Governing global finance
Scholte, Jan Aart (2002) Governing global finance. Working Paper. Coventry: University of Warwick. Centre for the Study of Globalisation and Regionalisation. Working papers (University of Warwick. Centre for the Study of Globalisation and Regionalisation) (No.88/).
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This paper examines the regulation of global finance. It first identifies the forms and extents of contemporary financial globalization: that is, how monetarily denominated savings and investments now increasingly move in transworld spaces. A range of evidence is cited to indicate that finance has acquired a very substantial global character. The second section of the paper reviews the various institutional mechanisms that currently serve to govern global finance. This regulation is shown to be multilayered and diffuse: across local, national, regional and global levels; and across public and private sectors. The third section considers the effectiveness of present regulatory arrangements, with reference to criteria of efficiency, stability, social equity, ecological integrity and democracy. Current frameworks are found to be seriously wanting on all of these counts. Finally, the paper assesses future challenges and prospects in the governance of global finance. It is argued here that considerably more proactive and socially progressive public regulation of global finance is possible and desirable.
|Item Type:||Working or Discussion Paper (Working Paper)|
|Subjects:||H Social Sciences > HG Finance
J Political Science > JZ International relations
|Divisions:||Faculty of Social Sciences > Centre for the Study of Globalisation and Regionalisation|
|Library of Congress Subject Headings (LCSH):||International economic relations, International finance, Globalization -- Economic aspects, International cooperation|
|Series Name:||Working papers (University of Warwick. Centre for the Study of Globalisation and Regionalisation)|
|Publisher:||University of Warwick. Centre for the Study of Globalisation and Regionalisation|
|Place of Publication:||Coventry|
|Official Date:||January 2002|
|Number of Pages:||24|
|Status:||Not Peer Reviewed|
|Access rights to Published version:||Open Access|
BIS 1998: 68th Annual Report. Basle: Bank for International Settlements.
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