International Finance Regulation: The Quest for Financial Stability
- 3h 44m
- Georges Ugeux
- John Wiley & Sons (US)
- 2014
As the global market expands, the need for international regulation becomes urgent
Since World War II, financial crises have been the result of macroeconomic instability until the fatidic week end of September 15 2008, when Lehman Brothers filed for bankruptcy. The financial system had become the source of its own instability through a combination of greed, lousy underwriting, fake ratings and regulatory negligence. From that date, governments tried to put together a new regulatory framework that would avoid using taxpayer money for bailout of banks. In an uncoordinated effort, they produced a series of vertical regulations that are disconnected from one another. That will not be sufficient to stop finance from being instable and the need for international and horizontal regulation is urgent. This challenge is the focus of Georges Ugeux’s book.
International Finance Regulation: The Quest for Financial Stability focuses on the inspirations behind regulation, and examines the risks and consequences of fragmentation on a global scale. Author Georges Ugeux has four decades of experience in the legal and economic aspects of international business operations. He created and run the New York Stock Exchange’s international group in charge of developing the NYSE’s reach to non-US companies, including relationships with regulators and governments. Ugeux teaches European Banking and Finance of the Columbia University School of Law. Ugeux is uniquely positioned to provide recommendations and suggestions from the perspective of a top global authority. In the book, he explores international regulation with topics such as:
- Laws, regulations, and risks of overregulation
- Transformation of the U.S. market and creation of the Eurozone
- Development of a global framework and stability of the banking system
- In-depth examination of Basel III, the Dodd-Frank Act, the European Banking Union, and the Volcker Rule
The book also contains case studies from real-world scenarios like Lehman, CDS, Greece, the London Whale, and Libor to illustrate the concepts presented. Finance consistently operates within an increasingly global paradigm, and an overarching regulation scheme is becoming more and more necessary for sustainable growth. International Finance Regulation: The Quest for Financial Stability presents an argument for collaboration toward a comprehensive global regulation strategy.
About the Author
GEORGES UGEUX, a lawyer and economist by training, is the Chairman and CEO of Galileo Global Advisors. Prior to founding Galileo, Ugeux joined the New York Stock Exchange as Group Executive Vice President, International and Research. He created and ran the New York Stock Exchange’s international group in charge of developing the NYSE’s reach to non-US companies, including relationships with regulators and governments. Ugeux teaches European Banking and Finance at the Columbia University School of Law and has been publishing, speaking, and blogging on these issues, namely for Le Monde (France) and the Huffington Post.
In this Book
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The Multiple Objectives of Financial Regulation
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A Quarter Century of Banking Crises and the Evolution of Financial Institutions
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The Lessons of the Recent Financial Crises—The Explosion of Balance Sheets
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Global Financial Regulation—The Institutional Complexities
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Capital Adequacy, Liquidity, and Leverage Ratios—Sailing toward the Basel III Rules
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Assessing Likely Impacts of Regulation on the Real Economy
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Regulating the Derivatives Market
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The Structure of Banking—How Many Degrees of Separation?
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Banking Resolution and Recovery
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Banking and Shadow Banking
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Rating Agencies and Auditors
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Central Banks as Lenders of Last Resort Have a Conflict of Interest with Their Regulatory Role
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Financial Institution Governance (or Lack Thereof)
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Was it a Global Crisis? The Asian Perspective
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The Challenges of Global Regulation
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Regulation and Ethics
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Conclusion—What Can We Expect?
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