Big banks are capable of wreaking havoc on the global economy, and governments have often felt powerless to stop them. Regulators have responded by developing coordinated programs to handle banks, insurers, broker dealers, shadow banks and other businesses that can blow up in a crisis. This program began informally and undemocratically, and has developed into something much more organized, formalized and predictable, even though it has never been legally enforceable. David Zaring examines the realities of the current international financial system and concludes that in fact this is a well-ordered and functioning regulatory environment: the international financial system enjoys a substantial degree of compliance, and operates predictably and harmoniously. As a result, perhaps this could serve as a paradigm for future global governance. Zaring explores three aspects of international financial regulation that can inform global governance: harmonization through rules, cooperation on enforcement and agreement on fundamental principles.
By:
David Zaring (University of Pennsylvania)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Dimensions:
Height: 236mm,
Width: 158mm,
Spine: 15mm
Weight: 410g
ISBN: 9781108475518
ISBN 10: 1108475515
Pages: 178
Publication Date: 12 December 2019
Audience:
College/higher education
,
Professional and scholarly
,
Primary
,
Undergraduate
Format: Hardback
Publisher's Status: Active
1. A transformative Forty Years; 2. The structure and rules of the globalized governance of finance; 3. Banking, global oversight's ne plus ultra; 4. Securities regulation: cooperation instead of harmonization; 5. Cooperation in insurance: a slow start, but a fast present; 6. The other networks of financial regulation; 7. International financial regulation and international law; 8. International financial regulation and China; 9. The next financial crisis and postscript.
David Zaring is Associate Professor in the Department of Legal Studies and Business Ethics at the Wharton School of the University of Pennsylvania. He writes at the intersection of financial regulation, international law and domestic administration. He has written over forty articles, including publications in the University of Chicago, Cornell, Michigan, New York University and Virginia law reviews, and a number of international law journals.
Reviews for The Globalized Governance of Finance
'The Globalized Governance of Finance is an expansive and, at times, colorful portrayal of the 'legalish' realm of global financial regulation. It provides a coherent and modern account of the world that lawyers and institutions experience. It is well worth a read.' Verity Winship, Jotwell 'The Globalized Governance of Finance is an expansive and, at times, colorful portrayal of the 'legalish' realm of global financial regulation. It provides a coherent and modern account of the world that lawyers and institutions experience. It is well worth a read.' Verity Winship, Jotwell