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The International Politics of Harmonization: The Case of Capital Market Regulation

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  • Simmons, Beth A.
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    Abstract

    The vast expansion of international nancial activity over the lastdecade has been a central fact of international economic life.Balance-of-payments statistics indicate that cross-border transactionsin bonds and equities among the G-7 countries rose from less than 10percent of gross domestic product (GDP) in 1980 to over 140 percent in1995. International bond and equity markets have reached staggeringproportions: by the end of 1997, portfolio holdings of equity andlong-term debt securities reached nearly $5.2 trillion. Capital owsto developing countries and countries in transition grew from $57billion in 1990 to over $286 billion in 1997 before plummeting to $148billion in 1998. Foreign exchange transactions reached an estimatedaverage daily turnover of nearly $1.5 trillion in 1998 compared with adaily turnover of $590 billion in 1989. The annual turnover inderivatives contracts nancial agreements that derive their value fromthe performance of other assets, interest or currency exchange rates, orindexes was valued at $3.4 trillion in 1990. In 1998, trading andderivatives activities of seventy-one of the world s leading banks andsecurities firms totaled more than $130 trillion.

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    Bibliographic Info

    Article provided by Cambridge University Press in its journal International Organization.

    Volume (Year): 55 (2001)
    Issue (Month): 03 (June)
    Pages: 589-620

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    Handle: RePEc:cup:intorg:v:55:y:2001:i:03:p:589-620_44

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    Cited by:
    1. Collier, Benjamin, 2013. "Exclusive finance: How unmanaged systemic risk continues to limit financial services for the poor in a booming sector," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150433, Agricultural and Applied Economics Association.
    2. Tim Büthe, 2008. "Politics and institutions in the regulation of global capital: A review article," The Review of International Organizations, Springer, vol. 3(2), pages 207-220, June.
    3. Martini, Jan Thomas & Niemann, Rainer & Simons, Dirk, 2007. "Transfer pricing or formula apportionment? Tax-induced distortions of multinationals' investment and production decisions," arqus Discussion Papers in Quantitative Tax Research 27, arqus - Arbeitskreis Quantitative Steuerlehre.
    4. Lukas Hakelberg, 2014. "The Power Politics of International Tax Cooperation. Why Luxembourg and Austria accepted automatic exchange of information on foreign account holders’ interest income," EUI-RSCAS Working Papers p0375, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
    5. Schwarz, Peter, 2011. "Money launderers and tax havens: Two sides of the same coin?," International Review of Law and Economics, Elsevier, vol. 31(1), pages 37-47, March.
    6. Robert Falkner & Aarti Gupta, 2009. "The limits of regulatory convergence: globalization and GMO politics in the south," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 9(2), pages 113-133, May.
    7. International Monetary Fund, 2011. "Compliance with the AM+L4776L/CFT International Standard," IMF Working Papers 11/177, International Monetary Fund.
    8. Leo F. Goodstadt, 2009. "The Global Crisis: Why Regulators Resist Reforms," Working Papers 322009, Hong Kong Institute for Monetary Research.
    9. Grasl, Maximilian, 2011. "International Financial Reporting Standards and banking regulation: A comeback of the state?," TranState Working Papers 158, University of Bremen, Collaborative Research Center 597: Transformations of the State.
    10. Pistor Katharina, 2012. "Governing Interdependent Financial Systems: Lessons from the Vienna Initiative," Journal of Globalization and Development, De Gruyter, vol. 2(2), pages 1-25, January.
    11. Helleiner, Eric & Pagliari, Stefano, 2011. "The End of an Era in International Financial Regulation? A Postcrisis Research Agenda," International Organization, Cambridge University Press, vol. 65(01), pages 169-200, January.
    12. Lodge, Martin & Stirton, Lindsay, 2002. "Globalisation and Regulatory Autonomy in Small Developing States: The Case of Jamaican Telecommunications Reform," Centre on Regulation and Competition (CRC) Working papers 30669, University of Manchester, Institute for Development Policy and Management (IDPM).
    13. Jan Thomas Martini & Rainer Niemann & Dirk Simons, 2007. "Transfer Pricing or Formula Apportionment? Tax-Induced Distortions of Multinationals’ Investment and Production Decisions," CESifo Working Paper Series 2020, CESifo Group Munich.
    14. Barry Eichengreen & Hans-Joachim Voth, 2003. "Symposium on capital controls," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(3), pages 185-187.

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