International Financial Regulation, Access to Finance, Systemic Stability, and Development

39 Pages Posted: 4 Jul 2008

See all articles by Emilios Avgouleas

Emilios Avgouleas

University of Edinburgh - School of Law

Multiple version iconThere are 2 versions of this paper

Date Written: July 2, 2008

Abstract

Global financial markets are subject to a complex web of soft law rules and standards called International Financial Regulation. The main rationales/objectives of International Financial Regulation revolve around the protection of investors and depositors and the safeguarding of financial system stability. In recent months International Financial Regulation has come under attack for its lack of proper structures and flawed rules, which have been held to be among the main causes of the global credit crisis. As a result, a major reform exercise is under way. This paper argues that, as part of this reform, policy makers and regulators must attempt to widen the objectives of International Financial Regulation so that they become cognizant of the impact of financial sector development and access to finance on economic growth and poverty eradication. In this context, the paper proposes a global licensing scheme for international investment funds and the reform of the Basle Capital Adequacy Standards. Implementation of the proposals would enable International Financial Regulation to both strengthen the global financial stability framework and facilitate access to finance in poor and very poor countries.

Keywords: International Financial regulation, Systemic Stability, Development, Global Financial Markets, Financial System Stability, Global Credit Crisis, Global Licensing, International Investment Funds, Basle Capital Adequacy Standards

JEL Classification: F30, F33

Suggested Citation

Avgouleas, Emilios, International Financial Regulation, Access to Finance, Systemic Stability, and Development (July 2, 2008). Society of International Economic Law (SIEL) Inaugural Conference 2008, Available at SSRN: https://ssrn.com/abstract=1154704 or http://dx.doi.org/10.2139/ssrn.1154704

Emilios Avgouleas (Contact Author)

University of Edinburgh - School of Law ( email )

Old College
South Bridge
Edinburgh, EH8 9YL
United Kingdom

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