Toward a New Design for International Financial Regulation

63 Pages Posted: 25 Mar 2009 Last revised: 21 Feb 2011

See all articles by Rolf H. Weber

Rolf H. Weber

University of Zurich - Faculty of Law

Douglas W. Arner

The University of Hong Kong - Faculty of Law

Date Written: December 1, 2007

Abstract

This article argues that while the system of international financial standards developed following especially the Asian financial crisis is a significant development in response to the risks of financial globalization, it in fact merits a higher level of attention, design, and formalization. Section 2 discusses the development of international financial regulation since World War II, and Section 3 contains an overview of the current system of international financial cooperation and standards. From this basis, in Section 4 it is suggested that the current system deserves a thorough redesigning, focusing on financial globalization and the twin objectives of financial stability and financial development. Finally, Section 5 presents ideas for developing an appropriate design.

Keywords: Financial Stability Forum, financial regulation, Group of 7, International Monetary Fund, financial stability

Suggested Citation

Weber, Rolf H. and Arner, Douglas W., Toward a New Design for International Financial Regulation (December 1, 2007). University of Pennsylvania Journal of International Economic Law, Vol. 29, pp. 391-453, 2007. Available at SSRN: https://ssrn.com/abstract=1367527

Rolf H. Weber

University of Zurich - Faculty of Law ( email )

Universität Zürich
Rämistrasse 74 / 57
Zürich, CH-8001
Switzerland

Douglas W. Arner (Contact Author)

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

HOME PAGE: http://hub.hku.hk/rp/rp01237

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