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Not All Financial Regulation Is Global

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Author Info

  • Nicolas Veron

    ()
    (Peterson Institute for International Economics)

  • Stephane Rottier

    (National Bank of Belgium)

Abstract

Two major shifts in the global financial regulatory landscape are likely impeding harmonization of global financial regulation: financial multipolarity, meaning the rise of emerging-market economies such as China and the impact of this trend on decision-making at the global level, and financial reregulation, or the trend toward stronger regulation of financial systems to buttress financial stability, particularly in developed economies. As a result, the ambitious objectives initially set by the G-20 leaders in the wake of the unprecedented financial crisis have so far not resulted in major international breakthroughs, warranting a reconsideration of the global financial regulatory agenda. Consistent regulatory choices across the globe are preferable, but achieving consistency involves difficult political and economic tradeoffs. Continued global capital-market integration can no longer be taken for granted. Policymakers should prioritize four key components to ensure the sustainability of financial integration: (1) strong global public institutions to provide a comprehensive analytical picture, set authoritative standards, and foster and monitor the consistency of regulatory practice; (2) globally consistent financial information; (3) new arrangements to enable and supervise globally integrated capital-market infrastructure; and (4) creating a level playing field for global capital-market intermediaries by addressing competitive distortions.

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Bibliographic Info

Paper provided by Peterson Institute for International Economics in its series Policy Briefs with number PB10-22.

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Date of creation: Sep 2010
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Handle: RePEc:iie:pbrief:pb10-22

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Cited by:
  1. Edgardo Demaestri & Gustavo Ferro, 2013. "Analysis of the Integration of Financial Regulation and Supervision to the Central Bank," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(68), pages 75-106, June.
  2. Alexander Lehmann & Micol Levi & Peter Tabak, 2011. "Basel III and regional financial integration in emerging Europe An overview of key issues," Working Papers 132, European Bank for Reconstruction and Development, Office of the Chief Economist.
  3. Forster , Katrin & Vasardani, Melina A. & Ca' Zorzi, Michele, 2011. "Euro area cross-border financial flows and the global financial crisis," Occasional Paper Series 126, European Central Bank.

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