Reforming the international financial architecture: What globalization critics demand and what policymakers have (not) achieved
AbstractVarious financial crises have eroded confidence in the wellfunctioning of international capital markets. Against this backdrop, this article discusses the demand of globalization critics to radically remodel the international financial architecture and assesses recent changes in the regulatory framework. We conclude that some radical proposals have been rejected for good economic reasons. However, market failure in global financial intermediation requires regulatory reforms going beyond what policymakers have agreed upon so far. In important respects, the reform process appears to be stalled, mainly because of conflicting interests of major political players.
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Bibliographic InfoArticle provided by Capco Institute in its journal Journal of Financial Transformation.
Volume (Year): 9 (2003)
Issue (Month): ()
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International capital markets; Regulatory framework;
Other versions of this item:
- Nunnenkamp, Peter, 2003. "Reforming the international financial architecture : what globalization critics demand and what policymakers have (not) achieved," Open Access Publications from Kiel Institute for the World Economy 3206, Kiel Institute for the World Economy (IfW).
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
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- Peter Nunnenkamp, 2001. "Umbaupläne und Reparaturarbeiten an der internationalen Finanzarchitektur: Eine Zwischenbilanz aus deutscher Perspektive," Kiel Working Papers 1078, Kiel Institute for the World Economy.
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