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Global Finance in the 21st Century: Stability and Sustainability in a Fragmenting World [Kõva köide]

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Global Finance in the 21st Century: Stability and Sustainability in a Fragmenting WorldSuurem pilt
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Püsilink: https://www.kriso.ee/db/9780367321598.html
Märksõnad:
"Global Finance in the 21st Century: Stability and Sustainability in a Fragmenting World explains finance and its regulation after the global financial crisis. The book introduces non-finance scholars into the broader debate regarding the conduct and regulation of finance to encourage broader discussion on important societal issues that relate to finance. The book also explores the ineffectiveness of the current approach to global prudential governance and places this discussion within the broader context of global governance and nationalism in the 21st Century. The book argues that fragmentation and the growing trend of promoting informality and voluntarism has facilitated a return to nationalism as a primary form of global governance that acts contraryto post-crisis reforms that seek to promote stability and sustainability in the conduct of finance. As a remedy, Kourabas suggests that we need more, not less, of what we have traditionally conceived as international law - treaties and treaty-based international organisations. In the field of finance, this means not only pursuing financial liberalization through free trade and investment treaties, but also, the inclusion of provisions in these treaties that promotes systemic financial stability and sustainable development objectives. Of interest to legal and non-legal academics and students, legal professionals and policy-makers, this book offers a nuanced defence of international law as an approach to global governance in finance and beyond, as well as reform of international law to meet the needs of 21st Century society"--

Global Finance in the 21st Century explains finance and its regulation after the global financial crisis. The book introduces non-finance scholars into the broader debate regarding the conduct and regulation of finance to encourage broader discussion on important societal issues that relate to finance.



Global Finance in the 21st Century: Stability and Sustainability in a Fragmenting World explains finance and its regulation after the global financial crisis. The book introduces non-finance scholars into the wider debate regarding the conduct and regulation of finance to encourage broader discussion on important societal issues that relate to finance. The book also explores the ineffectiveness of the current approach to global prudential governance and places this discussion within the more expansive context of global governance and nationalism in the twenty-first century. The book argues that fragmentation and the growing trend of promoting informality and voluntarism has facilitated a return to nationalism as a primary form of global governance that acts contrary to post-crisis reforms that seek to promote stability and sustainability in the conduct of finance. As a remedy, Kourabas suggests that we need more, not less, of what we have traditionally conceived as international law – treaties and treaty-based international organisations. In the field of finance, this means not only pursuing financial liberalisation through free trade and investment treaties, but also the inclusion of provisions in these treaties that promotes systemic financial stability and sustainable development objectives. Of interest to legal and non-legal academics and students, legal professionals and policy-makers, this book offers a nuanced defence of international law as an approach to global governance in finance and beyond, as well as reform of international law to meet the needs of twenty-first century society.

Arvustused

"A clarion and deeply original call to bring prudential regulation within the treaty framework of international economic law a challenging contribution to current thinking" - Professor Ross Buckley of UNSW Law

Acknowledgements viii
1 Introduction: How do you solve a problem like global finance?
1(12)
1.1 Global finance in the twenty-first century
1(6)
1.2 Key concepts
7(3)
1.3 Book plan
10(3)
2 The role of finance in society: From barter to FinTech
13(40)
2.1 Introduction
13(1)
2.2 The road to modem finance: Money and the intermediation process
13(14)
2.2.1 From barter to money-based finance
13(4)
2.2.2 Spreading the wealth: Commercial banks as intermediaries
17(5)
2.2.3 Investment banking: Facilitating massive economic growth
22(5)
2.3 Networked finance in the global era
27(17)
2.3.1 Loosening the (regulatory) binds that tie
28(5)
2.3.2 Technological and financial innovation
33(11)
2.4 Conclusion: The evolution of finance and its role in the modern world
44(9)
3 Twenty-first century post-crisis finance: Stability and sustainability as new `meta' norms or market re-emergence?
53(44)
3.1 Introduction
53(1)
3.2 The GFC as a wake-up call: The many risks of modem finance
54(9)
3.2.1 Jolt to the system
54(5)
3.2.2 The many causes of financial catastrophe
59(4)
3.3 The (re-)emergence of systemic financial stability and the state in finance
63(14)
3.3.1 A new dawn, a new day, a new (financial) life?
63(1)
3.3.2 Not-so-efficient free markets
64(4)
3.3.3 Public oversight for financial stability's sake: A balanced, sustainable approach to finance
68(4)
3.3.4 It's all just a little bit of financial regulatory theory repeating
72(5)
3.4 Public oversight through macroprudential regulation
77(7)
3.4.1 The need for a holistic approach to financial regulation
77(3)
3.4.2 Macroprudential regulation: To what aim?
80(4)
3.5 Systemic financial stability is hard: The resilience of neoliberal economic theory and the FinTech challenge to post-GFC regulatory order
84(4)
3.5.1 Early dissent: Neoliberal and libertarian challenges to the regulatory reform agenda
84(3)
3.5.2 FinTech's `democratisation' of finance
87(1)
3.6 Conclusion: Twenty-first century contested world-views
88(9)
4 Financial regulation in (global) context
97(58)
4.1 Introduction
97(1)
4.2 Global governance in an increasingly complex world
98(12)
4.2.1 From territorial sovereignty to liberal international sovereignty
98(3)
4.2.2 Globalisation and newly empowered non-state actors
101(1)
4.2.3 Governance through state as sovereign or as a reflection of global community?
102(4)
4.2.4 Soft law, Regulatory Networks and the search for `accountability' in global governance
106(4)
4.3 The GFG Framework: What a complex global governance web we have weaved
110(35)
4.3.1 Stability through the GPG Regime
111(28)
4.3.2 Liberal international sovereignty and the FTI Regime
139(6)
4.4 Conclusion: A networked, soft approach to governance
145(10)
5 A `micro' approach to a `macro' problem: The ongoing challenges of global finance in a resurgent state-based world
155(42)
5.1 Introduction
155(1)
5.2 The benefits of the GPG Regime: Flexibility with a side-order of co-ordination?
156(4)
5.3 The GPG Regime after the GFC: Compliance pull as the new key norm?
160(4)
5.3.1 You can't handle the flexibility!
160(3)
5.3.2 Post-GFC reforms to the GPG Regime: It's compliance and stability, stupid!
163(1)
5.4 Post-GFC finance: Fragmentation, border problems, and non-compliance
164(13)
5.4.1 Adequate funding regulations make the world go around?
165(4)
5.4.2 Cross-Atlantic bifurcation of derivatives regulation
169(3)
5.4.3 Operating in the shadows of a fragmented system
172(5)
5.5 Asking the GPG Regime to do the impossible: Flexibility and voluntarism in the era of the state as the `grabbing hand'
177(12)
5.5.1 The distributive problems of macroprudential regulation
177(3)
5.5.2 The era of renewed state activism
180(9)
5.6 Conclusion: The inadequacies of old solutions to new problems
189(8)
6 A modem treaty-based regime for systemic financial stability and sustainable development
197(33)
6.1 Introduction
197(1)
6.2 Treaties are so twentieth century
198(5)
6.3 All we are saying is give [ treaties] a chance!
203(7)
6.4 Taking stability and sustainability seriously: The new (treaty-based) international financial architecture 3.0
210(14)
6.4.1 Step-by-step refomi: Revising the prudential carve-out
211(8)
6.4.2 Inclusive global governance: Direct application to non-state actors
219(5)
6.5 Conclusion: A global prudential governance regime to meet the challenges of the twenty-first century
224(6)
Index 230
Steve Kourabas teaches Corporations Law and is Deputy Director at the Centre for Commercial Law and Regulatory Studies at Monash Law School, Australia. Steve received an LLM and and and SJD from Duke University School of Law.