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Is New Governance the Ideal Architecture for Global Financial Regulation?

Author

Listed:
  • Annelise Riles

    (Jack G. Clarke Professor of Far East Legal Studies, Cornell Law School (E-mail: ar254@cornell.edu))

Abstract
A central challenge for international financial regulatory systems today is how to manage the impact of Global Systemically Important Financial Institutions (G-SIFIs) on the global economy, given the interconnected and pluralistic nature of regulatory regimes. This article focuses on the Financial Stability Board (FSB), and proposes a new research agenda regarding the FSB fs emerging regulatory forms. In particular, it examines the regulatory architecture of New Governance (NG), a variety of approaches that are supposed to be more reflexive, collaborative, and experimental than traditional forms of governance. A preliminary conclusion is that NG tools may be effective in resolving some kinds of problems in a pluralistic regulatory order, but they are unlikely to be suitable to all problems. As such, this article proposes that analyses of the precise conditions in which NG mechanisms may or may not be effective are necessary. It concludes with some recommendations for improving the NG model.

Suggested Citation

  • Annelise Riles, 2013. "Is New Governance the Ideal Architecture for Global Financial Regulation?," IMES Discussion Paper Series 13-E-01, Institute for Monetary and Economic Studies, Bank of Japan.
    • Handle: RePEc:ime:imedps:13-e-01
    as

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    File URL: http://www.imes.boj.or.jp/research/papers/english/13-E-01.pdf
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    References listed on IDEAS

    as
    1. Charles A. E. Goodhart & Dimitrios P. Tsomocos, 2011. "The Role of Default in Macroeconomics," IMES Discussion Paper Series 11-E-23, Institute for Monetary and Economic Studies, Bank of Japan.
    2. Burkard Eberlein & Dieter Kerwer, 2004. "New Governance in the European Union: A Theoretical Perspective," Journal of Common Market Studies, Wiley Blackwell, vol. 42(1), pages 121-142, February.
    3. Tarullo, Daniel, 2008. "Banking on Basel: The Future of International Financial Regulation," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4235, April.
    4. Haas, Peter M., 1992. "Introduction: epistemic communities and international policy coordination," International Organization, Cambridge University Press, vol. 46(1), pages 1-35, January.
    5. Charles A. E. Goodhart & Dimitrios P. Tsomocos, 2011. "The Mayekawa Lecture: The Role of Default in Macroeconomics," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 29, pages 49-72, November.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    International Financial Regulation; Global Systemically Important Financial Institutions; Financial Stability Board; Regulatory Reform; New Governance; Regulatory Pluralism;
    All these keywords.

    JEL classification:

    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law
    • K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law

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