Development Economics and Structuralist Macroeconomics
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Development Economics and Structuralist Macroeconomics

Essays in Honor of Lance Taylor

Edited by Amitava Krishna Dutt

Lance Taylor is widely considered to be one of the pre-eminent development economists in the world and is known for his work on development planning, macroeconomics of development, stabilization policy, and the global economy. He has also been the major force behind structuralist economics, which is seen by many to be a major alternative to orthodox development economics and policy prescriptions. The essays in this volume, written by well-known scholars in their own right, make contributions to each of these areas while honoring the contributions made by Lance Taylor.
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Chapter 18: The challenges facing international financial regulation

John Eatwell


If the challenges facing international financial regulation today may be best identified through the device of a hypothetical WFA, then: what tasks should be performed by such an Authority? What should be the legal foundation of WFA action? How are the tasks to be performed? 360 The North, the South and globalization What Tasks should be Performed by a WFA? A national financial regulator performs five main tasks: authorization of market participants; the provision of information to enhance market transparency; surveillance to ensure that the regulatory code is obeyed; enforcement of the code and disciplining of transgressors; and the development of policy that keeps the regulatory code up to date (or at least not more than 10 metres behind the market in a 100 metre race). These are the tasks that now need to be performed at international level, ideally as if performed by a unitary WFA. For example, it is clear that criteria for authorization should be at the same high level throughout the international market: ensuring that a business is financially viable, that it has suitable regulatory compliance procedures in place, and that the staff of the firm are fit and proper persons to conduct a financial services business. If, in a liberal international financial environment, high standards are not uniformly maintained, then firms authorized in a less demanding jurisdiction can impose unwarranted risks on others, undermining high standards of authorization elsewhere. Similarly, as far as the information function is concerned, the failure to attain not only...

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