Over the past several decades, as the pace of globalization has
accelerated, operational issues of international coordination have
often been overlooked. For example, the global financial crisis
that began in 2007 is attributed, in part, to a lack of regulatory
oversight. As a result, supranational organizations, such as the
G-20, the World Bank, and the International Monetary Fund, have
prioritized strengthening of the international financial
architecture and providing opportunities for dialogue on national
policies, international co-operation, and international financial
institutions.
Prevailing characteristics of the global economic systems, such
as the increasing power of financial institutions, changes in the
structure of global production, decline in the authority of
nation-states over their national economy, and creation of global
institutional setting, e.g., global governance have created the
conditions for a naturally evolving process towards enabling
national epistemic communities to create institutions that comply
with global rules and regulations can control crises.
In this context, transfer of technical knowledge from the larger
organizations and its global epistemic communities to member
communities is becoming a policy tool to "convince" participants in
the international system to have similar ideas about which rules
will govern their mutual participation. In the realm of finance and
banking regulation, the primary focus is on transfer of specialized
and procedural knowledge in technical domains (such as accounting
procedures, payment systems, and corporate governance principles),
thereby promoting institutional learning at national and local
levels. In this volume, the authors provide in-depth analysis of
initiatives to demonstrate how this type of knowledge generated at
the international organization level, is codified into global
standards, and disseminated to members, particularly in the
developing world, where the legal and regulatory infrastructure is
often lacking.
They argue that despite the challenges, when a country intends to
join the global system, its institutions and economic structures
need to move toward the global norms. In so doing, they shed new
light on the dynamics of knowledge transfer, financial regulation,
economic development, with particular respect to supporting global
standards and avoiding future crises. "
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