The Transnational Agenda for Financial Regulation in Developing Countries

2001 ◽  
pp. 91-114 ◽  
Author(s):  
Tony Porter
Keyword(s):  
Developing Countries ◽  
Financial Regulation

scholarly journals The Central Bank as a Financial Mega-regulator (Russian Experience)

2019 ◽  
pp. 317-326
Author(s):  
Aleksander Kostiukov
Keyword(s):  
Developing Countries ◽  
Central Bank ◽  
Financial Markets ◽  
Financial Market ◽  
Financial Regulation ◽  
Regulation Of Financial Markets

This contribution deals with the models of institutional regulation of financial markets. The main aim of the contribution is to confirm or disprove the hypothesis that the model of the Central Bank as a mega-regulator of financial markets is not optimal for the developing countries and particularly for Russia. The author highlights main arguments pro et contra Central Bank as a financial mega-regulator. The author supposes that before and during financial regulation reforms, it is necessary to answer the question: Is the financial market in the country sufficiently developed and extensive to abandon the functional (sectoral) regulation and move to mega-regulation? For Russia the answer is negative.

scholarly journals To liberate or to regulate: balanced approach to bank-oriented financial system transformation in developing countries

2017 ◽  
Vol 12 (1) ◽  
pp. 60-66
Author(s):  
Emira Kozarević ◽  
Nedžad Polić ◽  
Amela Perić
Keyword(s):  
Developing Countries ◽  
Financial Regulation ◽  
Financial Liberalization ◽  
Financial System ◽  
Jel Classification ◽  
System Transformation ◽  
Policy Makers ◽  
Economic Progress ◽  
Balanced Approach ◽  
Banking Business

A stable, transparent financial system inspires confidence among investors and supports the overall economic growth. Inflexible regulation tends to slow down economic progress, making countries less attractive to investors. Economies with bank-oriented financial systems tend to be less attractive to investors, so their long-term goal is to demonstrate flexibility through liberalization, attracting new investors and ensuring survival in highly competitive and unforgiving global conditions. Liberalization success is even more essential for developing countries and their efforts to open the borders for capital flows and attract new investments. While financial liberalization affects all sectors of the economy and directly influences growth, it does not guaranty it. The removal of financial restrictions could affect capital distribution, increase volatility, create challenges for banks, etc. To support the liberalization efforts, it is very important to understand the nature of banking business, criticality of transparent and effective regulatory framework, as well as the expectations of potential investors. The main goal of this paper is to discuss the process of financial liberalization in developing countries and motivate the policy makers to consider available lessons when creating their balanced approach to financial (de)regulation processes towards financial development and integration in the global financial landscape. Keywords: financial liberalization, financial regulation, economic development, developing countries. JEL Classification: G18, G21, G28

Financial Regulation in Developing Countries

2000 ◽  
Vol 37 (1) ◽  
pp. 1-24 ◽  
Author(s):  
M. Brownbridge ◽  
C. Kirkpatrick
Keyword(s):  
Developing Countries ◽  
Financial Regulation

Global financial regulation in the “New International Economic Order”

2019 ◽  
Vol 27 (1) ◽  
pp. 13-30 ◽  
Author(s):  
Habtamu Simachew Belay
Keyword(s):  
International Economic ◽  
Developing Countries ◽  
Financial Regulation ◽  
Regulatory System ◽  
International Economic Order ◽  
Economic Order ◽  
Informal Networks ◽  
Content Type ◽  
The Past ◽  
Financial Regulatory

Purpose In 1974, the UN General Assembly adopted a landmark resolution proclaiming the establishment of a New International Economic Order. One of the basic aims of this declaration was to enhance the voice and participation of developing countries in the international economic decision-making process based on norms of equitable governance. More than four decades have passed since its adoption. This paper aims to reflect on the past 43 years of the global financial regulatory system in light of the notion of equitable governance as envisioned by the “New International Economic Order”. Design/methodology/approach This paper surveys the global financial regulatory system from the vantage point of equitable economic governance. This discussion covers the period that comes after the 1974 UN landmark resolutions that declare the establishment of a “New International Economic Order”. The authors use qualitative and quantitative approach in this study. They use descriptive statistics and intuitive discussions of certain cases to carry the objective of the paper forward. Findings First, part of the development in global financial regulation manifests the establishment of informal networks that embark on global regulatory issues, while being very exclusive in their membership policies. Second, the lack of full and effective participation of developing countries in the decision-making and norm setting remains unsolved in the global financial regulatory system. Third, the shadow role of the World Bank and International Monetary Fund was of great significance in assisting the implementation of non-binding regulatory rules of international finance in developing countries despite the concerns of legitimacy and equity in the making of international standards. In sum, the global financial regulatory system that emerged in the past four decades is quite different from that aspired by the NIEO. Originality/value The declaration of NIEO coincides with the collapse of the Bretton Wood’s fixed exchange rate which in turn leads to the emergence of a new financial system and regulatory development. This period marked the proliferation of informal networks that make policy recommendations or non-binding rules with global implications. As far as the literature review goes far, this paper is the first to survey the post Bretton Wood’s period of the global financial regulatory architecture based on the tenets of the “New International Economic Order”.

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