The Political Economy of Bank Regulation in Developing Countries

The Political Economy of Bank Regulation in Developing Countries
Author: Emily Jones
Publisher: Oxford University Press
Total Pages: 405
Release: 2020
Genre: Political Science
ISBN: 019884199X

This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations.International banking standards are intended for the regulation of large, complex, risk-taking international banks with trillions of dollars in assets and operations across the globe. Yet they are being implemented in countries with nascent financial markets and small banks that have yet to ventureinto international markets. Why is this? This book develops a new framework to explain regulatory interdependence between countries in the core and the periphery of the global financial system. Drawing on in-depth analysis of eleven countries across Africa, Asia, and Latin America, it shows howfinancial globalisation generates strong reputational and competitive incentives for developing countries to converge on international standards. It explains how specific cross-border relations between regulators, politicians, and banks within developing countries, and international actors includinginvestors, peer regulators, and international financial institutions, generate regulatory interdependence. It explains why some configurations of domestic politics and forms of integration into global finance generate convergence with international standards, while other configurations lead todivergence. This book contributes to our understanding of the ways in which governments and firms in the core of global finance powerfully shape regulatory decisions in the periphery, and the ways that governments and firms from peripheral developing countries manoeuvre within the constraints andopportunities created by financial globalisation.

The Political Economy of Financial Regulation

The Political Economy of Financial Regulation
Author: Emilios Avgouleas
Publisher: Cambridge University Press
Total Pages: 531
Release: 2019-01-31
Genre: Business & Economics
ISBN: 110847036X

Examines the law and policy of financial regulation using a combination of conceptual analysis and strong empirical research.

A Political Economy of Banking Supervision

A Political Economy of Banking Supervision
Author: Damir Odak
Publisher: Springer
Total Pages: 181
Release: 2021-06-20
Genre: Business & Economics
ISBN: 9783030485498

This book examines the effect of banking on the real economy and society, focusing on banking supervision as the decisive factor in steering banking activities and determining the social outcome of the game of finance. Banking is like a cardiovascular system for our society. If it functions correctly, it allows the economy to operate smoothly. On the other hand, if it malfunctions it becomes a doomsday device. This creates an asymmetry of risks – the asymmetry between the potential dire consequences and the modest rewards of accepting those risks. Banking was one of the critical technological factors enabling the transition from the middle ages and the creation of modern society. However, while today it contributes little to economic growth, its malfunction has a profound and lasting adverse impact. The book explains why, how and what. Why is it important to keep tight supervision of the banks? How can banking supervision improve stability, not only of the financial system but also of the whole human society? What went wrong with the regulation in the past?

International Harmonization of Financial Regulation?

International Harmonization of Financial Regulation?
Author: Hyoung-kyu Chey
Publisher: Routledge
Total Pages: 228
Release: 2014-01-02
Genre: Business & Economics
ISBN: 1134500874

It is often argued that international financial regulation has been substantially strengthened over the past decades through the international harmonization of financial regulation. There are, however, still frequent outbreaks of painful financial crises, including the recent 2008 global financial crisis. This raises doubts about the conventional claims of the strengthening of international financial regulation. This book provides an in-depth political economy study of the adoptions in Japan, Korea and Taiwan of the 1988 Basel Capital Accord, the now so-called Basel I, which has been at the center of international banking regulation over the past three decades, highlighting the domestic politics surrounding it. The book illustrates that, despite banks’ formal compliance with the Accord in these countries, their compliance was often cosmetic due to extensive regulatory forbearance that allowed their real capital soundness to weaken. Domestic politics thus ultimately determined national implementations of the Accord. This book provides its novel innovative study of the Accord through scores of interviews with bank regulators and analysis of various primary documents. It suggests that the actual effectiveness of international financial regulation relies ultimately on the domestic politics surrounding it. It implies as well that the past trend of international harmonization of financial regulation may be illusory, to at least some extent, in terms of its actual effectiveness. This book may interest not only political economists but also scholars working on the intersection of law, economics and institutions.

Regulatory Cycles: Revisiting the Political Economy of Financial Crises

Regulatory Cycles: Revisiting the Political Economy of Financial Crises
Author: Jihad Dagher
Publisher: International Monetary Fund
Total Pages: 89
Release: 2018-01-15
Genre: Business & Economics
ISBN: 1484337743

Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.

Banking Regulation and Globalization

Banking Regulation and Globalization
Author: Andreas Busch
Publisher: Oxford University Press
Total Pages: 295
Release: 2009
Genre: Business & Economics
ISBN: 0199218811

This book contains detailed case studies on banking policy in 4 countries (the United States, the United Kingdom, Germany, and Switzerland). The main contribution of this book lies in a careful empirical study of a subject area most affected by the globalisation of financial markets, namely the state regulation of the banking industry.

The Political Economy of International Finance in an Age of Inequality

The Political Economy of International Finance in an Age of Inequality
Author: Gerald A. Epstein
Publisher: Edward Elgar Publishing
Total Pages: 280
Release: 2018
Genre: International finance
ISBN: 1788972635

The essays in this book describe and analyze the current contours of the international financial system, covering both developed and developing countries, and focusing on the ways in which the current international financial system structures, and is affected by, profound inequalities in the international system. This keen analysis of key topics in international finance takes a heterodox perspective, with focus on the role of inequalities in power in shaping the structure and outcomes in the international sphere.

International Institutions and the Political Economy of Integration

International Institutions and the Political Economy of Integration
Author: Miles Kahler
Publisher: Brookings Institution Press
Total Pages: 204
Release: 1995
Genre: Business & Economics
ISBN: 9780815748229

In this book, Miles Kahler examines both global and regional institutions and their importance in the world economy. Kahler explains the variation in these institutions and assesses the role they play in sustaining economic cooperation among nations.

The Oxford Handbook of Corporate Law and Governance

The Oxford Handbook of Corporate Law and Governance
Author: Jeffrey Neil Gordon
Publisher: Oxford University Press
Total Pages: 1217
Release: 2018
Genre: Business & Economics
ISBN: 0198743688

Corporate law and corporate governance have been at the forefront of regulatory activities across the world for several decades now, and are subject to increasing public attention following the Global Financial Crisis of 2008. The Oxford Handbook of Corporate Law and Governance provides the global framework necessary to understand the aims and methods of legal research in this field. Written by leading scholars from around the world, the Handbook contains a rich variety of chapters that provide a comparative and functional overview of corporate governance. It opens with the central theoretical approaches and methodologies in corporate law scholarship in Part I, before examining core substantive topics in corporate law, including shareholder rights, takeovers and restructuring, and minority rights in Part II. Part III focuses on new challenges in the field, including conflicts between Western and Asian corporate governance environments, the rise of foreign ownership, and emerging markets. Enforcement issues are covered in Part IV, and Part V takes a broader approach, examining those areas of law and finance that are interwoven with corporate governance, including insolvency, taxation, and securities law as well as financial regulation. The Handbook is a comprehensive, interdisciplinary resource placing corporate law and governance in its wider context, and is essential reading for scholars, practitioners, and policymakers in the field.

Economic Regulation and Its Reform

Economic Regulation and Its Reform
Author: Nancy L. Rose
Publisher: University of Chicago Press
Total Pages: 619
Release: 2014-08-29
Genre: Business & Economics
ISBN: 022613816X

The past thirty years have witnessed a transformation of government economic intervention in broad segments of industry throughout the world. Many industries historically subject to economic price and entry controls have been largely deregulated, including natural gas, trucking, airlines, and commercial banking. However, recent concerns about market power in restructured electricity markets, airline industry instability amid chronic financial stress, and the challenges created by the repeal of the Glass-Steagall Act, which allowed commercial banks to participate in investment banking, have led to calls for renewed market intervention. Economic Regulation and Its Reform collects research by a group of distinguished scholars who explore these and other issues surrounding government economic intervention. Determining the consequences of such intervention requires a careful assessment of the costs and benefits of imperfect regulation. Moreover, government interventions may take a variety of forms, from relatively nonintrusive performance-based regulations to more aggressive antitrust and competition policies and barriers to entry. This volume introduces the key issues surrounding economic regulation, provides an assessment of the economic effects of regulatory reforms over the past three decades, and examines how these insights bear on some of today’s most significant concerns in regulatory policy.