World economy and international economic relations

Ways of post-crisis interstate financial regulation systems forming

Economic Annals-XXI

Economic Annals-XXI: Volume 127, Issue 3-4(1), Pages: 17-19

Citation information:
Lukyanov, V. (2013). Ways of post-crisis interstate financial regulation systems forming. Economic Annals-XXI, 3-4(1), 17-19. https://ea21journal.world/index.php/ea-v127-05/

View Full TextDownload PDF

Volodymyr Lukyanov
PhD (Economics),
Associate Professor,
D.Sc. Degree Seeker (Economics),
The National Academy of Management, Kyiv, Ukraine
lukyanovv@mail.ru

Ways of post-crisis interstate financial regulation systems forming

Abstract. Introduction. During the financial-economic crisis the world faced the problem of low coherence in financial markets and, as a result, ineffectiveness of present macroeconomic, monetary and financial regulators on national and international levels. Thus, a need of financial regulation paradigm improving has been brought up as a consequence of the crisis. Purpose. This article is devoted to the analysis of interstate financial centres forming and the regulatory role of the G-20 Summits strengthening in the post-crisis financial markets. Results. Swift financial globalization has been shaping new approaches to international markets both in developed, off-shore and transitive economies. The attempts to their regulation made by the IMF and the World Bank weren’t successful as the crisis of 2008-2009 has undoubtedly shown. In post-crisis period the main coordinator of international financial system reformation the G-20 has become. Nowadays the regulation of 24 world largest economies’ financial markets is a responsibility of the newly created the Financial Stability Board (FSB). It has to work out a system of early respond and prevention of crisis situations on international level. In 2010 G-20 has also proposed to form a complex mechanism of interstate financial regulation consisted of 11 institutions. Nevertheless, interstate financial regulation faces diverse challenges caused by national states interests’ contradictions and global nature of financial markets. Conclusion. Lately some positive changes have been reached on the path of interstate financial policy implementation by forming modern institutions of financial regulation. New international standards of financial regulation and control are introduced. At the same time it is impossible to evaluate an effectiveness of such interstate mechanisms as the complexity of their implementation on national level and the conflict of different states national monetary security priorities have not yet been outcome.

Keywords: International Financial Regulation; Cross-Border Anti-Crisis Policy; the Financial Stability Board; Financial Markets; International Financial Centres

JEL Classification: F30; F37; G15; G18

References

  1. Alekseyev, P. V. (2012). Actual issues of the financial centre forming in Russia. Finances and Credit, 40, 64-70 (in Russ.).
  2. Arbatova, N. (2012). Crisis and EU: political aspects. World Economy and International Relations, 11, 33-42 (in Russ.).
  3. Khudiakova, L. (2012). International financial centres in the multi-polar world. World Economy and International Relations, 1, 30-39 (in Russ.).
  4. Khudiakova, L. (2013). Post-crisis financial regulation on interstate level. World Economy and International Relations, 1, 3-14 (in Russ.).
  5. Outstanding financiers and modern practice (2011). Encyclopedia. Kyiv: UAFR (in Ukr.).
  6. Encyclopedia of financial ideas (2012). Kyiv: UAFR (in Ukr.).
  7. Kovalchuk, T. T., & Kovalchuk, N. P. (2012). Macroeconomic risks: classification features, measurement, ways of minimization. Kyiv: Knowledge (in Ukr.).
  8. Lukyanov, V. S. (2013). Modern Financial Markets. Kyiv: Knowledge (in Ukr.).
  9. Lukyanov, V. (2013). Modern financial economy: globalization part and civilization priorities. Banking Business, 1, 64-77 (in Ukr.).
  10. Smyslov, V. D. (2012). IMF reformation: problems and solutions. Money and Credit, 1, 36-43 (in Ukr.).
  11. Helleiner, E., Woods, N., & Griffith-Jones, S. (2010). The Financial Stability Board: An Effective Fourth Pillar of Global Economic Governance? (Special Report).
    Retrieved from http://www.cigionline.org/publications/2010/6/financial-stability-board-effective-fourth-pillar-global-economic-governance
  12. Wymeersch, E. (2010). Global and Regional Financial Regulation: the Viewpoint of a European Securities Regulator. Global Policy, 1(2), 189.
  13. Vestifinance (2013). News. Economics.
    Retrieved from http://www.vestifinance.ru/articles/2510

Received 20.01.2013

View Full TextDownload PDF
In, , , ,

More Papers