Skip to main content
Article thumbnail
Location of Repository

Governing global finance

By Jan Aart Scholte


This paper examines the regulation of global finance. It first identifies the forms and extents of contemporary financial globalization: that is, how monetarily denominated savings and investments now increasingly move in transworld spaces. A range of evidence is cited to indicate that finance has acquired a very substantial global character. The second section of the paper reviews the various institutional mechanisms that currently serve to govern global finance. This regulation is shown to be multilayered and diffuse: across local, national, regional and global levels; and across public and private sectors. The third section considers the effectiveness of present regulatory arrangements, with reference to criteria of efficiency, stability, social equity, ecological integrity and democracy. Current frameworks are found to be seriously wanting on all of these counts. Finally, the paper assesses future challenges and prospects in the governance of global finance. It is argued here that considerably more proactive and socially progressive public regulation of global finance is possible and desirable

Topics: HG, JZ
Publisher: University of Warwick. Centre for the Study of Globalisation and Regionalisation
Year: 2002
OAI identifier:

Suggested articles


  1. (eds) 1999: Offshore Finance Centres and Tax Havens: The Rise of Global Capital.
  2. (eds) 2000: Private Organisations in Global Politics. doi
  3. (2000). 1999: Another Record Year as Euroclear Market Share Shows Marked Increase’. Euroclear press release,
  4. 1999: G-24: The Developing Countries doi
  5. (2001). 2001a: ‘Central Bank Survey of Foreign Exchange and Derviatives Market Activity in
  6. (1998). 68 th Annual Report. Basle: Bank for International Settlements.
  7. (1995). A Framework for Voluntary Oversight of the OTC
  8. (1984). A History of the Eurobond Market: The First 21 Years.
  9. (2000). Annual Report doi
  10. (2001). Basle: Bank for International Settlements BIS 2001d: 71 st Annual Report. Basle: Bank for International Settlements.
  11. (2002). Civil Society and the Financing for Development Initiative at the United Nations. doi
  12. (2001). Democratising Globalisation: The Leverage of the Tobin Tax. doi
  13. (1993). Derivatives: Practices and Principles.
  14. (1995). Devising International Bank Supervisory Standards. London: Graham and Trotman.
  15. (2002). Gender and Global Finance. doi
  16. (2000). Global Finance at Risk: The Case for International Regulation. Cambridge/New York: doi
  17. (1998). Global Public Goods: Governing without Government? doi
  18. (1999). Global Transformations: Politics, Economics and Culture. doi
  19. (2000). Globalization: A Critical Introduction. doi
  20. (2000). Governing the Global Economy through Government Networks. doi
  21. (2001). Human Development Report doi
  22. (1994). International Banking Regulation. doi
  23. (1996). International Capital Market Statistics 1950-1995. Paris: Organization for Economic Cooperation and Development.
  24. (1993). International Financial Statistics Yearbook. doi
  25. (1994). International Securities Markets Regulation.
  26. (1992). Issues and Questions. In
  27. Klinkers (eds) 2001: Sustainable Banking: The Greening of Finance. Sheffield: Greenleaf/Deloitte and Touche. doi
  28. (1993). Negotiating Financial Openness: The Uruguay Round and Trade in Financial Services.
  29. (1994). Passing Judgement: Credit Rating Processes as Regulatory Mechanisms of Governance in the Emerging World Order’. doi
  30. (1994). Stateless Monies, Global Financial Integration and National Economic Autonomy: The End of Geography? In
  31. (1993). States, Markets and Regimes in Global Finance. doi
  32. (2000). The Challenge of Global Capitalism: The World Economy doi
  33. (2002). The Environmental Movement and Global Finance. doi
  34. The Global OTC Derivatives Market at End-June 2001’. Bank for International Settlements press release,
  35. (2001). The Globalization of World Politics. In
  36. (1999). The Lexus and the Olive Tree.
  37. (1999). Their Reform and Ours: The Balance of Forces and Economic Analysis that Inform a New Global Financial Architecture.
  38. (1999). Toward a New International Financial Architecture: A Practical PostAsia Agenda. doi
  39. (2002). Turbulent Waters: Cross-Border Finance and International Governance. doi

To submit an update or takedown request for this paper, please submit an Update/Correction/Removal Request.