About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

LOG IN
LOG IN


16 Law & Fin. Mkt. Rev. 1 (2022)

handle is hein.journals/lawfinancmr16 and id is 1 raw text is: LAW AND FINANCIAL MARKETS REVIEW Routledge 2022, VOL. 16, NOS. 1-2, 1-19 https://doi.org/1 0.1080/17521440.2023.2204991 Taylor&Francis Group 8OPEN ACCESS Prospects for international financial deglobalisation and its potential impact on international financial regulation Iris H.-Y. Chiu Faculty of Laws, University College London, London, UK ABSTRACT ARTICLE HISTORY The prospects of deglobalisation have been discussed in relation to Received 8 November 2022 international trade and finance, and this article queries how recent Accepted 29 March 2023 geopolitical risks may affect the shape of international financial regulation. The article critically presents an examination of KEYWORDS international financial globalisation that has already been regulation; financialstability chequered for a long time, and argues that there is a strong board; deglobalisation; likelihood of no or incremental change to international financial financial globalisation; regulation due to the chequered nature of financial globalisation prudential regulation it already supports. However, international financial regulatory bodies can be affected if individual jurisdictions that are members of international organisations make more pronounced political responses. Although the network of experts underlying international financial regulation have technocratised issues to a significant extent, the politicisation of issues has always persisted. The article therefore addresses the potential for scenarios of more dramatic and turbulent change in international financial regulation and sketches the broad contours of such possibilities. A. Introduction The indefatigable globalisation of finance depicted in accounts such as the Ascent of Money' has become an assumed phenomenon for international financiers. Global inter- connectedness and financial mobility has also paved the way for the development of international financial regulation,2 especially in the aftermath of the global financial crisis where policy-makers sought coordinated and convergent regulatory solutions to common problems. In the wake of trade and economic disruptions caused by the public policy measures dealing with the covid-19 pandemic, debates have arisen3 as to whether a reversal of global economic interconnectedness and seamlessness is taking CONTACT Iris H.-Y. Chiu hse-yu.chiu@ucl.ac.uk - Faculty of Laws, University College London, Bentham House, Endsleigh Gardens, WC1H OEG, London, UK 'Niall Ferguson, The Ascent of Money: A Financial History of the World (Penguin 2008). 2Claudio Borio, Marc Farag and Nikola Tarashev, 'Post-crisis International Financial Regulatory Reforms: A Primer' (BIS Working Paper 2020) https://www.bis.org/publ/work859.htm. 3e.g. see Douglas Irwin, 'The pandemic adds momentum to the deglobalisation trend' (CEPR column, 5 May 2020) https:// voxeu.org/article/pandemic-adds-momentum-deglobalisation-trend but see Pol Antrhs, 'De-globalisation: Global Value Chains in the Post Covid-19 Age' (NBER Working Paper 2020) http://www.nber.org/papers/w28115. © 2023 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way. The terms on which this article has been published allow the posting of the Accepted Manuscript in a repository by the author(s) or with their consent.