Please use this identifier to cite or link to this item:
Examining the Diffusion of Emerging Financial Regulatory Regimes: The Case of Regulatory Sandbox
|Keywords:||監理沙盒 ; 政策擴散 ; 監理網絡 ; 金融科技 ; 金融科技監理 |
Regulatory Sandbox ; Policy Diffusion ; Regulatory Network ; Fintech ; Fintech Regulation
|Issue Date:||2021-06-11 15:03:47 (UTC+8)|
In recent years, the rise of Fintech has introduced innovative financial services and has brought a significant impact on the existing financial regulatory frameworks. Financial regulators in different countries deal with the challenges in different ways: some adopt a ＂wait and see＂ strategy, in which they do not enact new regulatory institutions. Some countries take a more active approach through revision of laws, issuing new licenses, and adopting an experimental regulatory mechanism. Since the United Kingdom announced the financial regulatory sandbox in 2015, many countries followed and adopted regulatory experiments. Such efforts explore regulatory risk, review regulatory frontier, and assist innovative finance to grow in local markets. Regulatory sandbox is one of the emerging financial regulatory regimes that spread more effectively and have the most impacts in recent years. This paper explores the underlying reasons for countries adopting financial regulatory sandboxes by attempting to pinpoint the main factors that help diffuse this institution to different countries. This paper adopts quantitative analysis to examine variables concerning financial openness and competition in domestic markets, legal systems, and participation in global financial governance. The analysis intends to identify the common characteristics of countries that have adopted regulatory sandboxes. It also tries to examine whether linkage in international society can affect the decisions of regulatory agencies, in which it expects to confirm the mechanism of policy diffusion between countries. Through this examination, the result suggests that markets with low competition are more likely to implement regulatory sandbox; however, this type of legal system has no confirmed effect as of yet. In addition, certain international financial organizations serve as learning channels and information exchanges. The paper concludes that the development of sandbox regimes in recent years largely depends on the characteristics of domestic markets and connections between global financial regulators. Governmental agencies and non-governmental actors constitute a transnational regulatory network that carries out policy education, diffusion of policies, and consultation on decision making, which helped the diffusion of regulatory sandbox to various countries within a short period of time.
|Relation:||問題與研究, Vol.60, No.2, pp.1-58|
|Appears in Collections:||[法學院] 期刊論文|
Files in This Item:
All items in 學術集成 are protected by copyright, with all rights reserved.