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Full Description
In the wake of the 2008 global financial crisis, the regulation of the world's enormous derivatives markets assumed center stage on the international public policy agenda. Critics argued that loose regulation had contributed to the momentous crisis, but lasting reform has been difficult to implement since. Despite the global importance of derivatives markets, they remain mysterious and obscure to many.
In Governing the World's Biggest Market, Eric Helleiner, Stefano Pagliari, and Irene Spagna have gathered an international cast of contributors to rectify this relative neglect. They examine how G20 governments have developed a coordinated international agenda to enhance control over these markets, which had been allowed to grow largely unchecked before the crisis. In analyzing this reform agenda, they advance three core arguments: first, the agenda to rein in these enormous markets has many limitations; second, the reform process has been plagued by delays, inconsistencies, and tensions that fragment the governance of these markets; and third, the politics driving the reforms have been extremely complicated.
An authoritative overview of how this vast system is governed, Governing the World's Biggest Market looks at how the goals, limitations, and outcomes of post-crisis initiatives to regulate these markets have been influenced by a complex combination of transnational, inter-state, and domestic political dynamics. Moreover, this volume emphasizes how crucial regulatory reform is to stabilizing the global economy long-term.
Contents
Preface
Contributors
Abbreviations
List of Illustrations
Introduction. Governing the World's Biggest Market: The Politics of Derivatives Regulation After the 2008 Crisis
Eric Helleiner, Stefano Pagliari and Irene Spagna
Chapter 1. Becoming the World's Biggest Market: OTC Derivatives Before the Global Financial Crisis of 2008
Irene Spagna
Chapter 2. Financial Regulatory Cooperation: Coordination of Derivatives Markets
Elliot Posner
Chapter 3. Global Markets, National Toolkits: Extraterritorial Derivatives Rulemaking in Response to the Global Financial Crisis
Matthew Gravelle and Stefano Pagliari
Chapter 4. Power Plays from the Fringe: East Asian Responses to Derivatives Regulatory Reform
Yu-wai Vic Li
Chapter 5. The Second Half: Interest Group Conflicts and Coalitions in the Implementation of the Dodd-Frank Act Derivatives Rules
Stefano Pagliari
Chapter 6. The Politics and Practices of Central Clearing in OTC Derivatives Markets
Erin Lockwood
Chapter 7. Positioning for Stronger Limits? The Politics of Regulating Commodity Derivatives Markets
Eric Helleiner
Chapter 8. A Web Without a Center: Fragmentation in the OTC Derivatives Trade Reporting System
Peter Knaack
