Financial Regulatory Harmonization and the Globalization of Finance

GLOBALIZATION AND NATIONAL FINANCIAL SYSTEMS, James A. Hanson, Patrick Honohan and Giovanni Majnoni, eds., International Bank for Reconstruction and Development/World Bank, 2002-2003, Copyright

27 Pages Posted: 29 Jan 2003

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Abstract

In the globalizing economy, national policymakers are often forced to accept the challenge of financial integration. Faced with the potentially destabilizing effects of international financial markets, they have to strengthen financial regulation, importing international best practices and aligning domestic with foreign regulation to avoid destabilizing phenomena of regulatory arbitrage. This paper explores the main features of the ongoing process of worldwide financial regulatory convergence and the role played by the global dissemination of financial standards and codes. It analyzes the reasons behind the generalized acceptance of international best practices and the limits of the standards and codes approach to financial regulatory harmonization.

Keywords: financial regulation, international financial system

JEL Classification: G21, G28

Suggested Citation

Jordan, Cally E. and Majnoni, Giovanni, Financial Regulatory Harmonization and the Globalization of Finance. GLOBALIZATION AND NATIONAL FINANCIAL SYSTEMS, James A. Hanson, Patrick Honohan and Giovanni Majnoni, eds., International Bank for Reconstruction and Development/World Bank, 2002-2003, Copyright. Available at SSRN: https://ssrn.com/abstract=343260 or http://dx.doi.org/10.2139/ssrn.343260

Cally E. Jordan (Contact Author)

Melbourne Law School ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia

Giovanni Majnoni

World Bank ( email )

1818 H Street, N.W.
Washington, DC 20433
United States
202-458-7542 (Phone)
202-522-2106 (Fax)

HOME PAGE: http://www.worldbank.org/research/interest/intrstweb.htm

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