN: 9041133542
Size: 25.30 MB
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The global financial system has proven increasingly unstable and crisis-prone since the early 1980s. The system has failed to serve either creditors or debtors well. This has been reinforced by the global financial crisis of 2008, where we have seen systemic weaknesses bring rich countries to the brink of bankruptcy and visit appalling suffering on the poorest citizens of poor countries. Yet the regulatory responses to this crisis have involved little thinking from outside the box in which the crisis was delivered to the world. This book presents a powerful indictment of this regulatory failure and calls for greatly increased attention to international financial law and analyses new regulatory measures with the potential to make a new recognition of the principles that ought to underlie it. Using a historical approach that compares the various financial crises of the past three decades, the authors clearly show how misconceived economic policy responses have paved the way for each next 'crash'. Among the numerous topics that arise in the course of this revealing analysis are the following: overvalued exchange rates; excess liquidity in rich countries; premature liberalisation of local financial markets; capital controls; derivatives markets; accounting standards; credit ratings and the conflicts in the role of credit rating agencies; investor protection arrangements; insurance companies; and payment, clearing and settlement activities. The authors offer detailed commentary on: the role of multilateral development banks, the IMF and the WTO in responding to crises; the role of the Basel Accords, the Financial Stability Forum and Board, and the responses of the European Commission, the US, and the G20 to the most recent crisis. The book concludes by exploring systemic game-changing reforms such as bank levies, financial activities taxes and financial transaction taxes, and a global sovereign bankruptcy regime; as well as measures to remove the currency mismatches from the balance sheets of developing countries. Apart from its great usefulness as a detailed introduction to the international financial system and its regulation, the book is enormously valuable for its clear identification of the areas of regulatory failure, and its analysis of new regulatory approaches that offer the potential for a genuinely more stable system. Banking and investment policymakers at every level, the lawyers that serve these markets and the regulators that seek to regulate them, cannot afford to neglect this book.

Reconceptualising Global Finance And Its Regulation

Author: Ross P. Buckley
Publisher: Cambridge University Press
ISBN: 1107100933
Size: 43.48 MB
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Taking stock of the 2008 global financial crisis, this book provides 'outside the box' solutions for reforming international financial regulation.

Global Governance Of Financial Systems

Author: Kern Alexander
Publisher: Oxford University Press
ISBN: 0195166981
Size: 34.29 MB
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This book analyses the current international legal and regulatory framework for controlling systemic risk in global financial markets. It suggests that current efforts at international regulation are inefficient, fragmented, and lack political legitimacy. The current structure of international financial regulation fails to manage systemic risk in an efficient manner that promotes adequate economic growth and political accountability amongst nations. This book sets forth the economic rationale for international financial regulation and what role, if any, international regulation can play in more effectively managing systemic risk and providing more accountability for states subject to such regulation.

The Law And Structure Of The International Financial System

Author: John H. Friedland
Publisher: Greenwood Publishing Group
ISBN: 9780899308371
Size: 15.17 MB
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This book discusses financial regulation in the U.S., the EEC, and in Japan, and sets forth an argument for regulation if efficiency is to be maintained in the world financial markets.

International Banking Regulation And Supervision

Author: Joseph Jude Norton
Publisher: Kluwer Law Intl
Size: 49.34 MB
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International Banking Regulation and Supervision: Change and Transformation in the 1990s is based on a conference which was held in Taipei on 22--24 June 1994. it represents a tightly coordinated and edited collection of scholarly and highly practical chapters prepared by leading experts on banking law. Important changes are taking place in the financial sectors in the Pacific Rim; vital roles are being played by Tokyo, Hong Kong, Singapore and Taipei. This volume deals with the broad policy issues entailed in the liberalization and deregulation of the banking industry and is divided into two parts. Part I covers Liberalization And The Search for an Appropriate Banking Law Model, and Part II deals with Convergence of Supervisory Standards of International Banking. This collection, which was designed as a broad foundation for comparative analysis of changes and reforms occurring worldwide in international banking regulation and practice, will be an invaluable aid to all domestic and international government officials, executives of banking and other financial institutions, professionals (attorneys, accountants and other advisers) representing such institutions and academics, In trying to understand both policies and practicalities reflected by these rapid changes and reforms. A separate, but related, companion volume on international banking operations and practices has also been produced, entitled International Banking Operations and Practices: Current Developments, which deals with the relevant legal questions regarding the changing international financial practices.