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Part VII International Securities, Including Markets and Clearing Systems, 18 The Architecture of International Financial Regulation »

Eva Hüpkes
From: Financial Markets and Exchanges Law (3rd Edition)
Edited By: Michael Blair, George Walker, Stuart Willey
This chapter examines the term “international financial architecture”, which is of fairly recent origin and has been used only occasionally prior to the Asian crisis. It explains how international financial architecture provides a somewhat misleading impression of the nature of the process by which the institutions and policies that shape the global financial system came into being. It also describes international financial architecture as more of the outcome of an evolutionary process than the product of intelligent design. This chapter highlights changes in the international financial and monetary systems and in the arrangements for providing meaningful and cohesive oversight in response to changes in the world economy and in the political environment. It also analyses the development of a body of normative texts referred to as international financial regulation.

Part VI International Markets and Exchanges, 16 The Architecture of International Financial Regulation »

Eva Hüpkes
From: Financial Markets and Exchanges Law (2nd Edition)
Edited By: Michael Blair, George Walker, Stuart Willey
16.01 The term ‘international financial architecture’ is of fairly recent origin, having been used only occasionally prior to the Asian crisis.1 Although it is now widely used, it provides a somewhat misleading impression of the nature of the process by which the institutions and policies that shape the global financial system came into being. They are less the consequence of an overarching plan than they are the outcome of the interplay of a variety of economic and political forces.2 16.02 Andrew Crockett, the first chairman of the Financial Stability Forum (FSF)...