The growth of financial markets has clearly outpaced the development of financial market regulations. With growing complexity in the world of finance, and the resultant higher frequency of financial crises, all eyes have shifted toward the current inad

This is an innovative collection of papers written by a panel of highly respected academics and financial experts. Whilst providing an insight into the phenomenology of the financial crises of the 1990s in Asia and Latin America, the book also explores possibilities for their solution.

Acknowledgement of the ethical dimension of global finance is commonplace in the wake of financial crises. The sub-prime crisis and ensuing credit crunch are only the latest in a long run of global financial crises that wreak social havoc and force us to consider alternative possibilities for global finance. By defining cosmopolitanism and analysing how cosmopolitan ideas can increasingly provide an account of the governance of global finance, Brassett examines whether global finance can be regulated so as to provide cosmopolitan values like social security, equality and democratic accountability. It suggests that such an exercise is not adequately resourced by existing theoretical approaches to critical IPE and instead develops a new pragmatic approach based on the thought of Richard Rorty. Combining ethical theory with empirical analysis, it focuses on the Tobin Tax – (a proposal to place a small levy on foreign currency transactions to dampen speculation and raise vast revenues) – and explores whether it could underpin more cosmopolitan forms of global financial governance. This book situates cosmopolitan ideas in the extant dilemmas and indeterminacies of global ethics, suggesting alternatives where possible. It will be of interest to students and scholars of international ethics, global governance, global civil, international relations, international political economy, global finance, public policy, critical theory, political theory and philosophy.

" A Brookings Institution Press and Asian Development Bank Institute publication The global financial crisis has led to a sweeping reevaluation of financial market regulation and macroeconomic policies. Emerging markets need to balance the goals of financial development and broader financial inclusion with the imperative of strengthening macroeconomic and financial stability. The third in a series on emerging markets, New Paradigms for Financial Regulation develops new analytical frameworks and provides policy prescriptions for how the frameworks should be adapted to a world of more free and more volatile capital. This volume provides an overview of the global regulatory landscape from the perspective of Asian emerging markets. The contributors discuss the many challenges ahead in developing sound and flexible financial regulatory systems for emerging market economies. The challenges are heightened by the rising integration of these economies into global trade and finance, the growing sophistication of their financial systems as globalization and emergence processes accelerate, and their potential vulnerability to instability arising from the financial markets in the advanced economies. The contributors provide guidance about pitfalls to be avoided, general principles that should guide the creation of sound regulatory systems, and valuable analytic perspectives about how to continue to broaden the financial sector and innovate while still maintaining financial and macroeconomic stability. "

Analysing the emerging international legal framework governing financial institutions and markets, including monetary policies and monetary regulation, this book addresses the cross border issues that arise within this area. It highlights the lack of formal international law present, and shows how this contributed to the global financial crisis.

The book examines in depth the progress of reform in the banking sector in Eastern Europe - which is a key element in its transition to the market. Particular emphasis is placed on the problem of bad debts owed by companies to banks, and on criteria and options for overcoming this serious problem. The book also analyses the recent development of capital markets in Eastern Europe, their role in attracting foreign capital flows and the limitations to the development of those markets and suggests how to overcome them. Based on analysis by senior policy-makers and academics from the region , the book focuses on four countries: the former Czechoslovakia (now the Czech and Slovak Republics), Hungary and Poland.

The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution continues to accelerate. It is now clear that regulation must focus on the financial system as a whole, but this poses significant challenges for regulators. Principles of Financial Regulation describes how to address those challenges. Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of regulation by drawing on economics, finance, and law methodologies. The volume examines regulation in a purposive and dynamic way by framing the book in terms of what the financial system does, rather than what financial regulation is. By analysing specific regulatory measures, the book provides readers to the opportunity to assess regulatory choices on specific policy issues and encourages critical reflection on the design of regulation.

Taking stock of the 2008 global financial crisis, this book provides 'outside the box' solutions for reforming international financial regulation.