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GLOBAL GOVERNANCE
OF FINANCIAL SYSTEMS
The International Regulation
of Systemic Risk
Kern Alexander
Rahul Dhumale
John Eatwell
1
2006
1
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Copyright 2006 by Oxford University Press, Inc.
Published by Oxford University Press, Inc.
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Oxford is a registered trademark of Oxford University Press
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All rights reserved. No part of this publication may be reproduced,
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without the prior permission of Oxford University Press.
Library of Congress Cataloging-in-Publication Data
Alexander, Kern, [date]
Global governance of financial systems: the international regulation of systemic risk / Kern
Alexander, Rahul Dhumale, John Eatwell.
p. cm.
Includes bibliographical references and index.
ISBN-13 978-0-19-516698-9
ISBN 0-19-516698-1
1. Financial services industry—Law and legislation. 2. Financial services industry—State
supervision. I. Dhumale, Rahul. II. Eatwell, John. III. Title.
K1066.A9154 2004
346'.082—dc22 2003064714
9 8 7 6 5 4 3 2 1
Printed in the United States of America
on acid-free paper
v
Preface
This book was written while all three of us were working at Cambridge
University (before Dhumale left for the Federal Reserve Bank of New
York). We were brought together under the aegis of a research project
entitled “A World Financial Authority,” directed by John Eatwell, of
Queens’ College, Cambridge, and Lance Taylor, of the New School for
Social Research, New York. We are very grateful to the Ford Foundation
for funding the project. We are also grateful to colleagues at the Centre
for Business Research at the University of Cambridge and at the Cambridge
Endowment for Research in Finance for the stimulating conversation
and the active dissension that helped hone our ideas. Although
most chapters have been separately drafted, we are collectively responsible
for them.
Over the past thirty years, innovation in international financial regulation
has followed on the coattails of financial crises, some of which have
resulted in significant losses in employment and reductions in standards
of living. We hope that the ideas in this book will contribute to the development
of a more robust financial architecture and build in preparation
for the financial storms that are a persistent feature of international financial
markets.
The views expressed in this book are entirely those of the authors and
should not be attributed in any manner to the Federal Reserve Bank of
New York or the Federal Reserve System.
Kern Alexander
Rahul Dhumale
John Eatwell
This page intentionally left blank
vii
Contents
Introduction 3
1. Managing Systemic Risk: The Rationale for
International Financial Regulation 14
2. Global Governance and International Standard Setting 34
3. The International Legal Framework for International Financial
Regulation 79
4. International Soft Law and the Formation of Binding
International Financial Regulation 134
5. Strengthening the Global Financial System through Institutional
and Legal Reform 155
6. Incentives versus Rules: Alternative Approaches to
International Financial Regulation 174
7. The Economics of Systemic Risk in International Settlements 184
8. A Microeconomic Examination of Financial Fragility:
A Test of Capital Adequacy Standards 201
9. Reforming the Basel Accord and the Use of Subordinated Debt:
Making Markets Work for the Regulator 227
10. Enhancing Corporate Governance for Financial Institutions:
The Role of International Standards 239
11. Summing Up and Conclusion: The New International Financial
Architecture—Promise or Threat? 251
Notes 273
References 293
Index 313
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