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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Financial law
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The Perils of International Regime Complexity in Shadow Banking (Hardcover)
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The Perils of International Regime Complexity in Shadow Banking (Hardcover)
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Despite the role of shadow banking in the building up of the 2008
international financial crisis, the massive size of this sector,
its cross-border nature, and the risks it entails for financial
stability, the post-crisis regulation of shadow banking has
remained rather feeble. Why? The Perils of International Regime
Complexity in Shadow Banking identifies a 'game of shadows', which
unfolded recursively concerning the definition, monitoring, and
regulation of shadow banking internationally. Thus, states,
regulators, and private actors tended to cast light away from
various parts of the shadow banking system - shadow banking was
(re)fined over time, its measurement was narrowed down, lessening
the (perceived) need for regulation. The playing out of such a game
was facilitated by the international architecture for shadow
banking governance, which is a 'regime complex' characterized by
the presence of multiple institutions and elemental regimes
governing a set of related issues. Indeed, shadow banking is a
quintessential case for demonstrating the perils of international
regime complexity, which magnifies problems that are endemic in
governing global finance - namely, interstate competition,
disagreement between technocratic bodies, and the power of the
financial industry - while splintering solutions, due to the
fragmentation of regulatory authority. Empirically, this book
examines various elemental regimes concerning different aspects of
shadow banking, namely: international standards for defining,
measuring, and monitoring global shadow banking; international
standards for shadow banking entities, including money market
funds, hedge funds, and investment funds; international standards
for shadow banking activities, such as securitization, securities
lending, and repos; international standards for bank capital
exposures to shadow banking.
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