In the wake of the 2008 global financial crisis, the regulation of the world's enormous derivatives markets assumed center stage on the international public policy agenda. Critics argued that loose regulation had contributed to the momentous crisis, but lasting reform has been difficult to implement since. Despite the global importance of derivatives markets, they remain mysterious and obscure to many. In Governing the World's Biggest Market, Eric Helleiner, Stefano Pagliari, and Irene Spagna have gathered an international cast of contributors to rectify this relative neglect. They examine how…mehr
In the wake of the 2008 global financial crisis, the regulation of the world's enormous derivatives markets assumed center stage on the international public policy agenda. Critics argued that loose regulation had contributed to the momentous crisis, but lasting reform has been difficult to implement since. Despite the global importance of derivatives markets, they remain mysterious and obscure to many. In Governing the World's Biggest Market, Eric Helleiner, Stefano Pagliari, and Irene Spagna have gathered an international cast of contributors to rectify this relative neglect. They examine how G20 governments have developed a coordinated international agenda to enhance control over these markets, which had been allowed to grow largely unchecked before the crisis. In analyzing this reform agenda, they advance three core arguments: first, the agenda to rein in these enormous markets has many limitations; second, the reform process has been plagued by delays, inconsistencies, and tensions that fragment the governance of these markets; and third, the politics driving the reforms have been extremely complicated. An authoritative overview of how this vast system is governed, Governing the World's Biggest Market looks at how the goals, limitations, and outcomes of post-crisis initiatives to regulate these markets have been influenced by a complex combination of transnational, inter-state, and domestic political dynamics. Moreover, this volume emphasizes how crucial regulatory reform is to stabilizing the global economy long-term.
Eric Helleiner is Professor in the Department of Political Science and Balsillie School of International Affairs, University of Waterloo. He is a Fellow of the Royal Society of Canada and presently serves as co-editor of the book series Cornell Studies in Money. He has authored and edited ten books, of which the most recent include Forgotten Foundations of Bretton Woods (2014), The Status Quo Crisis (2014), and The Great Wall of Money (2014). Stefano Pagliari is a Senior Lecturer in the Department of International Politics at City, University of London. His research has been published in journals such as International Organization, Review of International Political Economy, and Socio-Economic Review. Irene Spagna is a Ph.D. candidate in Global Governance and Global Political Economy at the Balsillie School of International Affairs, University of Waterloo.
Inhaltsangabe
* Preface * Contributors * Abbreviations * List of Illustrations * Introduction. Governing the World's Biggest Market: The Politics of Derivatives Regulation After the 2008 Crisis * Eric Helleiner, Stefano Pagliari and Irene Spagna * Chapter 1. Becoming the World's Biggest Market: OTC Derivatives Before the Global Financial Crisis of 2008 * Irene Spagna * Chapter 2. Financial Regulatory Cooperation: Coordination of Derivatives Markets * Elliot Posner * Chapter 3. Global Markets, National Toolkits: Extraterritorial Derivatives Rulemaking in Response to the Global Financial Crisis * Matthew Gravelle and Stefano Pagliari * Chapter 4. Power Plays from the Fringe: East Asian Responses to Derivatives Regulatory Reform * Yu-wai Vic Li * Chapter 5. The Second Half: Interest Group Conflicts and Coalitions in the Implementation of the Dodd-Frank Act Derivatives Rules * Stefano Pagliari * Chapter 6. The Politics and Practices of Central Clearing in OTC Derivatives Markets * Erin Lockwood * Chapter 7. Positioning for Stronger Limits? The Politics of Regulating Commodity Derivatives Markets * Eric Helleiner * Chapter 8. A Web Without a Center: Fragmentation in the OTC Derivatives Trade Reporting System * Peter Knaack
* Preface * Contributors * Abbreviations * List of Illustrations * Introduction. Governing the World's Biggest Market: The Politics of Derivatives Regulation After the 2008 Crisis * Eric Helleiner, Stefano Pagliari and Irene Spagna * Chapter 1. Becoming the World's Biggest Market: OTC Derivatives Before the Global Financial Crisis of 2008 * Irene Spagna * Chapter 2. Financial Regulatory Cooperation: Coordination of Derivatives Markets * Elliot Posner * Chapter 3. Global Markets, National Toolkits: Extraterritorial Derivatives Rulemaking in Response to the Global Financial Crisis * Matthew Gravelle and Stefano Pagliari * Chapter 4. Power Plays from the Fringe: East Asian Responses to Derivatives Regulatory Reform * Yu-wai Vic Li * Chapter 5. The Second Half: Interest Group Conflicts and Coalitions in the Implementation of the Dodd-Frank Act Derivatives Rules * Stefano Pagliari * Chapter 6. The Politics and Practices of Central Clearing in OTC Derivatives Markets * Erin Lockwood * Chapter 7. Positioning for Stronger Limits? The Politics of Regulating Commodity Derivatives Markets * Eric Helleiner * Chapter 8. A Web Without a Center: Fragmentation in the OTC Derivatives Trade Reporting System * Peter Knaack
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