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

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Author Info
Beth A. Simmons
Abstract

The internationalization and globalization of capital markets greatly complicates the tasks of national financial regulators. It is becoming increasingly difficult, if not impossible, to regulate the activities of banking and securities firms and the broad range of transactions in which they engage on a national level. In this article I explore the process of international regulatory harmonization in capital markets, focusing especially on the mechanisms (political pressure, market pressure, and institutional arrangements) that facilitate this process. I argue that the United States and the United Kingdom are dominant players in the capital market and that the factors most relevant for understanding harmonization processes are (1) whether other jurisdictions have incentives to emulate the regulatory innovations of the dominant financial centers, and (2) whether the dominant centers experience negative externalities in the process. These two factors shed considerable light on whether harmonization will be spurred primarily by market forces or by politics; they also suggest the likely role of international institutions in the process of regulatory harmonization. The argument is illustrated using four issue areas: capital adequacy requirements for banks, anti-money laundering rules, accounting standards, and information sharing among securities regulators © 2001 The IO Foundation and the Massachusetts Institute of Technology

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Article provided by MIT Press in its journal International Organization.

Volume (Year): 55 (2001)
Issue (Month): 3 (September)
Pages: 589-620
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Handle: RePEc:tpr:intorg:v:55:y:2001:i:3:p:589-620

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  1. 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 CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  2. repec:emp:wpaper:wp08-17 is not listed on IDEAS
  3. 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). [Downloadable!]
  4. 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. [Downloadable!]
  5. 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. [Downloadable!] (restricted)
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