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Global Crisis and Financial Regulations: Who Determines What? Cross-Country Analysis of China, Germany, Japan, UK, and USA
Moora, Mart
Moora, Mart
Abstract
By observing the economies of China, Germany, Japan, the United Kingdom and the United States, the article aims to study whether the economies are genuinely motivated to enhance global financial regulations. Throughout the Great Recession, the G20 nations have repeatedly declared that reforming international financial regulations is a prerequisite for stabilizing the global financial system. However, the reality often proves different, as the competing economies face challenges that contradict the national economic interests. A regulatory race to the bottom via global deregulatory pressures is one of the many examples. Thus, via conducting cross-country analysis, this paper aims to offer a more comprehensive depiction of whether the economic status quo incentivizes the creation of enhanced international financial regulations. In order to answer the question, five different case studies are conducted about the respective countries, which are preceded by an introduction and overall assessment of the economic conditions regarding the five particular economies. Lastly, a conclusion will be made discussing the variables identified from the case studies that could both contradict and support the sustainability of future global financial regulations.
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Economics
Political Science and Government, International financial regulations, economic policy, credit crisis, Great Recession, financial reform, international economics, financial architecture