From the vantage point of the key powers in global finance including the United States, the European Union, Japan, and China, this highly accessible book brings together leading scholars to examine current changes in international financial regulation. They assess whether the flurry of ambitious initiatives to improve and strengthen international financial regulation signals an important turning point in the regulation of global finance. The text:
- Examines the kinds of international reforms have been implemented to date and patterns of international regulatory change.
- Provides an analysis of change across a number of financial sectors, including the regulation of hedge funds, derivatives, credit rating agencies, accounting, and banks.
- Offers an explanation of contemporary regulatory developments with reference to inter-state power dynamics, domestic politics, transgovernmental networks, and/or transnational non-state forces.
Providing the first systematic analysis of the international regulatory response to the current global financial crisis, this ground-breaking volume is vital reading for students and scholars of international political economy, international relations, global governance, finance and economics.
Table of Contents
1. Introduction - Global Finance in Crisis: The Politics of International Regulatory Change Eric Helleiner and Stefano Pagliari Part 1: Issues and Structures 2. Regulatory Reactions to the Global Credit Crisis: Analysing a Policy Community under Stress Eleni Tsingou 3. The Politics of Accounting Regulation: Responses to the Subprime Crisis Andreas Nölke 4. Risk Models and Transnational Governance in the Global Financial Crisis: The Cases of Basel II and Credit Rating Agencies Tony Porter 5. The End of Self-Regulation? Hedge Funds and Derivatives in Global Financial Governance Eric Helleiner and Stefano Pagliari Part 2: Countries and Regions 6. Uncertain Leadership: The U.S. Regulatory Response to the Global Financial Crisis David Andrew Singer 7. Is a European Approach to Financial Regulation Emerging from the Crisis? Elliot Posner 8. Varieties of Global Financial Governance? British and German Approaches to Financial Market Regulation Hubert Zimmermann 9. Mission Accomplished, or a Sisyphean Task? Japan’s Regulatory Responses to the Global Financial Crisis Saori N. Katada 10. Chinese Attitudes towards Global Financial Regulatory Cooperation: Revisionist or Status Quo? Andrew Walter 11. Whither International Financial Regulation? Hubert Zimmermann
Eric Helleiner is Professor and CIGI Chair in International Governance at the University of Waterloo, Canada. His research focuses on International political economy, international money and finance, North-South economic relations, history of political economy. He is currently a Trudeau Fellow, and CIGI Chair in International Governance as well as Co-Editor (with Jonathan Kirshner) of the book series Cornell Studies in Money.
Stefano Pagliari is PhD Student in Global Governance at the University of Waterloo, Canada.
Hubert Zimmermann is Acting Professor of Comparative Politics at Heinrich-Heine University Duesseldorf. He was DAAD Visiting Associate Professor at the Department of Government, Cornell University from 2003 to 2008. He also worked as editor of German diplomatic documents at the Auswaertiges Amt, Bonn. His research interests include the history and politics of transatlantic relations, German postwar history, European integration, and international monetary and trade policy.
'Global Finance in Crisis is a worthy read not only for students of political science or policymakers but also to anyone who is interested in cutting-edge issues and debates in the contemporary global economy. Easy to follow, jargon-free, succinct and incisive, this book deserves serious consideration and would be a good initiation for anyone to this multifaceted and complex crisis of global finance.' - Linh Dao, The Journal of Philosophical Economics, Vol. 5, 2, Spring 2012
'How did we get to here? How did finance become so globalized, while those who regulate it became so fragmented? This excellent set of essays offers both an overview and a challenge to those interested in understanding the different institutions which regulate global finance. The contributors present the different corners of the world of financial regulation, including transnational networks, private sector arrangements, struggles of national interest, regional institutions and inter-governmental forums. The contributors sharply differ in how global finance will be transformed by the current crisis. Their differences give us a fascinating map to use in tracking current shifts in global financial regulation.' - Ngaire Woods, Professor of International Political Economy and Director of the Global Economic Governance Programme, University College, University of Oxford, UK
'One of the lessons of the world financial crisis of 2007-9 is that the politics of international finance and its regulation was an oft-neglected subject. Yet the structure of contemporary financial regulation and its inevitable failure cannot be seen separately from the politics of finance. This superb volume amply makes up for previous neglect. It is cutting-edge, comprehensive and raises the critical questions. It is a must read for policy makers and students of international finance.' - Avinash Persaud, economic advisor, Chairman, Warwick Commission; Member of the UN Commission of Experts and the Pew Congressional Task Force