메뉴 건너뛰기




Volumn 18, Issue 1, 2012, Pages 44-61

Who Governs Finance? The Shifting Public-Private Divide in the Regulation of Derivatives, Rating Agencies and Hedge Funds

Author keywords

[No Author keywords available]

Indexed keywords


EID: 83655169831     PISSN: 13515993     EISSN: 14680386     Source Type: Journal    
DOI: 10.1111/j.1468-0386.2011.00585.x     Document Type: Article
Times cited : (82)

References (76)
  • 1
    • 84911188427 scopus 로고    scopus 로고
    • Crisis and the Reform of International Financial Regulation
    • Routledge, E. Helleiner, S. Pagliari and H. Zimmermann (eds)
    • For a review, see E. Helleiner and S. Pagliari, 'Crisis and the Reform of International Financial Regulation', in Routledge, E. Helleiner, S. Pagliari and H. Zimmermann (eds), Global Finance in Crisis. The Politics of International Regulatory Change (2009), 1-17.
    • (2009) Global Finance in Crisis. The Politics of International Regulatory Change , pp. 1-17
    • Helleiner, E.1    Pagliari, S.2
  • 2
    • 83655161712 scopus 로고    scopus 로고
    • Note
    • The regulatory initiatives described in this paper are updated to April 2010.
  • 6
    • 36748999998 scopus 로고    scopus 로고
    • Markets as Regulators: A Survey
    • ibid, 15-23. For self-regulation in securities markets, see S. Gadinis and H. E. Jackson, 'Markets as Regulators: A Survey', (2007) 80 Southern California Law Review 1239-1382.
    • (2007) Southern California Law Review , vol.80 , pp. 1239-1382
    • Gadinis, S.1    Jackson, H.E.2
  • 7
    • 0036101562 scopus 로고    scopus 로고
    • Market Discipline and Financial Stability
    • A. Crockett, 'Market Discipline and Financial Stability', (2002) 26 Journal of Banking and Finance 977-987.
    • (2002) Journal of Banking and Finance , vol.26 , pp. 977-987
    • Crockett, A.1
  • 9
    • 83655208473 scopus 로고    scopus 로고
    • Note
    • IOSCO, 'Operational and Financial Risk Management Control Mechanisms for Over-the-Counter Derivatives Activities of Regulated Securities Firms', (Technical Committee of the International Organization of Securities Commissions, 1994) Basel Committee on Banking Supervision, 'Risk Managements Guidelines for Derivatives', (Bank for International Settlements, 1994)
  • 12
    • 83655161708 scopus 로고    scopus 로고
    • FSF, Report of the Working Group on Highly Leveraged Institutions (Financial Stability Forum
    • FSF, Report of the Working Group on Highly Leveraged Institutions (Financial Stability Forum, 2000)
    • (2000)
  • 13
    • 83655161704 scopus 로고    scopus 로고
    • Mapping the Regulatory Debate on Hedge Funds: A Political Analysis
    • Financial Markets Group at the London School of Economics
    • For an analysis, see P. Robotti, 'Mapping the Regulatory Debate on Hedge Funds: A Political Analysis', FMG Discussion Paper (Financial Markets Group at the London School of Economics, 2006)
    • (2006) FMG Discussion Paper
    • Robotti, P.1
  • 14
    • 85194864674 scopus 로고    scopus 로고
    • Governing Global Financial Markets: International Responses to the Hedge Funds Problem
    • Princeton University Press, M. Khaler and D. Lake (eds)
    • B. Eichengreen, 'Governing Global Financial Markets: International Responses to the Hedge Funds Problem', in Princeton University Press, M. Khaler and D. Lake (eds), Governance in a Global Economy (2003), 168-198.
    • (2003) overnance in a Global Economy , pp. 168-198
    • Eichengreen, B.1
  • 15
    • 83655177436 scopus 로고    scopus 로고
    • Note
    • IOSCO, Code of Conduct Fundamentals for Credit Rating Agencies (Technical Committee of the International Organization of Securities Commissions, 2004).
  • 16
    • 83655161691 scopus 로고    scopus 로고
    • European Commission, 'Communication from the Commission on Credit Rating Agencies', 2006/C 59/02'
    • European Commission, 'Communication from the Commission on Credit Rating Agencies', 2006/C 59/02' (2006).
    • (2006)
  • 17
    • 27844585947 scopus 로고    scopus 로고
    • A Framework for Market Discipline in Bank Regulatory Design
    • For an example, see P. Hamalainen, et al., 'A Framework for Market Discipline in Bank Regulatory Design', (2005) 32 Journal of Business Finance & Accounting 183-209
    • (2005) Journal of Business Finance & Accounting , vol.32 , pp. 183-209
    • Hamalainen, P.1
  • 18
    • 84937190593 scopus 로고    scopus 로고
    • Increasing Global Financial Integrity: The Roles of Market Discipline, Regulation, and Supervision
    • L. H. Meyer, 'Increasing Global Financial Integrity: The Roles of Market Discipline, Regulation, and Supervision', (1999) 18 Cato Journal 345-354
    • (1999) Cato Journal , vol.18 , pp. 345-354
    • Meyer, L.H.1
  • 19
    • 0003719292 scopus 로고    scopus 로고
    • Using Subordinated Debt as an Instrument of Market Discipline
    • Staff Study No. 172 (Report of a Study Group on Subordinated Notes and Debentures. Board of Governors of the Federal Reserve System
    • M. Kwast, 'Using Subordinated Debt as an Instrument of Market Discipline', Staff Study No. 172 (Report of a Study Group on Subordinated Notes and Debentures. Board of Governors of the Federal Reserve System, 1999)
    • (1999)
    • Kwast, M.1
  • 23
    • 58949083305 scopus 로고    scopus 로고
    • How Can the Invisible Hand Strengthen Prudential Supervision? And how can prudential supervision strengthen the invisible hand?
    • MIT Press, V. Borio et al. (eds)
    • R. Herring, 'How Can the Invisible Hand Strengthen Prudential Supervision? And how can prudential supervision strengthen the invisible hand?', in MIT Press, V. Borio et al. (eds), Market Discipline Across Countries (2004).
    • (2004) Market Discipline Across Countries
    • Herring, R.1
  • 25
    • 83655208463 scopus 로고    scopus 로고
    • Market-Based Regulation and the Informational Content of Prices
    • For a review, see P. Bond, et al., 'Market-Based Regulation and the Informational Content of Prices', (2006) Federal Reserve Bank of Richmond Working Paper 06-12.
    • (2006) Federal Reserve Bank of Richmond Working Paper , pp. 06-12
    • Bond, P.1
  • 26
    • 83655208469 scopus 로고    scopus 로고
    • Note
    • For a review of the use of credit ratings in regulatory policies see Basel Committee on Banking Supervision and Joint Forum, Stocktaking on The Use of Credit Ratings (Bank for International Settlements, 2009).
  • 28
    • 78049391538 scopus 로고    scopus 로고
    • The Global Financial Crisis and the Disclosure Paradigm in European Financial Regulation: The Case for Reform
    • E. Avgouleas, 'The Global Financial Crisis and the Disclosure Paradigm in European Financial Regulation: The Case for Reform', (2009) 6 European Company and Financial Law Review 440-475.
    • (2009) European Company and Financial Law Review , vol.6 , pp. 440-475
    • Avgouleas, E.1
  • 30
    • 83655177428 scopus 로고    scopus 로고
    • Knowledge Politics in the Field of Global Finance? The Emergence of a Cognitive Approach in Banking Supervision
    • CSGR Working Paper No. 195/06
    • T. Strulik, 'Knowledge Politics in the Field of Global Finance? The Emergence of a Cognitive Approach in Banking Supervision', (2006) CSGR Working Paper No. 195/06
    • (2006)
    • Strulik, T.1
  • 33
    • 45849092283 scopus 로고    scopus 로고
    • Introduction: Reconceptualizing Regulation in the Era of Globalization
    • Oxford, S. Picciotto and D. Campbell (eds)
    • S. Picciotto, 'Introduction: Reconceptualizing Regulation in the Era of Globalization', in Oxford, S. Picciotto and D. Campbell (eds), New Directions in Regulatory Theory (2002)
    • (2002) New Directions in Regulatory Theory
    • Picciotto, S.1
  • 35
    • 0032870115 scopus 로고    scopus 로고
    • Harnessing Third Parties as Surrogate Regulators: Achieving Environmental Outcomes by Alternative Means
    • N. Gunningham, et al., 'Harnessing Third Parties as Surrogate Regulators: Achieving Environmental Outcomes by Alternative Means', (1999) 8 Business Strategy and the Environment 211-223.
    • (1999) Business Strategy and the Environment , vol.8 , pp. 211-223
    • Gunningham, N.1
  • 36
    • 83655214807 scopus 로고    scopus 로고
    • Policy Preferences in Financial Governance: Public-Private Dynamics and the Prevalence of Market-Based Arrangements in the Banking Industry
    • CSGR Working Paper No. 131/04
    • E. Tsingou, 'Policy Preferences in Financial Governance: Public-Private Dynamics and the Prevalence of Market-Based Arrangements in the Banking Industry', (2004) CSGR Working Paper No. 131/04.
    • (2004)
    • Tsingou, E.1
  • 37
    • 83655214810 scopus 로고    scopus 로고
    • The Significance of Changes in Private-Sector Associational Activity in Global Finance for the Problem of Inclusion and Exclusion
    • Edward Elgar, P. Mooslechner et al. (eds)
    • T. Porter, 'The Significance of Changes in Private-Sector Associational Activity in Global Finance for the Problem of Inclusion and Exclusion', in Edward Elgar, P. Mooslechner et al. (eds), The Political Economy of Financial Market Regulation. The Dynamics of Inclusion and Exclusion (2006).
    • (2006) The Political Economy of Financial Market Regulation. The Dynamics of Inclusion and Exclusion
    • Porter, T.1
  • 38
    • 27744557047 scopus 로고    scopus 로고
    • The Emergence of Global Administrative Law
    • B. Kingsbury, et al., 'The Emergence of Global Administrative Law', (2005) 15 Law and Contemporary Problems 15-61
    • (2005) Law and Contemporary Problems , vol.15 , pp. 15-61
    • Kingsbury, B.1
  • 41
    • 83655161702 scopus 로고    scopus 로고
    • FSF, Update of the FSF Report on Highly Leveraged Institutions (Financial Stability Forum
    • FSF, Update of the FSF Report on Highly Leveraged Institutions (Financial Stability Forum, 2007).
    • (2007)
  • 42
    • 43449095035 scopus 로고    scopus 로고
    • Setting the Rules: Private Power, Political Underpinnings, and Legitimacy in Global Monetary and Financial Governance
    • G. Underhill and X. Zhang, 'Setting the Rules: Private Power, Political Underpinnings, and Legitimacy in Global Monetary and Financial Governance', (2008) 84 International Affairs 535-554
    • (2008) International Affairs , vol.84 , pp. 535-554
    • Underhill, G.1    Zhang, X.2
  • 43
    • 0002415135 scopus 로고    scopus 로고
    • The Capital Myth: The Difference Between Trade in Widgets and Dollars
    • Foreign Affairs
    • J. Bhagwati, 'The Capital Myth: The Difference Between Trade in Widgets and Dollars', (1998) 77 Foreign Affairs 7-12.
    • (1998) , vol.77 , pp. 7-12
    • Bhagwati, J.1
  • 44
    • 83655177421 scopus 로고    scopus 로고
    • FSA, Turner Review: A Regulatory Response to The Global Banking Crisis (Financial Services Authority
    • FSA, Turner Review: A Regulatory Response to The Global Banking Crisis (Financial Services Authority, 2009)
    • (2009)
  • 46
    • 23944495431 scopus 로고    scopus 로고
    • Global Finance, Political Authority, and the Problem of Legitimation
    • Cambridge University Press, R. B. Hall and T. J. Biersteker (eds)
    • For an important exception, see L. W. Pauly, 'Global Finance, Political Authority, and the Problem of Legitimation', in Cambridge University Press, R. B. Hall and T. J. Biersteker (eds), The Emergence of Private Authority in Global Governance (2003), at 76-90
    • The Emergence of Private Authority in Global Governance , pp. 76-90
    • Pauly, L.W.1
  • 47
    • 33748475917 scopus 로고    scopus 로고
    • Private-Public Puzzles: Interfirm Competition and Transnational Private Regulation
    • D. Mügge, 'Private-Public Puzzles: Interfirm Competition and Transnational Private Regulation', (2006) 11 New Political Economy 177-200.
    • (2006) New Political Economy , vol.11 , pp. 177-200
    • Mügge, D.1
  • 48
    • 84911154395 scopus 로고    scopus 로고
    • The End of Self-Regulation? Hedge Funds and Derivatives in Global Financial Governance
    • Routledge, E. Helleiner, S. Pagliari and H. Zimmermann (eds)
    • E. Helleiner and S. Pagliari, 'The End of Self-Regulation? Hedge Funds and Derivatives in Global Financial Governance', in Routledge, E. Helleiner, S. Pagliari and H. Zimmermann (eds), Global Finance in Crisis. The Politics of International Regulatory Change (2009), at 74-90.
    • (2009) Global Finance in Crisis. The Politics of International Regulatory Change , pp. 74-90
    • Helleiner, E.1    Pagliari, S.2
  • 49
    • 83655208453 scopus 로고    scopus 로고
    • Note
    • A notable exception has been the Commodity Futures Trading Commission headed by Brooksley Born, who called for the regulation of OTC derivatives in 1999.
  • 50
    • 83655208454 scopus 로고    scopus 로고
    • Note
    • For an early warning, see PWG, Policy Statement on Financial Market Developments (President's Working Group on Financial Markets, 2008).
  • 51
    • 83655208462 scopus 로고    scopus 로고
    • Note
    • The correspondence between the NY Federal Reserve and the derivatives markets participants is available on the website of the New York Federal Reserve Bank: (last accessed 4 October 2011).
  • 53
    • 83655208452 scopus 로고    scopus 로고
    • Note
    • European Commission, Ensuring Efficient, Safe and Sound Derivatives Markets: Future Policy Actions. Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee, the Committee of the Regions, and the European Central Bank (European Commission, Internal Market and Services DG, 2009).
  • 54
    • 83655208451 scopus 로고    scopus 로고
    • Note
    • G20, Declaration of the Summit on Financial Markets and the World Economy (Washington, 15 November 2008)
  • 55
    • 84920537494 scopus 로고    scopus 로고
    • Reining in the Market: Global Governance and the Regulation of Derivatives
    • Routledge, D. H. Claes and C. H. Knutsen (eds)
    • E. Helleiner, 'Reining in the Market: Global Governance and the Regulation of Derivatives', in Routledge, D. H. Claes and C. H. Knutsen (eds), Governing the Global Economy (2011), 131-150.
    • (2011) Governing the Global Economy , pp. 131-150
    • Helleiner, E.1
  • 56
    • 83655214808 scopus 로고    scopus 로고
    • Note
    • G20, 'Leaders' Statement: The Pittsburgh Summit', (25 September 2009).
  • 57
    • 83655177420 scopus 로고    scopus 로고
    • Note
    • IOSCO, Code of Conduct Fundamentals for Credit Rating Agencies. Revised Version (Technical Committee of the International Organization of Securities Commissions, 2008).
  • 58
    • 83655208449 scopus 로고    scopus 로고
    • naugural Global Financial Services Centre Conference, 16 June 2008
    • C. McCreevy, Regulating in a Global Market (Inaugural Global Financial Services Centre Conference, 16 June 2008).
    • Regulating in a Global Market
    • McCreevy, C.1
  • 59
    • 83655177422 scopus 로고    scopus 로고
    • Note
    • European Commission, Commission Staff Working Document accompanying the Proposal for a Regulation of the European Parliament and of the Council on Credit Rating Agencies. Impact Assessment (Brussels, European Commission, 12 November 2008).
  • 60
    • 83655177423 scopus 로고    scopus 로고
    • Note
    • European Commission, Proposal for a Regulation of the European Parliament and of the Council on Credit Rating Agencies (Brussels, European Commission, 12 November 2008).
  • 61
    • 83655177416 scopus 로고    scopus 로고
    • Note
    • IOSCO, IOSCO Urges Greater International Coordination in the Oversight of Credit Rating Agencies (International Organization of Securities Commissions, 17 September 2008). See also IOSCO, IOSCO Announces Next Steps on Credit Rating Agencies (International Organization of Securities Commissions, 28 July 2008).
  • 62
    • 83655208448 scopus 로고    scopus 로고
    • Note
    • IOSCO, International Cooperation in Oversight of Credit Rating Agencies. Note. (Technical Committee of the International Organization of Securities Commissions, 12 March 2009).
  • 63
    • 83655161700 scopus 로고    scopus 로고
    • Note
    • European Commission, Proposal for a Regulation of the European Parliament and of the Council on Credit Rating Agencies (European Commission, 2008). For an analysis of this regulation
  • 64
    • 83655161690 scopus 로고    scopus 로고
    • Stress Before Consumption: A Proposal to Reform Agency Ratings
    • February 26-27
    • see S. P. Woo, 'Stress Before Consumption: A Proposal to Reform Agency Ratings', Paper Presented at the 8th WISH Conference, Angers (February 26-27, 2010).
    • (2010) Paper Presented at the 8th WISH Conference, Angers
    • Woo, S.P.1
  • 65
    • 83655214809 scopus 로고    scopus 로고
    • Note
    • FSB, 'Overview of Progress in Implementing the London Summit Recommendations for Strengthening Financial Stability. Report of the Financial Stability Board to G20 Leaders', (Financial Stability Board, 25 September 2009).
  • 66
    • 83655214806 scopus 로고    scopus 로고
    • Note
    • U.S. Treasury, Assistant Secretary for Financial Institutions Michael S. Barr. Written Testimony (Senate Committee on Banking, Housing, and Urban Affairs 5 August 2009).
  • 67
    • 83655161701 scopus 로고    scopus 로고
    • Note
    • European Commission, Consultation Document: Policy Options to Address the Problem of Excessive Reliance on Ratings (European Commission, 31 July 2008).
  • 68
    • 83655177411 scopus 로고    scopus 로고
    • Note
    • G20, 'Declaration on Strengthening the Financial System', (London, 2 April 2009).
  • 69
    • 83655177413 scopus 로고    scopus 로고
    • Note
    • 'International Economic Situation. Joint Declaration of M. Nicolas Sarkozy, President of the French Republic, M. Gordon Brown, British Prime Minister, Ms Angela Merkel, German Chancellor, M. Romano Prodi, Italian Prime Minister, and M. Jose Manuel Barroso, President of the European Commission', (29 January 2008).
  • 70
    • 83655161692 scopus 로고    scopus 로고
    • Note
    • PWG, PWG Announces Private Sector Groups to Address Market Issues for Private Pools of Capital (President's Working Group on Financial Markets, 25 September 2007).
  • 71
    • 83655208447 scopus 로고    scopus 로고
    • Note
    • AIMA, AIMA Position Paper on the European Commission's Draft Directive on Alternative Investment Fund Managers (Alternative Investment Managers, 9 October 2009).
  • 72
    • 83655161693 scopus 로고    scopus 로고
    • Note
    • Kinetic Partners, Press Release: UK Hedge Funds Uncommitted to Adopting Best Practice Standards (17 November 2008).
  • 73
    • 83655161697 scopus 로고    scopus 로고
    • Note
    • IOSCO, Hedge Funds Oversight: Final Report (Technical Committee of the International Organization of Securities Commissions, June 2009), 7.
  • 74
    • 83655214802 scopus 로고    scopus 로고
    • Note
    • European Commission, Proposal for a Directive of the European Parliament and of the Council on Alternative Investment Fund Managers (30 April 2009). European Commission (2009). Proposal for a Directive of the European Parliament and of the Council on Alternative Investment Fund Managers and amending Directives 2004/39/EC and 2009/. /EC April 30, 2009.
  • 75
    • 83655214796 scopus 로고    scopus 로고
    • president of the Managed Funds Association, quoted in Marcy Gordon, 'Hedge fund industry accepts Obama oversight plan, but seeks more details, assured privacy', (Associated Press, 31 March 2009)
    • Richard Baker, president of the Managed Funds Association, quoted in Marcy Gordon, 'Hedge fund industry accepts Obama oversight plan, but seeks more details, assured privacy', (Associated Press, 31 March 2009).
    • Baker, R.1
  • 76
    • 83655177412 scopus 로고    scopus 로고
    • Note
    • The Alternative Investment Fund Manager directive initially included a hard cap on leverage that has been in a second moment removed by the regulatory proposal.


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.