IDEAS home Printed from https://ideas.repec.org/a/pal/compes/v44y2002i2p125-167.html
   My bibliography  Save this article

Promoting Financial Stability in Emerging-Market Countries: The Soft Law Approach and Beyond1

Author

Listed:
  • Curzio Giannini

    (International Relations, Banca d'Italia)

Abstract

This paper reviews the analytical foundations and the content of current efforts to extend market-augmenting financial regulation to emerging market countries. It is argued that the ‘soft law’ approach being pursued by the official community constitutes an attempt to reconcile the need for cross-country harmonization with the equally pressing need for embedding the banking safety-net into the domestic institutional and legal environment. For this reason, its limitations notwithstanding, the current strategy seems preferable to alternative ones, such as centralizing supervisory authority at the world level or tying IMF lending to a limited set of structural criteria. However, the strategy could be significantly strengthened by: actively promoting foreign entry in the domestic financial sector; giving more emphasis to official incentives, such as market-access policies and “name and shame” methods; building a “hard roof”, in the form of a declaration of principles enshrining the twin notions that capital mobility is a desirable feature of the international environment and that financial stability is to be regarded as an international public good. Comparative Economic Studies (2002) 44, 125–167; doi:10.1057/ces.2002.12

Suggested Citation

  • Curzio Giannini, 2002. "Promoting Financial Stability in Emerging-Market Countries: The Soft Law Approach and Beyond1," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 44(2-3), pages 125-167, September.
    • Handle: RePEc:pal:compes:v:44:y:2002:i:2:p:125-167
    as

    Download full text from publisher

    File URL: http://www.palgrave-journals.com/ces/journal/v44/n2/pdf/ces200212a.pdf
    File Function: Link to full text PDF
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: http://www.palgrave-journals.com/ces/journal/v44/n2/full/ces200212a.html
    File Function: Link to full text HTML
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Abdel-Baki Monal A., 2012. "The Impact of Basel III on Emerging Economies," Global Economy Journal, De Gruyter, vol. 12(2), pages 1-33, June.
    2. Mario Sarcinelli, 2004. "The new financial architecture: from substantive to procedural rules," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 57(231), pages 337-363.
    3. Mario Sarcinelli, 2004. "The new financial architecture: from substantive to procedural rules," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 57(231), pages 337-363.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:compes:v:44:y:2002:i:2:p:125-167. See general information about how to correct material in RePEc.

    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.

    We have no bibliographic references for this item. You can help adding them by using 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave-journals.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.