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Reform of Global Financial Governance Regime Since 2008: Regulation, Institution, and Structure
|Keywords:||全球金融治理 ; 金融監管 ; 全球治理 ; 亞投行 |
Global Financial Governance ; Global Governance ; Financial Supervision ; AIIB
|Issue Date:||2020-11-16 13:42:17 (UTC+8)|
This paper examines the reform of global financial governance mechanism after the global financial crisis in 2008. The research argues that three different levels of reform could be identified in order to get a thorough understanding of the governance reform during the last ten years, i.e. regulatory level, institutional level, and structural level, each of which assumes different causes to the financial crisis and prescriptions to the problematic governance mechanism reform. Regulatory reform supporters called for tightening up banking and financial supervision by adopting macro-prudential policy guideline, whereas institutionalists suggested a plurilateral approach, which aims at expanding the governance network further to include the most possibly diversified actors. While both the regulatory and institutional reform views focused on improving the existing system, structural reform proponents laid emphasis on the fundamental structural relations that constructed global financial governance. Structural reformers argue that it was the underlying unequal power distribution that led to the unleashing of the potential dangers lying in the Washington consensus which caused severe damage after the financial crisis. The paper reviews the two stages of global financial mechanism reform after 2008 China using the analytical framework and found that the first reform stage focused mainly on regulatory and institutional reform, while the second stage was more structure-oriented.
|Relation:||問題與研究季刊, 58卷4期, 1-28|
|Appears in Collections:||[問題與研究 TSSCI] 期刊論文|
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