- International Trade Finance from the Origins to the Present: Market Structures, Regulation, and Governance
- The Simplest Model of Global Governance Ever Seen?: The London Corn Market (1885–1914)
- The Medieval Expansion of Long-Distance Trade: Adam Smith on the Towns’ Escape from the Violent, Feudal Equilibrium
- Markets for Knowledge: Intellectual Property, Organizational Arrangements, and International Governance
- Transnational Business Governance through Private Standards
- The Governance of Global Agri-food Value Chains, Standards, and Development
- Government by Relational Infrastructures: The Case of the Transnational Institutionalization of the European Unified Patent Court
- Contractual Arbitrage
- Regulate in Haste, Repent at Leisure: Private and Public Orderings in OTC Derivatives Markets
- International Arbitration as a Tool of Global Governance: The Use (and Abuse) of Discretion
- Beyond Conditionality: How Contracts, Credit Ratings, and Credit Default Swaps Influence State Sovereignty
- The Credit Rating Agencies and Their Role in the Financial System
- Algorithmic Governance by Online Intermediaries
- Corporate Liabilities: A Genealogy of Business Accountability under International Criminal Law
- The Political and Professional Economies of US Global Corporate Criminal Enforcement
- Governing Proliferation Finance: Multilateralism, Transgovernmentalism, and Hegemony in the Case of Sanctions against Iran
- Courts, Sovereign Immunity, and Credible Commitment in Sovereign Debt Markets
- Adapting Regulation to Globalization: A Typology of Approaches to the Internationalization of Regulation
- International Regulatory Cooperation and Trade Agreements
- China’s Integration into the Global Economic System: Institutional Idiosyncrasies and Emerging Patterns
- Global Banking Regulation: The Limitations of Voluntarism
- Liquidity Swaps between Central Banks, the IMF, and the Evolution of the International Financial Architecture
- Regulating Corruption in International Markets: Why Governments Introduce Laws They Fail to Enforce
- The Corporation in a Globalized World: Relational, Structural, and Arbitrage Power in a Globalized World
- Changing Capital Market Structure and Regulatory Challenges: Trends in Equity and Foreign Exchange Markets
- States, Nonstate Actors, and Economics in Global Health Governance
- Governance Beyond Governments: The Effort to Slow Climate Change
- The Governance of International Spaces and Earth Systems: Solving Collective Action Problems in the Absence of Public Authority
- Party Autonomy in Global Context: The Political Economy of a Self-Constituting Regime
- The Legal Pluralism at the Heart of International Economic Governance
- Ways out of the Globalization Trilemma: Deliberating Trade Policy
Abstract and Keywords
Global banking regulation, in the sense of setting common capital standards for international banks, has a forty-year history. Its early development reflected the instincts for cooperation on the part of central banks in the face of rapidly integrating global firms and for a time was highly effective and adaptive. The informality of the Basel Committee and its absence of legal status were seen as advantages, allowing agreements to be reached below the political radar. But the move from “by and large” guidelines to a detailed corpus of regulation applying to all banks has shown the limitations of a voluntarist approach, and there are signs that further progress toward common standards, evenly enforced, has stalled in the face of domestic political imperatives. That raises fundamental questions about the need for treaty underpinning of international financial standards, so far seen as too politically difficult, to guard against regulatory arbitrage.
Howard Davies is a visiting Professor in the Paris School of International Affairs at the Institut d’Etudes Politiques (Sciences Po) in Paris.
Maria Zhivitskaya obtained her PhD in Risk Management from the London School of Economics in 2015 and is a Teaching Assistant at Sciences Po.
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