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Full Description
This book focuses on recent financial market reforms, and their implications for social, economic and political exclusion. In particular it considers the hitherto under-researched question of whose interests govern the design of regulatory mechanisms and who influences the decision-making process. This process is set out as contested terrain, in which there are winners and losers, and in which there are inevitably circles of exclusion. The authors, comprising financial authority experts and academic specialists, expand the concept of exclusion beyond its typical social dimension to incorporate all actors, be they individuals or institutions not permitted to contribute to financial market regulation as a public good. As they point out, this may take the form of political, economic or indeed cultural exclusion. The book examines the conflicts that arise between various interests and how these are managed within the process of regulation. The book has a focus on political financial sector reforms at the global level with special emphasis on how these reforms are implemented in the EU. The authors conclude that financial governance has to be embedded in broad legitimization structures, encompassing the participation or representation of a variety of interests affected by it, if they are to be deemed democratically legitimate. Furthermore, inclusion also has to show substantive effects on governance outcomes.
This volume opens up the debate about the future of financial market regulation and hence, policy makers, NGOs, researchers and scholars will find this interdisciplinary book of great interest. It will also appeal to political scientists, economists, financial market participants, regulators and economic policy makers in general and academics of sociology, political science, economics and finance in particular.
Contents
Contents:
Preface
Peter Mooslechner, Helene Schuberth and Beat Weber
Financial Market Regulation and the Dynamics of Inclusion and Exclusion
Peter Mooslechner, Helene Schuberth and Beat Weber
PART I: THE THEORY OF FINANCIAL MARKET GOVERNANCE AND THE PROBLEM OF INCLUSION AND EXCLUSION
1. Theorizing Governance in a Global Financial System
Geoffrey R.D. Underhill
2. Political Economy Approach to Financial Reform
Susanne Lütz
3. Who Governs? Economic Governance Mechanisms and Financial Market Regulation
Brigitte Unger
PART II: CASE STUDIES
4. The Significance of Changes in Private-Sector Associational Activity in Global Finance for the Problem of Inclusion and Exclusion
Tony Porter
5. The Construction of the Single Market in Financial Services and the Politics of Inclusion and Exclusion
Beat Weber
6. Financial Education for the Poor in the United States
Martin Schürz
7. The Governance of OTC Derivatives Markets
Eleni Tsingou
8. Risks, Ratings and Regulation: Toward a Reorganization of Credit via Basel II?
Vanessa Redak
9. The Governance of Occupational Pension Funds and its Politico-Economic Implications: The Case of Austria
Stefan W. Schmitz
Index
