Is New Governance the Ideal Architecture for Global Financial Regulation?
A central challenge for international financial regulatory systems today is how to manage the impact of Global Systemically Important Financial Institutions (G-SIFIs) on the global economy, given the interconnected and pluralistic nature of regulatory regimes. This article focuses on the Financial Stability Board (FSB), and proposes a new research agenda regarding the FSB fs emerging regulatory forms. In particular, it examines the regulatory architecture of New Governance (NG), a variety of approaches that are supposed to be more reflexive, collaborative, and experimental than traditional forms of governance. A preliminary conclusion is that NG tools may be effective in resolving some kinds of problems in a pluralistic regulatory order, but they are unlikely to be suitable to all problems. As such, this article proposes that analyses of the precise conditions in which NG mechanisms may or may not be effective are necessary. It concludes with some recommendations for improving the NG model.
|Date of creation:||Jan 2013|
|Contact details of provider:|| Postal: 2-1-1 Nihonbashi, Hongoku-cho, Chuo-ku, Tokyo 103|
Web page: http://www.imes.boj.or.jp/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Burkard Eberlein & Dieter Kerwer, 2004. "New Governance in the European Union: A Theoretical Perspective," Journal of Common Market Studies, Wiley Blackwell, vol. 42(1), pages 121-142, February.
- Haas, Peter M., 1992. "Introduction: epistemic communities and international policy coordination," International Organization, Cambridge University Press, vol. 46(01), pages 1-35, December.
When requesting a correction, please mention this item's handle: RePEc:ime:imedps:13-e-01. 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: (Kinken)
If references are entirely missing, you can add them using this form.