The current phase of rankings began in 2003 with the launch of the Academic Rankings of World Universities. It reflected the intensification of globalization and global competition, and strengthening of an international higher education market. Global rankings were a game-changer, placing higher education within a wider comparative and international framework. As a result, they attracted the attention of policymakers and the academy around the world. The choice of indicators has defined what constitutes quality; the multi-annual publication has become a visible measure of global competitiveness and its increasing multi-polarity; the ‘Top 100’ has transformed ‘world-class’ into a strategy, a language and a topic of study. A profound transformation has occurred within higher education systems and institutions around the world. But perhaps one of the least examined aspects of rankings has been their influence in helping define and structure the academic and policy discourse about quality, performance and accountability. This chapter looks at the rise of rankings, and wider spill-over for conceptions of quality, performance and accountability. It considers the range of other tools being developed,and alternatives to rankings by governments, agencies, HE and others.
Ellen Hazelkorn and Andrew Gibson
Douglas W. Arner, Wai Yee Wan, Andrew Godwin, Wei Shen and Evan Gibson
Asian financial law is at a crossroads between sovereignty and regional integration. This Handbook discusses the conceptual framework of Asian financial law. Regulatory themes explored include financial regulatory models, bank resolution, securities markets’ networking arrangements, derivative regulations in Hong Kong and Singapore and the offshore Renminbi market. Financial integration focuses on ASEAN’s role in trade, securities market harmonization, bond markets and consumer dispute resolution. Convergence of depositor insurance and cross-border insolvency frameworks are discussed. Country studies examine China’s bank resolution framework and shadow banking system and Macau’s banking regulations. There is an analysis of laws pertaining to Indonesian banking, insolvency and taxation, Islamic banking and finance in Malaysia and New Zealand’s Twin Peaks model. FinTech regulation in Hong Kong and Japan is discussed as is venture capital in China and crowdfunding regulations in Taiwan. The Handbook concludes with an analysis of the impact of FinTech on regulatory convergence in Asia.