Political Economy of Financial Market Regulation

The Dynamics of Inclusion and Exclusion

Inbunden, Engelska, 2006

AvPeter Mooslechner,Helene Schuberth,Beat Weber

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This book focuses on recent financial market reforms, and their implications for social, economic and political exclusion. In particular it considers the hitherto under-researched question of whose interests govern the design of regulatory mechanisms and who influences the decision-making process. This process is set out as contested terrain, in which there are winners and losers, and in which there are inevitably circles of exclusion. The authors, comprising financial authority experts and academic specialists, expand the concept of exclusion beyond its typical social dimension to incorporate all actors, be they individuals or institutions not permitted to contribute to financial market regulation as a public good. As they point out, this may take the form of political, economic or indeed cultural exclusion. The book examines the conflicts that arise between various interests and how these are managed within the process of regulation. The book has a focus on political financial sector reforms at the global level with special emphasis on how these reforms are implemented in the EU. The authors conclude that financial governance has to be embedded in broad legitimization structures, encompassing the participation or representation of a variety of interests affected by it, if they are to be deemed democratically legitimate. Furthermore, inclusion also has to show substantive effects on governance outcomes. This volume opens up the debate about the future of financial market regulation and hence, policy makers, NGOs, researchers and scholars will find this interdisciplinary book of great interest. It will also appeal to political scientists, economists, financial market participants, regulators and economic policy makers in general and academics of sociology, political science, economics and finance in particular.

Produktinformation

Utgivningsdatum2006-08-29
Mått156 x 234 x undefined mm
FormatInbunden
SpråkEngelska
FörlagEdward Elgar Publishing Ltd
ISBN9781845425180

Tillhör följande kategorier

Finansiering inom Ekonomi och Ledarskap
Entreprenörskap inom Ekonomi och Ledarskap

Contents:PrefacePeter Mooslechner, Helene Schuberth and Beat WeberFinancial Market Regulation and the Dynamics of Inclusion and ExclusionPeter Mooslechner, Helene Schuberth and Beat WeberPART I: THE THEORY OF FINANCIAL MARKET GOVERNANCE AND THE PROBLEM OF INCLUSION AND EXCLUSION1. Theorizing Governance in a Global Financial SystemGeoffrey R.D. Underhill2. Political Economy Approach to Financial ReformSusanne Lütz3. Who Governs? Economic Governance Mechanisms and Financial Market RegulationBrigitte UngerPART II: CASE STUDIES4. The Significance of Changes in Private-Sector Associational Activity in Global Finance for the Problem of Inclusion and ExclusionTony Porter5. The Construction of the Single Market in Financial Services and the Politics of Inclusion and ExclusionBeat Weber6. Financial Education for the Poor in the United StatesMartin Schürz7. The Governance of OTC Derivatives MarketsEleni Tsingou8. Risks, Ratings and Regulation: Toward a Reorganization of Credit via Basel II?Vanessa Redak9. The Governance of Occupational Pension Funds and its Politico-Economic Implications: The Case of AustriaStefan W. SchmitzIndex

'This is the best book I have yet seen on the social and political implications of financial market liberalisation and regulatory change in a globalizing world. The authors systematically analyse the relationships between powerful private sector actors, policymakers and regulators, and other interested groups, identifying crucial neopluralist coalition-building processes leading to complex pro-market forms of reregulation. Each chapter examines these processes at several levels: competing actors and institutions in the financial sector itself; wider political processes and power relationships; and distributive outcomes - or who wins and who loses in the multi-level playing field of 21st century global finance.'