Reassessing Global Financial Governance Regime
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The globalization of finance has called for the integrated international regulation of financial organizations. At the same time, recent financial crises have raised a question of global governance as an agenda for rethinking the rules and norms that underpin the world order, because the current global governance agenda emphasizes the universalization of understanding of global governance based on the efficiency and effectiveness through one-size-fits-all formulas, in which democratic accountability and participation is a secondary variable. In order to restructure global governance toward a just new world order in the international finance, it needs to explore specific policy and regulatory options to national and international policy makers in devising patterns of regional and international cooperation. An important issue is how to enhance democracy, legitimacy, and accountability in the global financial regime dominated by the leading industrial states. This study attempts a reassessment of the dynamics of global financial governance through government networks focusing on the Basel Committee on Banking Supervision. In the context of an increasingly global economy, it acknowledges the rise of transgovernmental regulatory organizations in various areas and the achievements of these government networks. With the investigation of the transgovernmental theory in light of global governance, this study identifies the features of transgovernmental financial regulatory organizations More importantly, it attempts to point to problems with the networks. Further, a vision for governing the global economy through government networks is provided. Finally, it concludes with the remarks that the ongoing standard-setting process need to devise effective and legitimate international institutions in a world infused by democratic norms.
Abstract
The globalization of finance has called for the integrated international regulation of financial organizations. At the same time, recent financial crises have raised a question of global governance as an agenda for rethinking the rules and norms that underpin the world order, because the current global governance agenda emphasizes the universalization of understanding of global governance based on the efficiency and effectiveness through one-size-fits-all formulas, in which democratic accountability and participation is a secondary variable. In order to restructure global governance toward a just new world order in the international finance, it needs to explore specific policy and regulatory options to national and international policy makers in devising patterns of regional and international cooperation. An important issue is how to enhance democracy, legitimacy, and accountability in the global financial regime dominated by the leading industrial states. This study attempts a reassessment of the dynamics of global financial governance through government networks focusing on the Basel Committee on Banking Supervision. In the context of an increasingly global economy, it acknowledges the rise of transgovernmental regulatory organizations in various areas and the achievements of these government networks. With the investigation of the transgovernmental theory in light of global governance, this study identifies the features of transgovernmental financial regulatory organizations More importantly, it attempts to point to problems with the networks. Further, a vision for governing the global economy through government networks is provided. Finally, it concludes with the remarks that the ongoing standard-setting process need to devise effective and legitimate international institutions in a world infused by democratic norms.
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