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Book Chapter: History of the Global Financial System

TitleHistory of the Global Financial System
Authors
KeywordsFinancial crisis
International monetary fund
Group of 20
Financial stability board
Financial transaction tax
Sovereign debt
Financial regulation
Issue Date2011
PublisherWolters Kluwer
Citation
History of the Global Financial System. In From Crisis to Crisis: The Global Financial System and Regulatory Failure, p. 1-24. Alphen aan den Rijn, Netherlands: Wolters Kluwer, 2011 How to Cite?
AbstractThe global financial system has proven increasingly unstable and crisis-prone since the early 1980s. The system has failed to serve either creditors or debtors well. This has been reinforced by the global financial crisis of 2008, where we have seen systemic weaknesses bring rich countries to the brink of bankruptcy and visit appalling suffering on the poorest citizens of poor countries. Yet the regulatory responses to this crisis have involved little thinking from outside the box in which the crisis was delivered to the world. This book presents a powerful indictment of this regulatory failure and calls for greatly increased attention to international financial law and analyses new regulatory measures with the potential to make a new recognition of the principles that ought to underlie it. Using a historical approach that compares the various financial crises of the past three decades, the authors clearly show how misconceived economic policy responses have paved the way for each next ‘crash’. Among the numerous topics that arise in the course of this revealing analysis are the following: overvalued exchange rates; excess liquidity in rich countries; premature liberalization of local financial markets; capital controls; derivatives markets; accounting standards; credit ratings and the conflicts in the role of credit rating agencies; investor protection arrangements; insurance companies; and payment, clearing and settlement activities. The authors offer detailed commentary on: the role of multilateral development banks, the IMF and the WTO in responding to crises; the role of the Basel Accords, the Financial Stability Forum and Board, and the responses of the European Commission, the US, and the G20 to the most recent crisis. The book concludes by exploring systemic game-changing reforms such as bank levies, financial activities taxes and financial transaction taxes, and a global sovereign bankruptcy regime; as well as measures to remove the currency mismatches from the balance sheets of developing countries.
Persistent Identifierhttp://hdl.handle.net/10722/144479
ISBN
SSRN
Series/Report no.International banking and finance law series ; v. 14

 

DC FieldValueLanguage
dc.contributor.authorBuckley, RP-
dc.contributor.authorArner, DW-
dc.date.accessioned2012-01-30T04:13:00Z-
dc.date.available2012-01-30T04:13:00Z-
dc.date.issued2011-
dc.identifier.citationHistory of the Global Financial System. In From Crisis to Crisis: The Global Financial System and Regulatory Failure, p. 1-24. Alphen aan den Rijn, Netherlands: Wolters Kluwer, 2011-
dc.identifier.isbn9789041133540-
dc.identifier.urihttp://hdl.handle.net/10722/144479-
dc.description.abstractThe global financial system has proven increasingly unstable and crisis-prone since the early 1980s. The system has failed to serve either creditors or debtors well. This has been reinforced by the global financial crisis of 2008, where we have seen systemic weaknesses bring rich countries to the brink of bankruptcy and visit appalling suffering on the poorest citizens of poor countries. Yet the regulatory responses to this crisis have involved little thinking from outside the box in which the crisis was delivered to the world. This book presents a powerful indictment of this regulatory failure and calls for greatly increased attention to international financial law and analyses new regulatory measures with the potential to make a new recognition of the principles that ought to underlie it. Using a historical approach that compares the various financial crises of the past three decades, the authors clearly show how misconceived economic policy responses have paved the way for each next ‘crash’. Among the numerous topics that arise in the course of this revealing analysis are the following: overvalued exchange rates; excess liquidity in rich countries; premature liberalization of local financial markets; capital controls; derivatives markets; accounting standards; credit ratings and the conflicts in the role of credit rating agencies; investor protection arrangements; insurance companies; and payment, clearing and settlement activities. The authors offer detailed commentary on: the role of multilateral development banks, the IMF and the WTO in responding to crises; the role of the Basel Accords, the Financial Stability Forum and Board, and the responses of the European Commission, the US, and the G20 to the most recent crisis. The book concludes by exploring systemic game-changing reforms such as bank levies, financial activities taxes and financial transaction taxes, and a global sovereign bankruptcy regime; as well as measures to remove the currency mismatches from the balance sheets of developing countries.-
dc.languageeng-
dc.publisherWolters Kluwer-
dc.relation.ispartofFrom Crisis to Crisis: The Global Financial System and Regulatory Failure-
dc.relation.ispartofseriesInternational banking and finance law series ; v. 14-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectFinancial crisis-
dc.subjectInternational monetary fund-
dc.subjectGroup of 20-
dc.subjectFinancial stability board-
dc.subjectFinancial transaction tax-
dc.subjectSovereign debt-
dc.subjectFinancial regulation-
dc.titleHistory of the Global Financial Systemen_US
dc.typeBook_Chapteren_US
dc.identifier.emailArner, DW: dwarner@hkucc.hku.hk-
dc.description.naturepublished_or_final_version-
dc.publisher.placeAlphen aan den Rijn, Netherlands-
dc.identifier.ssrn1980010-
dc.identifier.hkulrp2012/002-

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