The Regulation of International Financial Markets: Perspectives for Reform

International financial relations have become increasingly important for the development of global and national economies. At present these relations are primarily governed by market forces, with little regulatory interference at the international level. In the light of numerous financial crises, this abstinence must be seriously questioned. Starting with an analysis of the regulatory problems at the international level, with only minimal powers entrusted to international organisations, this book develops various possibilities for reform. On the basis of an historical analysis, the book first adopts a comparative approach to national attempts to regulate international financial markets, then outlines the potential of relevant institutions (such as the European Central Bank, Basel Committee, IMF and World Bank) and finally develops a policy perspective. It seeks to provide a framework for analysing options for the regulation of international financial markets, from a public international law and comparative law perspective.

• Presents an interdisciplinary analysis of international financial markets (law, politics and economics) • Develops innovative regulatory strategies • Contains policy proposals and suggestions with regard to the regulation of international financial markets which will be helpful for practitioners in the area

Preface; Introduction: The regulatory dilemma in international financial relations Thilo Marauhn; Part I. An historical perspective: 1. Monetary governance and capital mobility in historical perspective Benjamin J. Cohen; Part II. A Comparative Perspective: 2. The liberalisation of financial markets: the regulatory response in the UK Eilis Ferran; 3. The liberalisation of financial markets: the regulatory response in Germany Rainer Grote; 4. Perspectives on US financial regulation John K. M. Ohnesorge; Part III. A Public International Law Perspective: 5. The regulation of financial services in the European Union Volker Röben; 6. The free movement of capital in the European Union Till Hafner; 7. International regulation of finance: is regionalism a preferred option to multilateralism for East Asia? Qingijang Kong; 8. WTO rules on trade in financial services: a victory of greed over reason? Michael J. Hahn; Part IV. An Institutional Perspective: 9. The European Central Bank as regulator and as institutional actor Thilo Marauhn and Michael Weiß; 10. The Basel Committee on Banking Supervision - a secretive club of giants? Susan Emmenegger; 11. Strengthening the international financial architecture: the contribution by IMF and World Bank Axel Peuker; Part V. A Policy Perspective: 12. Liberalisation and regulation of international capital flows: where the opposites meet Peter Nunnenkamp; 13. Do we need a new international financial architecture? Many questions and some preliminary policy advice Stefan Voigt; 14. Proposing built-in stabilisers for the international financial system Kunibert Raffer; Conclusions and agenda for further research Rainer Grote and Thilo Marauhn.