By David Vogel, Robert A. Kagan
Critics of globalization declare that financial liberalization results in a reducing of regulatory criteria. As capital and firms circulation extra freely throughout nationwide obstacles, a race to the ground effects as governments are compelled to weaken hard work and environmental criteria to continue present contracts or allure new enterprise. The essays during this quantity argue that, to the contrary, below definite situations worldwide fiscal integration can truly result in the strengthening of client and environmental criteria. This quantity extends the argument of David Vogel's ebook buying and selling Up, which mentioned environmental criteria, by way of concentrating on the influence of globalization on hard work rights, women's rights and capital marketplace laws.
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Additional resources for Dynamics of Regulatory Change: How Globalization Affects National Regulatory Policies (Global, Area, & International Archive)
89 Negative externalities, however, have not been central to the definition of the problem for the dominant center. Market dominance in equities is central to how harmonization takes place. Key is the fact that the Securities and Exchange Commission (SEC) insists that any firm listing in the US must use USGAAP. Market power alone has led to harmonization in this area: if companies want to list on American stock exchanges, they must be willing to pay the one-time adjustment cost. Many firms have prepared their statements voluntarily in order to maximize their access to international capital.
Multilateral institutions exert political pressure Technical Assistance Sanctions Mem bership broad based, subject to expectations of non-compliance HARMONIZATIO N VIA CENTRALIZED PRESSURE High Dominant: pursue unilateralism Follow ers: adjust Minimal role for multilateral institutional arrangements Information provision Technical Assistance Focal Point legitimation Membership symbolic DECENTRALIZED HARM ONIZATION II. Low Dominant: pursue unilateralism Follow ers: resist M inimal role for multilateral institutional arrangements NO H ARM O NIZATIO N Low IV.
The bilateral accord between the two largest players immediately sparked intense negotiations among the G-10 to adopt a common approach to capital adequacy. 51 In December 1987, central bankers from the G-10 countries adopted guidelines for evaluating the adequacy of capital in their international banks and agreed to reach an established minimum level by 1992. By the end of 1993, internationally active G-10 banks had capital ratios that exceeded the prescribed minimum, often significantly. 53 Even more significant, a number of countries that did not participate in the G-10 process and have no obligation whatsoever to follow guidelines originating in Basel have voluntarily done so.