Governance of Global Financial Markets

  • 10h 51m
  • Emilios Avgouleas
  • Cambridge University Press
  • 2012

The recent financial crisis proved that pre-existing arrangements for the governance of global markets were flawed. With reform underway in the USA, the EU and elsewhere, Emilios Avgouleas explores some of the questions associated with building an effective governance system and analyses the evolution of existing structures. By critiquing the soft law structures dominating international financial regulation and examining the roles of financial innovation and the neo-liberal policies in the expansion of global financial markets, he offers a new epistemological reading of the causes of the global financial crisis. Requisite reforms leave serious gaps in cross-border supervision, in the resolution of global financial institutions and in the monitoring of risk originating in the shadow banking sector. To close these gaps and safeguard the stability of the international financial system, an evolutionary governance system is proposed that will also enhance the welfare role of global financial markets.

About the Author

EMILIOS AVGOULEAS holds the chair of International Banking Law and Finance at the Law School of the University of Edinburgh. He was previously the Professor of International Financial Markets and Financial Law at the University of Manchester. He also holds a number of visiting professorships and has written extensively in the wider field of financial law and economics, behavioural finance and financial regulation, and EU financial services law.

In this Book

  • Introduction
  • Financial Markets and Financial Crises
  • The Causes of the Global Financial Crisis
  • The Evolution of Global Financial Governance and Development of International Financial Regulation
  • The 'Softness' of Soft Law and Global Financial Governance
  • Regulatory and Supervisory Reform: US, EU, BCBS
  • Global Reform of the 'Too-Big-to-Fail' Institution and the New Resolution Regimes in the US and the EU
  • An Evolutionary Model for Global Financial Governance