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International agreements in the area of banking and finance: accomplishments and outstanding issues

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  • William R. White

Abstract

The deregulation of domestic financial markets, in association with technological progress, has led to an explosion of cross-border financial transactions and the cross-border establishment of premises. In turn, this has led to a need for international agreements on how the business of international finance and banking should be conducted. Private and public sector bodies have generally both been actively involved, but leadership has varied depending on the purpose of the agreement in question. Agreements to facilitate the conduct of cross-border financial transactions have in large measure been driven by private sector agents. Conversely, agreements to deliberately encourage the expansion of cross-border competition and to promote and maintain financial stability have been led by the public sector given the possibility of significant economic externalities. Many agreements to promote financial stability have been reached by committees operating at the Bank for International Settlements under the aegis of the Governors of the Group of Ten. Such agreements have moral authority, being based on discussions among representatives of sovereign states, but are nevertheless enforceable only by domestic legislation or regulation.

Suggested Citation

  • William R. White, 1996. "International agreements in the area of banking and finance: accomplishments and outstanding issues," BIS Working Papers 38, Bank for International Settlements.
    • Handle: RePEc:bis:biswps:38
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    References listed on IDEAS

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    1. Bank for International Settlements, 1986. "Recent innovations in international banking (Cross Report)," CGFS Papers, Bank for International Settlements, number 01, december.
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    Cited by:

    1. Drabek, Zdenek, 1998. "A multilateral agreement on investment: Convincing the sceptics," WTO Staff Working Papers ERAD-98-05, World Trade Organization (WTO), Economic Research and Statistics Division.
    2. Ethan B Kapstein, 2006. "Architects of stability? International cooperation among financial supervisors," BIS Working Papers 199, Bank for International Settlements.
    3. Richard N. Cooper & Jane Sneddon Little, 2000. "U.S. monetary policy in an integrating world: 1960 to 2000," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 45(Oct), pages 77-121.
    4. Kono, Masamichi & Low, Patrick & Luanga, Mukela & Mattoo, Aaditya & Oshikawa, Maika & Schuknecht, Ludger, 1997. "Opening markets in financial services and the role of the GATS," WTO Special Studies, World Trade Organization (WTO), Economic Research and Statistics Division, volume 1, number 1.
    5. Cristina Elena POPA (TACHE), 2022. "Overview Of The Purpose Of International Banking Agreements," Perspectives of Law and Public Administration, Societatea de Stiinte Juridice si Administrative (Society of Juridical and Administrative Sciences), vol. 11(1), pages 11-15, March.
    6. Paula Bongini, 2003. "The EU Experience in Financial Services Liberalization: A Model for GATS Negotiations?," SUERF Studies, SUERF - The European Money and Finance Forum, number 2003/2 edited by Morten Balling, May.
    7. Subhadip Chakrabarti & Robert P. Gilles & Emiliya Lazarova, 2018. "Partial cooperation in strategic multi-sided decision situations," Theory and Decision, Springer, vol. 85(3), pages 455-478, October.

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