Financial Regulatory Harmonization and the Globalization of Finance

Jordan, Cally ; Majnoni, Giovanni

World Bank, Washington, DC

关键词: ACCOUNTING STANDARDS;    ACTIONS;    ACTS;    ASSET MANAGEMENT;    ASSET MANAGEMENT COMPANIES;   

DOI  :  10.1596/1813-9450-2919
RP-ID  :  WPS2919

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

In the globalizing economy, nationalpolicymakers are often forced to accept the challenge offinancial integration. Faced with the potentiallydestabilizing effects of international financial markets,they have to strengthen financial regulation, importinginternational best practices and aligning domestic withforeign regulation, to avoid destabilizing phenomena ofregulatory arbitrage. The authors explore the main featuresof the ongoing process of worldwide financial regulatoryconvergence and the role played by the global disseminationof financial standards and codes. They analyze the reasonsbehind the generalized acceptance of international bestpractices and the limits of the standards and codes approachto financial regulatory harmonization.