Financial regulatory harmonization and the globalization of finance

Cally Jordan and Giovanni Majnoni

No 2919, Policy Research Working Paper Series from The World Bank

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. The authors explore 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. They analyze the reasons behind the generalized acceptance of international best practices and the limits of the standards and codes approach to financial regulatory harmonization.

Keywords: Environmental Economics&Policies; Banks&Banking Reform; Labor Policies; Payment Systems&Infrastructure; Legal Products; Environmental Economics&Policies; Banks&Banking Reform; Legal Products; National Governance; Trade and Regional Integration (search for similar items in EconPapers)
Date: 2002-10-31
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Citations: View citations in EconPapers (5)

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