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With the advancing globalization of the world economy, domestic economic regulations are becoming more and more subject to efforts at international harmonization. This book presents an analysis of this worldwide phenomenon from both a legal and a politico-economic perspective by focusing on (1) the backgrounds and objectives of international harmonization, (2) the negotiating processes involved, and (3) the impact of harmonization on domestic laws and their administration. International harmonization is discussed in a wide range of cases including trade-related regulations, technical standards and food safety standards, intellectual property rights, labour standards, competition law and policy, financial regulations, and regulations concerning transnational economic crime. Drawing on a wide range of materials and applying a unified analytical framework based on theoretical as well as practical observations, the book surveys this much debated topic in a comprehensive and accessible way. It thus contributes to a better understanding of both the chances and the challenges of globalization and global governance today.
It 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 economy study of the adoptions in Japan, Korea and Taiwan of the 1988 Basel Capital Accord, the now 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 novel innovative 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 not only political economists but also scholars working on the intersection of law, economics and institutions.
It 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 economy study of the adoptions in Japan, Korea and Taiwan of the 1988 Basel Capital Accord, the now 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 novel innovative 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 not only political economists but also scholars working on the intersection of law, economics and institutions.
The main aim of this book is to assess the importance of international rules for foreign direct investment and the major challenges to international harmonization of those rules. Particular attention is paid to the most controversial and contentious issues with the view of appraising the prospects for establishing global rules. The book is divided into three parts; the first part includes papers assessing the role of national and international legislation with further distinction being made between bilateral, regional and multilateral legal frameworks. The second part addresses regulatory issues of technology transfer, labor, environment, subsidies and investment incentives, national security, public services and sovereign wealth funds. The final part looks at the experience of some international fora in addressing these issues and at some theoretical and conceptual problems of rule harmonization. The papers have been written by legal and economic scholars from leading universities.
Examining the regulation of technologies, this book explores how the drive to harmonize regulatory policies across the world is at odds with the increasingly diverse local settings in which they are implemented. The authors use a 'framings' approach that starts with the concerns and experiences of technology users and works 'upwards' in order to examine how best to improve regulation. The book centres around two in-depth case study topics: regulation of transgenic cotton seed and regulation of antibiotics, compared across situations in China and Argentina. The authors examine how high-level initiatives in regulatory harmonization and regulatory capacity building compare with national policies, day-to-day enforcement realities on the ground, and with the way poorer users experience these technologies. Through these studies the authors offer ways to rethink regulation in order to realign the power and politics at play and create more effective regulation for technology users around the world. Published in association with the Economic and Social Research Council (ESRC).
International Cooperation, Convergence and Harmonization of Pharmaceutical Regulations: A Global Perspective provides the current status of the complex and broad phenomenon of cooperation, convergence and harmonization in the pharmaceutical sector (Part I), thoroughly evaluates its added value and its critical parameters and influencing factors (Part II) in order to recommend actions and measures to support the next steps for cooperation, convergence and harmonization (Part III). All of these recommendations in the book support the establishment of a better coordinated global pharmaceutical system which represents the best realistic alternative to fulfill the objective to establish a global coalition of regulators and to respond to an increased demand to further cooperation in the pharmaceutical sector. This proposed framework, which leverages all of the ongoing positive cooperation initiatives and uses as foundations all of the numerous harmonization projects developed over the years, presents advantages for all stakeholders and would definitively have significant added value to the promotion and protection of global public health. The status of all major worldwide harmonization and cooperation initiatives (at bilateral, regional, and global levels) The value of cooperation in the pharmaceutical sector and the driving factors behind harmonization The proposition of a structure for the global pharmaceutical system and timely recommendations for enhancing international cooperation, as well as further discussion and policy changes in this area
In the globalizing economy, national policymakers are often forced to accept the challenge of financial integration. Faced with the potentially destabilizing effects of international financial markets, they have to strengthen financial regulation, importing international best practices and aligning domestic with foreign regulation, to avoid destabilizing phenomena of regulatory arbitrage. Jordan and Majnoni explore the main features of the ongoing process of worldwide financial regulatory convergence and the role played by the global dissemination of financial standards and codes. They analyze the reasons behind the generalized acceptance of international best practices and the limits of the standards and codes approach to financial regulatory harmonization.This paper - a joint product of the Financial Sector Operations and Policy Department and the Cofinancing and Project Finance Group, Legal Vice Presidency - is part of a larger effort in the Bank to study the impact of financial regulation on economic development.
Preface. 1. The World Scenario and the Approximation of Law. 2. Vehicles for the Harmonisation of Law. 3. Regionalisation and Standardisation of Law. 4. Regional Corporate Law Harmonisation: The EU and the Mercosur. 5. The Infrastructure of Capital. 6. The Phenomenon of Development: International and Regional Approaches to Banking and Financial Law. 7. Theories of the Company. 8. Corporate Governance. 9. International Legal Standards and the Inclusion of Emerging Countries in the Globalised Order: The Case Study of Brazil. 10. Conclusion: Legal Pluralism and the Creation of Standards within the Process of Globalisation¿Analytical Summary and Theoretical and Practical Implications. Bibliography.
This collection of more than two dozen papers delivered to a symposium on International Harmonization of Competition Laws examines the policies and practices of competition laws in major industrial jurisdictions and emerging industrialized economies such as the host country of the Symposium, the Republic of China on Taiwan. World class scholars and leading enforcement officials contributed to this volume, which examines the difficult issues of harmonizing competition laws. In addition to enhancing the scholarship on a topic of great current interest after the Uruguay Round of GATT talks, the book also systematically examines topical issues in competition laws. It thus not only offers policy analysis, but also provides useful discussions of national and regional competition laws. A useful tool on comparative competition laws, this volume should be of great interest to academics, practitioners and enforcement officials around the world.
Since the failure of the Havana Charter in 1947 till the success of the combined efforts of leading antitrust authorities against mighty Microsoft, the antitrust regime has witnessed several ups and downs. Auf jeden Fall the journey was not an easy one. Moreover now antitrust regime is standing at international crossroads and is wondering about its future direction. Today, at this crucial juncture the antitrust world is confronted with several dilemmas simultaneously. Choices are to be made between national welfare or global welfare, national autonomy or global regulations, the efficiency factor or the fairness view, national champions or global champions, collective efficiency or collective inefficiency, WTO or ICN, the US model or the EU model and so on. It is widely believed among experts that to overcome these dilemmas, the world needs some truly unified international antitrust framework, which would enable the international community to achieve optimal product mix incorporating the best from all options and through such optimal product mix the global community can enjoy to a large extent advantages that competition policy has to offer. In this direction I have examined the feasibility and viability of unifying international competition policy in this work. Additionally, as the title suggests I have listed out advantages and disadvantages of such moves. Efforts for harmonization of competition laws began as early as in 1948. Till date there are several binding and non-binding arrangements made in the direction of harmonization. The WTO and the EU for effective coordination in antitrust area have launched recently new initiatives. International Competition Network, a forum for active interaction among antitrust officials, even though non-binding in nature is doing considerably good work. I believe such confidence building initiatives among nations would help in arriving at some amicable solutions, agreeable to all nations. Chapter 8 focuses on various such initiatives taken in the direction of harmonization. In the concluding chapter, I elaborate further on need of having a unified antitrust regime under a contemporary scenario. Recommendations and views of experts are also presented. At the end I discuss my views about feasibility of having a truly unified antitrust regime in foreseeable future and other possible alternative measures that might help in achieving harmonization in future.