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Research Handbook on International Financial Regulation

Research Handbook on International Financial Regulation

Edited by Kern Alexander, Chair for Law and Finance, University of Zurich, Switzerland and Head of Research in Financial Regulation, Centre for Financial Analysis and Policy, University of Cambridge, UK and Rahul Dhumale, Managing Director, Risk Control, UBS, London, UK
The globalisation of financial markets has attracted much academic and policymaking commentary in recent years, especially with the growing number of banking and financial crises and the current credit crisis that has threatened the stability of the global financial system. This major Research Handbook sets out to address some of the fundamental issues in financial regulation from a comparative and international perspective and to identify some of the main research themes and approaches that combine economic, legal and institutional analysis of financial markets.

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Extent: 480 pp
Hardback Price: $253.00 Web: $227.70
Publication Date: 2012
ISBN: 978 1 84542 270 7
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The globalisation of financial markets has attracted much academic and policymaking commentary in recent years, especially with the growing number of banking and financial crises and the current credit crisis that has threatened the stability of the global financial system. This major Research Handbook sets out to address some of the fundamental issues in financial regulation from a comparative and international perspective and to identify some of the main research themes and approaches that combine economic, legal and institutional analysis of financial markets.

Specially commissioned contributions represent diverse viewpoints on the financial regulation debate and cover a number of new and controversial topics not yet adequately addressed in the literature. Specifically, these include; financial innovation – particularly in the context of the credit risk transfer market, securitisation and the systemic importance of the over-the-counter trading markets; the institutional structure of international financial regulation; and risk management and corporate governance of financial institutions.

This Handbook will provide a unique and comprehensive resource for all those with an interest in this critical issue – including academic researchers in finance and regulation, practitioners working in the industry and those involved with regulation and policy.

Contributors

Contributors: K. Alexander, I. Alfon, I. Argimon, P. Bascuñana-Ambrós, T. Burns, A. Cornford, R. Dhumale, J. Eatwell, M. Fujii, I. Hasan, K.R. Ilmonen, E.J. Kane, M. Kawai, D. Masciandaro, D.G. Mayes, A. Nesvetailova, C. Papathanassiou, A. Persaud, D. Pesendorfer, G. Riccio, X. Roduner, C.A. Russo, A. Singh, M. Waisman

Contents

Contents:

Preface

Introduction

PART I: THE STRUCTURE OF FINANCIAL MARKETS AND THE ROLE OF REGULATION
1. The Nature of Modern Credit Markets, Banking and Financial Innovation
Kern Alexander, John Eatwell and Avinash Persaud

2. The Shadow Banking System as a New Source of Financial Turmoil
Tom Burns

3. Ethical Failures in Regulating and Supervising the Pursuit of Safety Net Subsidies
Edward J. Kane

PART II: BANK CAPITAL ADEQUACY REGULATION AND ITS EFFECT ON BANK BEHAVIOUR
4. The Determinants of Capital Held by UK Banks and Building Societies and the Role of Individual Capital Requirements
Isaac Alfon, Isabel Argimon and Patricia Bascuñana-Ambrós

5. Considerations on Developing and Validating Expected Loss (EL) Methodologies
Gianluca Riccio

6. The Basel Capital Rules and Trade Finance
Andrew Cornford

PART III: EUROPEAN FINANCIAL REGULATION AND CRISIS MANAGEMENT
7. Some Rules for Cross-border Banks in Europe
David G. Mayes

8. Transatlantic Convergence of Financial Regulation: A European Perspective
Klaus R. Ilmonen

9. The New Course of EU State Aid Rules during the 2007–09 Financial Crisis
Costanza A. Russo

10. Globalisation and the Regulation of FDI: Recent Proposals
Ajit Singh

PART IV: CENTRAL CLEARING OF DERIVATIVES
11. Central Counterparties and Derivatives
Chryssa Papathanassiou

12. The European Regulation of Central Counterparties: Some International Challenges
Kern Alexander

PART V: INSTITUTIONS, MARKETS AND CRISIS MANAGEMENT
13. Lessons from Japan’s Banking Crisis – 1991 to 2005
Mariko Fujii and Masahiro Kawai

14. Determinants of Financial Supervision Regimes: Markets, Institutions, Politics, Law or Geography?
Donato Masciandaro

15. Liquidity Illusions in the Global Financial Architecture
Anastasia Nesvetailova

16. Governance in International Financial Institutions: The Case of the IMF
Xenia Roduner

17. Foreign IPOs: The Experience of Israeli Firms
Iftekhar Hasan and Maya Waisman

18. International Regulatory Reform and Financial Taxes
Kern Alexander and John Eatwell

19. Goodbye Neo-liberalism? Contested Policy Responses to Uncertain Consequences of the 2007–09 Financial Crisis
Dieter Pesendorfer

20. Summing Up and the Challenges Ahead
Kern Alexander

Index