Subjects:

Banking and Finance

Contents:

Preface

Introduction: The regulatory dilemma in international financial relations

Thilo Marauhn

Part I. An historical perspective:

1. Monetary governance and capital mobility in historical perspective

Benjamin J. Cohen

Part II. A Comparative Perspective:

2. The liberalisation of financial markets: the regulatory response in the UK

Eilis Ferran

3. The liberalisation of financial markets: the regulatory response in Germany

Rainer Grote

4. Perspectives on US financial regulation

John K. M. Ohnesorge

Part III. A Public International Law Perspective:

5. The regulation of financial services in the European Union

Volker Rö

ben

6. The free movement of capital in the European Union

Till Hafner

7. International regulation of finance: is regionalism a preferred option to multilateralism for East Asia?

Qingijang Kong

8. WTO rules on trade in financial services: a victory of greed over reason?

Michael J. Hahn

Part IV. An Institutional Perspective:

9. The European Central Bank as regulator and as institutional actor

Thilo Marauhn and Michael Weiß

10. The Basel Committee on Banking Supervision - a secretive club of giants?

Susan Emmenegger

11. Strengthening the international financial architecture: the contribution by IMF and World Bank

Axel Peuker

Part V. A Policy Perspective:
12. Liberalisation and regulation of international capital flows: where the opposites meet

Peter Nunnenkamp

13. Do we need a new international financial architecture? Many questions and some preliminary policy advice

Stefan Voigt

14. Proposing built-in stabilisers for the international financial system

Kunibert Raffer

Conclusions and agenda for further research

Rainer Grote and Thilo Marauhn.

International financial relations have become increasingly important for the development of global and national economies. At present these relations are primarily governed by market forces, with little regulatory interference at the international level. In the light of numerous financial crises, this abstinence must be seriously questioned.

Starting with an analysis of the regulatory problems at the international level, with only minimal powers entrusted to international organisations, this book develops various possibilities for reform. On the basis of an historical analysis, the book first adopts a comparative approach to national attempts to regulate international financial markets, then outlines the potential of relevant institutions (such as the European Central Bank, Basel Committee, IMF and World Bank) and finally develops a policy perspective.

It seeks to provide a framework for analysing options for the regulation of international financial markets, from a public international law and comparative law perspective.