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Financial Regulation at the Crossroads: Implications for Supervision, Institutional Design and Trade

Edited by: Panos Delimatsis, Nils Herger

ISBN13: 9789041133557
Published: April 2011
Publisher: Kluwer Law International
Country of Publication: The Netherlands
Format: Hardback
Price: £109.00

Despatched in 9 to 11 days.

To gain from trade, modern economies rely on a stable financial system. In many countries around the world, the benefits of finance are taken for granted. Financial stability comes to the forefront only in times of crisis.

The global financial crisis of 2008 and 2009 exposed some of the regulatory and market failures of a more and more globally organized financial system and led to far-reaching discussions about a broad range of academic and policy issues on the regulation of financial services.

Against this background, this edited volume brings outstanding expertise and provides insightful perspectives from nineteen authors with diverse backgrounds, including officials from international organizations, national regulators, and commercial banking, as well as academics in law, economics, political economy, and finance.

The authors not only shed light on the causes of the financial turmoil, but also present thoughtful proposals that contribute to the future policy debate, and discuss opportunities that financial services can offer in funding activities which raise standards of living through initiatives in microfinance, renewable energy, and food distribution.

The contributions to this volume tackle several of the thorniest issues of financial regulation in a post-crisis environment, such as:-

  • the mechanics of contagion within the financial system and the role of liquidity;
  • moral hazard when large financial institutions are no longer subject to the disciplinary effects of bankruptcy;
  • bank capital requirements;
  • management compensation; design of bank resolution schemes;
  • a function-centric versus institution-centric regulatory approach;
  • subsidization and compatibility of stimulus packages with EU rules on state aid;
  • trade finance and the role of the GATS prudential carve-out; and
  • the role of financial services in promoting human rights or combating climate change.

While the debate about regulatory reform has just begun and will inevitably be characterized by controversies, it will be vital to appreciate the interconnected nature of the financial system. Without effective coordination of regulatory responses to financial crises, tackling the pressing challenge to limit cross-border contagion in times of crisis without jeopardizing the benefits of financial globalization is almost certainly doomed to failure.

Banking and Finance
About the Editors List of Contributors List of Figures List of Tables List of Boxes Preface Acknowledgements List of Abbreviations Financial Regulation at the Crossroads Panagiotis Delimatsis & Nils Herger Part I Financial Stability and Banking Regulation Chapter 1 The Impact of Cross-Border Exposures on Financial Contagion Hans Degryse, Muhammad Ather Elahi & Maria Fabiana Penas Chapter 2 In the Quest of Systemic Externalities: A Review of the Literature Wolf Wagner Chapter 3 Bank Resolution: A Conceptual Framework Thorsten Beck Part II Institutional and State Responses to the Recent Financial Crisis Chapter 4 Too Big, Too Interconnected and Too International to Resolve? How to Deal with Global Financial Institutions in Crisis Eva Hüpkes Chapter 5 Regulating Credit Rating Agencies in the European Union Fabian Amtenbrink & Jakob de Haan Chapter 6 Bailouts in the Financial Sector: The Compatibility with the EU State Aid Rules Leigh Hancher Chapter 7 Sovereign Debt Restructuring in the EU: Lessons from the Recent Crisis Kern Alexander Part III Myths and Realities: The Role of Regulation and Market Discipline Chapter 8 Breaking Up Mega-Banks: A New Regulatory Model for the Separation of Commercial Banking from Investment Banking Emilios Avgouleas Chapter 9 Rethinking Market Discipline in Banking: Lessons from the Financial Crisis Constantinos Stephanou Part IV Financial Services Regulation: WTO and Preferential Trade Perspectives Chapter 10 Trade, Trade Finance, and Financial Crises Nils Herger Chapter 11 The GATS Prudential Carve-Out Juan Marchetti Chapter 12 Financial Services in Free Trade Agreements: The Case of Switzerland Christian Pauletto & Christoph König Part V ‘New’ Issues in the Regulation of Financial Services Chapter 13 Financial Regulation in the Aftermath of the Global Financial Crisis from a Human Rights Perspective: Microfinance Matters Nicola Jägers Chapter 14 Promoting Renewable Energy through Adaptive Prudential Regulation in Financial Services Panagiotis Delimatsis Epilogue Chapter 15 Two Peas in a Pod: Thoughts on the Future Regulation of Global Food and Finance Judson Osterhoudt Berkey Index

Series: International Banking and Finance Law Series

The Law and Governance of the Asian Infrastructure Investment Bank ISBN 9789403506319
Published November 2018
Kluwer Law International
Rethinking Regulation of International Finance: Law, Policy and Institutions ISBN 9789041188380
Published January 2018
Kluwer Law International
Capital Structure and Corporate Governance: The Role of Hybrid Financial Instruments ISBN 9789041148438
Published August 2013
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Standby Letters of Credit in International Trade ISBN 9789041145604
Published December 2012
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From Crisis to Crisis: The Global Financial System and Regulatory Failure ISBN 9789041133540
Published September 2011
Kluwer Law International
Structured Finance, On from the Credit Crunch: The Road to Recovery ISBN 9789041127877
Published October 2009
Kluwer Law International
International Financial System: Policy and Regulation ISBN 9789041128683
Published January 2009
Kluwer Law International
Securitization Law and Practice: In the Face of the Credit Crunch ISBN 9789041127150
Published August 2008
Kluwer Law International
International Financial System: Policy and Regulation ISBN 9789041127464
Published June 2008
Kluwer Law International
Price on Application
Banking Laws in China ISBN 9789041125194
Published June 2007
Kluwer Law International
International Securities Markets: Insider Trading Law in China ISBN 9789041125576
Published September 2006
Kluwer Law International
United States Securities Law: A Practical Guide 3rd ed ISBN 9789041123626
Published August 2006
Kluwer Law International
Innovation in Securitisation Yearbook 2006 ISBN 9789041125330
Published June 2006
Kluwer Law International
The European Central Bank ISBN 9789041106865
Published May 1997
Kluwer Law International