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Leveling the Playing FieldTransnational Regulatory Integration and Development$
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Laszlo Bruszt and Gerald A. McDermott

Print publication date: 2014

Print ISBN-13: 9780198703143

Published to Oxford Scholarship Online: September 2014

DOI: 10.1093/acprof:oso/9780198703143.001.0001

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Transnational Regulatory Regimes in Finance

Transnational Regulatory Regimes in Finance

A Comparative Analysis of their (Dis-)Integrative Effects

Chapter:
(p.294) 12 Transnational Regulatory Regimes in Finance
Source:
Leveling the Playing Field
Author(s):

Katharina Pistor

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198703143.003.0012

Financial markets have become increasingly interconnected with financial intermediaries and instruments linking local and national markets to form regional or even global ones. The global financial crisis of 2008 demonstrated once more that financial interdependence can be both a blessing and a curse. It facilitates the movement of capital and the expansion of credit, and as such promotes economic development in good times; however, in bad times it transmits liquidity shortages throughout the system triggering financial crises and economic recessions where credit expansion earlier fuelled expansion and growth. A critical question therefore is how to structure the governance of transnational finance. The chapter identifies three types of governance regimes that have been tried and tested in the past or are up for testing now: a laissez-faire regime, a coordinative, and a centralized regime. The chapter analyzes the effects of these regimes on integration versus disintegration in light of finance’s inherent instability.

Keywords:   international finance, banks, regulation, European Union, euro, emerging markets, institutions, ideology

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