In Search of the New Paradigm for Global Financial Governance
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As evidenced in the global financial crisis of the late 1990s, the world’s financial regulatory authorities have not succeeded in keeping pace with the financial innovation. The ongoing global financial crisis revealed fundamental weakness in the structure of financial regulation. The crises have shifted the focus in global and domestic policy debates back to the notion of market failure and government failure separately and integrally. In this regard, this paper attempts to answer the question of what should be the appropriate responses to global financial integration, and thus provide a new paradigm for global financial governance. Finally, this paper will draw from a few suggestions which may be of some use to those involved in restructuring regional financial governance in East Asia.
Abstract
As evidenced in the global financial crisis of the late 1990s, the world’s financial regulatory authorities have not succeeded in keeping pace with the financial innovation. The ongoing global financial crisis revealed fundamental weakness in the structure of financial regulation. The crises have shifted the focus in global and domestic policy debates back to the notion of market failure and government failure separately and integrally. In this regard, this paper attempts to answer the question of what should be the appropriate responses to global financial integration, and thus provide a new paradigm for global financial governance. Finally, this paper will draw from a few suggestions which may be of some use to those involved in restructuring regional financial governance in East Asia.
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