Reconceptualising Global Finance and its Regulation

Taking stock of the 2008 global financial crisis, this book provides 'outside the box' solutions for reforming international financial regulation.

Ross P. Buckley (Edited by), Emilios Avgouleas (Edited by), Douglas W. Arner (Edited by)

9781107100930, Cambridge University Press

Hardback, published 11 March 2016

484 pages, 4 b/w illus. 6 tables
21.3 x 15.3 x 2.6 cm, 0.5 kg

'The most outstanding contribution of the book to the literature on the global financial regulation is particularly manifested in shedding light on the most recent regulations and institutional developments introduced after the GFC, that have significant implications for the governance and regulation of global finance.' Hossein Nabillou, Banking and Finance Law Review

The current global financial system may not withstand the next global financial crisis. In order to promote the resilience and stability of our global financial system against future shocks and crises, a fundamental reconceptualisation of financial regulation is necessary. This reconceptualisation must begin with a deep understanding of how today's financial markets, regulatory initiatives and laws operate and interact at the global level. This book undertakes a comprehensive analysis of such diverse areas as regulation of financial stability, modes of supply of financial services, market infrastructure, fractional reserve banking, modes of production of global regulatory standards and the pressing need to reform financial sector ethics and culture. Based on this analysis, Reconceptualising Global Finance and its Regulation proposes realistic reform initiatives, which will be of primary interest to regulatory and banking legal practitioners, policy makers, scholars, research students and think tanks.

1. Introduction Douglas W. Arner, Ross P. Buckley and Emilios Avgouleas
2. The changing nature of banking and why it matters Ross P. Buckley
3. Understanding the global in global finance and regulation Lawrence G. Baxter
Part I. Global Financial Architecture: Evolution, Shortcomings, Interdependence: 4. The financial stability board and the future of international financial regulation Douglas W. Arner and Michael Taylor
5. Financial regulation's overlooked networks David Zaring
6. Why has Basel III become hard law for China? The domestic political economy of international financial law Chao Xi
Part II. The Changing Face of Central Banking: 7. Reconceptualising central banking: from the great inflation to the great recession and beyond Donato Masciandaro
8. The macroprudential quandary: unsystematic efforts to reform financial regulation Kern Alexander and Steven L. Schwarcz
9. Rethinking the law in 'safe assets' Anna Gelpern and Erik F. Gerding
Part III. Reconceptualising Cross Border Finance: 10. Competing for renminbi: financial centres in the context of renminbi globalisation Shen Wei
11. 'Market quality' and moral hazard in financial market design David C. Donald
12. Cross border banking: reconceptualising bank secrecy Ruth Plato-Shinar
13. Liability for transnational securities fraud, quo vadis? Amir N. Licht
Part IV. Addressing Too-Big-To-Fail and Shadow Banking: 14. Large systemic banks and fractional reserve banking, intractable dilemmas in search of effective solutions Emilios Avgouleas
15. Turning the tide? How European banking and financial services legislation is making waves on the enforcement front Dalvinder Singh and James Hodges
16. Shadow banking or 'bank's shadow:' reconceptualising global shadow banking regulation Yingmao Tang
17. Shadow banking and its regulation: the case of China Robin Hui Huang
Part V. The Role of Culture and Ethics in Global Finance: 18. Promoting capital markets professionalism – an emerging Asian model Brian W. Tang
19. Competitiveness of financial centres in light of financial and tax law equivalence requirements Dirk Zetzsche
20. Human rights due diligence as new policy in financial institutions Rolf H. Weber
21. Reconceptualising the role of standards in supporting financial regulation William Blair
22. Conclusion Emilios Avgouleas, Douglas W. Arner and Ross P. Buckley.

Subject Areas: Financial services law & regulation [LNPF], Banking law [LNPB], Transnational commercial law [LBDK], Law [L]