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International Financial Regulation

Update

Phase one of this project has now been completed. Phase two is with the Cambridge Endowment for Research in Finance.

Aims & objectives

The objective of the International Financial Regulation project was to develop an analytical, empirical, and legal framework within which to consider problems of international financial regulation. A further objective was to engage with senior regulators in developing countries with the aim of stimulating fundamental thinking about their objectives and activities.

Results & dissemination

The project concluded in 2002 and paved the way for further work which was subsequently carried out by the Cambridge Endowment for Research in Finance. In the period under review here, Kern Alexander, Amanda Dickens and Jonathan Ward undertook research in a number of related areas including the legal and institutional foundation of the WTO and other international regulatory bodies; the relationship between corporate governance and systemic risk in financial systems; the accountability of international financial structures; the development of capital markets in emerging economies; and the regulation of international insurance markets.

The project team organised and conducted a major seminar on international financial regulation on 25-27 September 2002. It brought together senior bank regulators from South East Asia to discuss the role played by financial regulation and the theory and practice of prudential regulation in an international context. Participants came from Indonesia, Malaysia, the Philippines, Thailand and Vietnam. Other guests included representatives of the World Trade Organisation, the UK Financial Services Authority, and the Bank of England. 

Working papers

Alexander, K (2002) 'Establishing a European Securities Regulator: Is the European Union an Optimal Regulation Area?', The Cambridge Endowment for Research in Finance, University of Cambridge, Working Paper No. 7.

Alexander, K (2002) 'Regulating Risk-taking in the Limited Liability Partnership: Lessons from the US Experience', Centre for Business Research Working Paper No. 255

Alexander, K. (2001) Insider Dealing and Market Abuse' The Financial Services and Markets Acts 2000' CBR Working Paper No. 222

Alexander, K. (2001) 'Enhancing Corporate Governance for Financial Institutions: The Role of International Standards' CBR Working Paper No. 196

Alexander, K. (2000) 'The Legalization of the International Anti-Money Laundering Regime: The Role of the Financial Action Task Force', CBR Working Paper No 177

Alexander, K. (2000) 'The Role of the Basle Standards in International Banking Supervision' CBR WP 153, March 2000

Alexander, K. (2000) 'The Role of Soft Law in the Legalization of International Banking Supervision: A Conceptual Approach', CBR Working Paper No. 168

Dhumale, R. (1999) 'Systemic Risk in International Settlements", CBR WP 152, December 1999

Dhumale, R. (2000) 'Capital Adequacy Standards: Are they Sufficient?' CBR WP 165, June 2000

Dhumale, R. (2000) "An Incentive Based Regulatory System: A Bridge Too Far", CBR WP 170, August 2000

Segoviano, M. (2000) 'Adjusting Theoretical Probabilities of Default with Empirical Probabilities: An Application to Emerging Markets'. Mimeo

Segoviano, M. (2000) 'Business Cycle Adjustment of Transition Matrices.' Mimeo

Segoviano, M. (2000) 'Entropic Calibration Technique for the Adjustment of Transition Matrices', mimeo.

Ward, J (2002) 'The New Basel Accord and Developing Countries: Problems and Solutions' The Cambridge Endowment for Research in Finance, University of Cambridge, Working Paper No. 4.

Ward, J (June 2002) The Supervisory Approach: A Critique. Working Paper 2 Cambridge Endowment for Research in Finance, Cambridge.

Journal articles

Alexander, K (2003) 'Regulating Risk Taking and the Limited Liability Partnership: Lessons from the US Experience', The Company Lawyer, 24(2).

Alexander, K (2002) 'The Development of a Uniform Choice of Law Rule for the Taking of Collateral Interests in Securities', Butterworths Journal of International Banking and Financial Law 17(11) pp. 436-443.

Alexander, K (2002) 'Extraterritorial US Banking Regulation and International Terrorism: The Patriot Act and the International Response', Journal of International Banking Regulation 3(4): pp.307-326.

Alexander, K (2002) 'United States Financial Sanctions and International Terrorism' Butterworths Journal of International Banking and Financial Law 17(5) pp. 213-222.

Alexander, K. (2001) 'United States anti-money laundering laws and extraterritorial jurisdiction' Journal of International Banking and Financial Law.

Alexander, K. (2000) 'The extraterritorial legal framework of United States financial sanctions: third party liability and extraterritorial jurisdiction' Journal of International Banking and Financial Law.

Alexander, K. (2000) 'Multinational Efforts to Combat Financial Crime: The Use of State Sanctions To Enforce Anti-Money Laundering Norms' Journal of International Financial Markets. November, 2000

Dickins, A. (2001) 'Complex Interdependence', Routledge Encyclopedia of International Political Economy, Routledge.

Dhumale, R. (2000) 'Subordinated Debt: Towards Enhanced Market Discipline' Financial Regulator, Vol.5. No. 2. September 2000

Dhumale, R. (2000) 'Towards Effective Standards in International Wholesale Payments' Journal of International Banking Regulation, May 2000

Dhumale, R. (2000) 'Reforming the Basel Accord: Back to Basics', Journal of International Financial Markets, Spring 2000

Eatwell, J. (2000) 'Global Finance at Risk', The Financial Regulator, September 2000

Eatwell, J. (2000) Unemployment: national policies in a global economy, International Journal of Manpower

Ward, J (September 2002) What's so great about competition in banking? The Financial Regulator, Central Banking Publications, London,Vol 7, No 2, September

Ward, J. (2002) 'Is Basel II voluntary?' The Financial Regulator, Vol. 7 No. 3, December

Books

Alexander, K (2002) American Unilateralism and Extraterritorial Financial Sanctions, Butterworths, London.

Rider, B., Alexander, K. and Linklater, L. (2002) Market Abuse and Insider Dealing, Butterworth, London.

Eatwell, J and Taylor, Lance (2002) (eds) International Capital Markets, Oxford University Press, New York.

Eatwell, J. and Taylor L. (2000) Global Finance at Risk: The Case for International Regulation, New York Press, New York.

Book chapters

Alexander, K (2002) "Managing Financial Sector Compliance with US Anti-Money Laundering Law and Regulation" in T. Graham (ed.) International Anti-Money Laundering Law and Regulation (London: Butterworths) pp. 166-213.

Alexander, K. (2001) 'The Need For Efficient International Financial Regulation and the Role of a Global Financial Supervisor' in E. Ferran & C. Goodhart (eds.) Regulating Financial Services and Markets in the 21st Century, Hart, Oxford.

Dhumale, R (2001) 'Incentive vs. Rule-based Financial Regulation: A Role for Market Discipline', in E. Ferran & C. Goodhart (eds.) Regulating Financial Services and Markets in the 21st Century, Hart, Oxford.

Eatwell, J. (2001) 'New Issues in International Financial Regulation', in E. Ferran & C. Goodhart (eds.) Regulating Financial Services and Markets in the 21st Century, Hart, Oxford.

Eatwell, J. (2000) 'Capital flows and the international financial architecture' Project on Development, Trade and International Finance, Council on Foreign Relations, New York, 2000.

Eatwell, J. (2000) 'A world financial authority' in J. Bisignano, W. Hunter and G. Kaufman, eds, Global Financial Crises: Lessons from Recent Events (London: Kluwer Academic Publishers).

Alexander, K. (2001) Book review of M. Giovanoli (ed.), International Monetary Law in Issues for the New Millenium, Journal of Corporate Law, June 2001 

25-27 September 2002: The Cambridge Seminar on Financial Regulation

Project leaders

Kern Alexander
Amanda Dickins
Jonathan Ward

Project status

Completed