| 저자 |
Ozgercin Kevin |
| 수록출판물 |
Megatrend Revija, Vol 11, Iss 1, Pp 5-40 (2014) |
| 발행처 |
University Dzon Nezbit, 2014. |
| 발행연도 |
2014 |
| 주제 |
Bank for International Settlements
(global) financial regulation
bank regulation
private authority
central banks
state-market relations
Economics as a science
HB71-74 |
| 언어 |
English
Serbian |
| ISSN |
1820-3159 |
| 데이터베이스 |
Directory of Open Access Journals |
| 초록 |
This article examines the creation of the Bank for International Settlements (BIS) during a period of international financial instability in the late 1920s. It challenges the conventional wisdom that the existence of private authority in the global financial system is a relatively recent phenomenon. While countless studies have detailed how globalization has caused a shift in power away from states toward markets, including what I call 'shared authority', this change is associated almost exclusively with structural changes in the distribution of power among states and between states and market actors since the 1970s. However, analysis of the founding of the BIS demonstrates quite clearly that prominent features of the international financial system in the late 1920s-- e.g., a high degree of institutionalization (and legitimacy) of private participation in global financial governance; a widespread belief in market-based solutions to financial market problems; the blurring of the line demarcating the public and private spheres of activity; and, finally, the influence of private norms on public norms-were also salient features of the global financial system in the early 21st Century. Thus, analysis of the BIS's founding offers important insights not only into different types of institutional innovation during times of systemic crisis, but also into patterns of state-market interaction in governing global finance. |
| 등록번호 |
edsdoj.117bfab618427e8bbbd8c05a80184b |
| 문서유형 |
article |
| 원문URL |
https://doaj.org/article/ce117bfab618427e8bbbd8c05a80184b |
