The International Law of Financial Crisis: Spillovers, Subsidiarity, Fragmentation and Cooperation
This article develops an analytical template for examining possible mechanisms for the avoidance and management of international financial crisis, focusing on certain areas of prudential financial regulation. This template examines questions of national regulatory policy reform, reasons for international cooperation and problems of cross-functional fragmentation. There is no evidence yet of beneficial regulatory competition in the case of this crisis. Shareholders and creditors do not seem systematically to have identified regulatory inadequacies, and migrated to stronger regulatory environments. So, competition-based discipline on lax regulation seems not to have worked. In order for each state to reduce risk through regulatory reform, states must work together to avoid cross-border harm that is not fully taken into account in national decision-making, and to avoid detrimental regulatory competition. They must work together to make rules, but they must recognize that our vision of the future is limited, and so they must establish institutions that will allow them to revise rules and institutions, as necessitated by unfolding change. Oxford University Press 2010, all rights reserved, Oxford University Press.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 13 (2010)
Issue (Month): 3 (September)
|Contact details of provider:|| Postal: |
Fax: 01865 267 985
Web page: http://www.jiel.oupjournals.org/Email:
|Order Information:||Web: http://www.oup.co.uk/journals|
When requesting a correction, please mention this item's handle: RePEc:oup:jieclw:v:13:y:2010:i:3:p:719-742. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press)or (Christopher F. Baum)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.