84.5 KB, PDF document
Available under license: CC BY-NC-ND
Research output: Contribution to conference - Without ISBN/ISSN › Conference paper
Research output: Contribution to conference - Without ISBN/ISSN › Conference paper
}
TY - CONF
T1 - Disembedding and Regulation : The Paradox of International Finance.
AU - Picciotto, Salomone
PY - 2009/2/6
Y1 - 2009/2/6
N2 - The financial crash of 2007-8 is the latest and greatest of the crises resulting from the process of `financialisation’ of the past 30 years. The breakdown of the Bretton Woods system in the early 1970s unleashed a process of liberalisation and internationalisation of finance, and a shift away from relationship-based to market-based finance, led by the UK and the US, acting in tandem as the dominant centres of global finance. Although often described as a period of deregulation, the disembedding of finance through liberalisation was accompanied by an enormous growth of formalised regulation. Although it has been generally reactive, and continually amended and reformed, regulation has mediated the processes through which the competitive and dynamic processes of change have been contested. The proliferation of regulation was national in focus, but it developed as an international process, through networks of regulators and specialists, who developed principles and standards, changing rapidly, usually under the impact of scandals and crises.
AB - The financial crash of 2007-8 is the latest and greatest of the crises resulting from the process of `financialisation’ of the past 30 years. The breakdown of the Bretton Woods system in the early 1970s unleashed a process of liberalisation and internationalisation of finance, and a shift away from relationship-based to market-based finance, led by the UK and the US, acting in tandem as the dominant centres of global finance. Although often described as a period of deregulation, the disembedding of finance through liberalisation was accompanied by an enormous growth of formalised regulation. Although it has been generally reactive, and continually amended and reformed, regulation has mediated the processes through which the competitive and dynamic processes of change have been contested. The proliferation of regulation was national in focus, but it developed as an international process, through networks of regulators and specialists, who developed principles and standards, changing rapidly, usually under the impact of scandals and crises.
KW - international financial market regulation crisis crash bank
M3 - Conference paper
T2 - The Social Embeddedness of Transnational Markets
Y2 - 5 February 2009 through 7 February 2009
ER -