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Global Governance of Financial SystemsThe International Regulation of Systemic Risk$
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Kern Alexander, Rahul Dhumale, and John Eatwell

Print publication date: 2005

Print ISBN-13: 9780195166989

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780195166989.001.0001

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Strengthening the Global Financial System through Institutional and Legal Reform

Strengthening the Global Financial System through Institutional and Legal Reform

(p.155) 5 Strengthening the Global Financial System through Institutional and Legal Reform
Global Governance of Financial Systems

Kern Alexander (Contributor Webpage)

Rahul Dhumale

John Eatwell (Contributor Webpage)

Oxford University Press

This chapter presents proposals for reform of the institutional framework and functions of international financial regulation. It argues that effective international financial regulation requires a treaty regime that combines legally binding principles of effective regulation (i.e., capital adequacy and consolidated supervision and allocating LOLR function) and a mechanism for developing nonbinding soft law codes (capital adequacy formulas and coordination of enforcement) derived from the binding principles. The chapter analyzes transaction costs and sovereignty costs in international relations and how they affect state calculations to pool their sovereignty in establishing formal and informal institutional structures. It also considers institutional reform for regulating international financial markets.

Keywords:   international financial regulation, treaty regime, transaction costs, sovereignty costs, global governance

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