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Title: Liberalization and Rules on Regulation in the Field of Financial Services in Bilateral Trade and Regional Integration Agreements
Author(s): Dietrich, Diemo
Finke, Jasper
Tietje, Christian
Granting Institution: Martin-Luther-Universität Halle-Wittenberg
Issue Date: 2010-06
Type: Book
Language: German
Publisher: Institut für Wirtschaftsrecht
Abstract: The recent international financial crisis has sparked a fierce debate about its causes and about how to prevent a recurrence. As liberalization and deregulation were widely considered being among the major culprits, de -liberalization and re-regulation seemed a natural response. However, an economic appr oach to this issue does not support such black-and-white solutions. Although liberalizing financial services sectors may threaten a developing country’s financial stability in the short run, it also fosters long-run economic growth if sound legal and economic institutio ns are in place that can mitigate the adverse side-effects of liberalization. For achieving this objective, states need the policy space to implement such regulatory measures. Contrary to a wide-spread belief, states are not unduly hampered by bilateral or multilateral agreem ents. Instead, by providing a far-reaching exception concerning prudential regulation states can define their own regulatory approach. The challenge for developing countries thus is to install regulatory capacities.
Open Access: Open access publication
License: In CopyrightIn Copyright
Journal Title: Beiträge zum Transnationalen Wirtschaftsrecht
Volume: 97
Original Publication:
Appears in Collections:Open Monograph Press ULB

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