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 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.
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 United Kingdom 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 Roben; 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? Qingjiang 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 Weisz; 10. The Basle Committee on Banking Supervision - a secretive club of giants? Susan Emmenegger; 11. Strengthening the international financial architecture contribution by the 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; Index.