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Global financial rulemaking and small economies

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  • Artecona, Raquel
  • Bustillo, Inés

Abstract

This paper addresses some unintended consequences of global financial regulation and international tax evasion prevention and their impact on small economies. It explores how failure to recognize countries’ differing access to finance and varying costs of funding as well as the high costs of complying with financial regulations may overlook some unintended consequences, especially on smaller island countries Then, it discusses the global financial architecture and governance of standard setting bodies and the actions taken to improve representation and legitimacy and remediate some of the unintended deleterious effects on emerging markets and developing economies (EMDEs). Improving governance is ever more urgent at a time when financing the post-2015 agenda will require mobilization of both public and private funds at the national, regional and global levels.

Suggested Citation

  • Artecona, Raquel & Bustillo, Inés, 2015. "Global financial rulemaking and small economies," Studies and Perspectives – ECLAC Office in Washington 38866, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    • Handle: RePEc:ecr:col034:38866
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    References listed on IDEAS

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    1. Feinberg, Robert M., 2010. "Antidumping and the global financial crisis: the impact on Latin America and the Caribbean," Studies and Perspectives – ECLAC Office in Washington 5063, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Scherer, Anne-Christine, 2013. "Organic food market in the United States: Market access opportunities for Latin American and Caribbean producers," Studies and Perspectives – ECLAC Office in Washington 5066, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    3. Niels Johannesen & Gabriel Zucman, 2014. "The End of Bank Secrecy? An Evaluation of the G20 Tax Haven Crackdown," American Economic Journal: Economic Policy, American Economic Association, vol. 6(1), pages 65-91, February.
    4. Artecona, Raquel & Flores, Fernando, 2009. "Observatorio del control aduanero a las importaciones de Estados Unidos: estándares técnicos," Studies and Perspectives – ECLAC Office in Washington 5070, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    5. Knutson, Ronald D. & Ochoa, René F., 2007. "Status of agrifood regulatory coordination under the North American Free Trade Agreement," Studies and Perspectives – ECLAC Office in Washington 5062, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    6. -, 2008. "Promoting corporate social responsibility in small and medium enterprises in the Caribbean: survey results," Studies and Perspectives – ECLAC Office in Washington 5067, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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