Financial Regulatory Harmonization and the Globalization of Finance
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,...
| Main Authors: | , |
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2002/10/2050410/financial-regulatory-harmonization-globalization-finance http://hdl.handle.net/10986/19224 |
| Summary: | 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. |
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