WAYS OF POST-CRISIS INTERSTATE FINANCIAL REGULATION SYSTEMS FORMING Cover Image

ШЛЯХИ ФОРМУВАННЯ ПОСТКРИЗОВИХ СИСТЕМ МІЖДЕРЖАВНОГО ФІНАНСОВОГО РЕГУЛЮВАННЯ
WAYS OF POST-CRISIS INTERSTATE FINANCIAL REGULATION SYSTEMS FORMING

Author(s): Volodymyr Lukyanov
Subject(s): Economy
Published by: Institute of Society Transformation
Keywords: international financial regulation; cross-border anti-crisis policy; The Financial Stability Board; financial markets; international financial centres

Summary/Abstract: Introduction. During the financial-economic crisis the world faced the problem of low coherence in financial markets and, as a result, ineffectiveness of present macroeconomic, monetary and financial regulators on national and international levels. Thus, a need of financial regulation paradigm improving has been brought up as a consequence of the crisis. Purpose. This article is devoted to the analysis of interstate financial centres forming and the regulatory role of the G-20 Summits strengthening in the post-crisis financial markets. Results. Swift financial globalization has been shaping new approaches to international markets both in developed, off-shore and transitive economies. The attempts to their regulation made by the IMF and the World Bank weren’t successful as the crisis of 2008-2009 has undoubtedly shown. In post-crisis period the main coordinator of international financial system reformation the G-20 has become. Nowadays the regulation of 24 world largest economies’ financial markets is a responsibility of the newly created the Financial Stability Board (FSB). It has to work out a system of early respond and prevention of crisis situations on international level. In 2010 G-20 has also proposed to form a complex mechanism of interstate financial regulation consisted of 11 institutions. Nevertheless, interstate financial regulation faces diverse challenges caused by national states interests’ contradictions and global nature of financial markets. Conclusion. Lately some positive changes have been reached on the path of interstate financial policy implementation by forming modern institutions of financial regulation. New international standards of financial regulation and control are introduced. At the same time it is impossible to evaluate an effectiveness of such interstate mechanisms as the complexity of their implementation on national level and the conflict of different states national monetary security priorities have not yet been outcome

  • Issue Year: 2013
  • Issue No: 03-04
  • Page Range: 17-19
  • Page Count: 3
  • Language: Ukrainian