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- DescriptionIt is often argued that international financial regulation has been substantially strengthened over the past decades through the international harmonization of financial regulation. There are, however, still frequent outbreaks of painful financial crises, including the recent 2008 global financial crisis. This raises doubts about the conventional claims of the strengthening of international financial regulation. This book provides an in-depth political ecomy study of the adoptions in Japan, Korea and Taiwan of the 1988 Basel Capital Accord, the w so-called Basel I, which has been at the center of international banking regulation over the past three decades, highlighting the domestic politics surrounding it. The book illustrates that, despite banks' formal compliance with the Accord in these countries, their compliance was often cosmetic due to extensive regulatory forbearance that allowed their real capital soundness to weaken. Domestic politics thus ultimately determined national implementations of the Accord. This book provides its vel invative study of the Accord through scores of interviews with bank regulators and analysis of various primary documents. It suggests that the actual effectiveness of international financial regulation relies ultimately on the domestic politics surrounding it. It implies as well that the past trend of international harmonization of financial regulation may be illusory, to at least some extent, in terms of its actual effectiveness. This book may interest t only political ecomists but also scholars working on the intersection of law, ecomics and institutions.
- Author BiographyHyoung-kyu Chey is Associate Professor of International Political Economy at National Graduate Institute for Policy Studies (GRIPS), Tokyo, Japan.
- Author(s)Hyoung-kyu Chey
- PublisherTaylor & Francis Ltd
- Date of Publication25/06/2015
- SubjectEconomics: Textbooks & Study Guides
- Place of PublicationLondon
- Country of PublicationUnited Kingdom
- Content Note17 black & white illustrations, 11 black & white tables, 17 black & white line drawings
- Weight340 g
- Width156 mm
- Height234 mm
- Spine12 mm
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