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Governing an Unknown Future: Discourses of Risk in the International Regulation of the Financial Services SectorMcKeen-Edwards, Heather January 2009 (has links)
<p> International financial regulation has increasingly focused on 'risk-based' management over the last decade. In general, risk is a term embodied with the notion of an uncertain future and a belief that the use of rational and calculative practices can reveal, measure, and manage these potential futures. This dissertation argues that at the macro level financial governance is permeated with a tension between two overarching discourses of risk-risk as an economic necessity and risk as a danger or threat. These two macro-discourses influence and/or legitimize various courses of action in a general way that in some respects is similar to the role played by ideas in other approaches. However these macro-discourses do not only guide the regulatory actors involved. By drawing out the links between these discourses and the performative risk practices they constitute, this dissertation reveals how risk discourses operate in an ongoing way through the practical implementation of regulatory strategies, which implicitly or explicitly play one macro-discourse off the other. Moreover, the risk practices created, which include mundane, routine, and highly technical activities, work to construct the everyday performance offinancial governance and the identities of those actors included and excluded from the system.</p> <p> To examine this relationship, the dissertation looks at the international governance efforts of three financial areas: banking capital adequacy requirements, reinsurance and collective investment schemes. In the process, it reveals that the focus on risk in regulation creates some generalities across the realm of financial governance, but also that the micro-practices, identities and power produced in each arena are distinctive. It argues that by interrogating the macro-discursive constructions of risk and the practices and identities constituted through them, key tensions are revealed which, at least in part, explain the structure and goals of international financial regulation.</p> / Thesis / Doctor of Philosophy (PhD)
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Governing International Securities Markets: IOSCO and the Politics of International Securities Market StandardsKempthorne, David 18 July 2013 (has links)
What explains the creation and strengthening of international securities market standards through the International Organization of Securities Commissions (IOSCO)? This thesis addresses this question by analyzing the creation and strengthening of four of IOSCO’s international securities market standards between 1991 and 2010 relating to the following issues: the governance of cross-border financial crime, the objectives and principles of domestic securities market regulation, the regulation of credit rating agencies, and the regulation of hedge funds.
This thesis argues that the creation and strengthening of these standards is derived from the role and influence of three different political actors: the transgovernmental network of securities market regulators, domestic legislatures, and states. The role and influence of these different political actors differs across issue areas and across time. To account for the differentiated sources of international securities market standards, this thesis proposes a Principal-Agent (PA) analytical framework. Domestic legislatures (the principal) delegate to securities regulators (the agent) the authority to oversee and regulate domestic securities markets by granting regulators specific forms of statutory authority. Exercising discretion within this act of delegation, domestic securities regulators act together in a transgovernmental network to create and strengthen international securities market standards. They are prompted to act by threats to the integrity and stability of developed financial centers from under-regulated or ineffectively regulated foreign financial centers, as well as by new policy preferences of domestic legislatures seeking to regulate previously unregulated financial market actors. Domestic legislatures also use multiple agents to ensure that agents act consistent with their policy preferences: their concerns about the costs of under-regulated foreign jurisdictions can generate direct pressure from states on international financial regulatory institutions to strengthen the implementation of international financial standards.
This thesis makes an empirical contribution to existing literature by analyzing previously understudied international securities market standards. This thesis also makes a theoretical contribution to both IPE literature and PA theory within International Organization (IO) literature. For IPE literature, this thesis establishes a theoretical framework that accounts for the differentiated role and influence of the transgovernmental network of securities market regulators, domestic legislatures, and states in the creation and strengthening of international securities market standards. For PA theory within IO literature, this thesis highlights the role of the principled professional interests of the transgovernmental network of securities market regulators in creating and strengthening international securities market standards.
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Governing International Securities Markets: IOSCO and the Politics of International Securities Market StandardsKempthorne, David 18 July 2013 (has links)
What explains the creation and strengthening of international securities market standards through the International Organization of Securities Commissions (IOSCO)? This thesis addresses this question by analyzing the creation and strengthening of four of IOSCO’s international securities market standards between 1991 and 2010 relating to the following issues: the governance of cross-border financial crime, the objectives and principles of domestic securities market regulation, the regulation of credit rating agencies, and the regulation of hedge funds.
This thesis argues that the creation and strengthening of these standards is derived from the role and influence of three different political actors: the transgovernmental network of securities market regulators, domestic legislatures, and states. The role and influence of these different political actors differs across issue areas and across time. To account for the differentiated sources of international securities market standards, this thesis proposes a Principal-Agent (PA) analytical framework. Domestic legislatures (the principal) delegate to securities regulators (the agent) the authority to oversee and regulate domestic securities markets by granting regulators specific forms of statutory authority. Exercising discretion within this act of delegation, domestic securities regulators act together in a transgovernmental network to create and strengthen international securities market standards. They are prompted to act by threats to the integrity and stability of developed financial centers from under-regulated or ineffectively regulated foreign financial centers, as well as by new policy preferences of domestic legislatures seeking to regulate previously unregulated financial market actors. Domestic legislatures also use multiple agents to ensure that agents act consistent with their policy preferences: their concerns about the costs of under-regulated foreign jurisdictions can generate direct pressure from states on international financial regulatory institutions to strengthen the implementation of international financial standards.
This thesis makes an empirical contribution to existing literature by analyzing previously understudied international securities market standards. This thesis also makes a theoretical contribution to both IPE literature and PA theory within International Organization (IO) literature. For IPE literature, this thesis establishes a theoretical framework that accounts for the differentiated role and influence of the transgovernmental network of securities market regulators, domestic legislatures, and states in the creation and strengthening of international securities market standards. For PA theory within IO literature, this thesis highlights the role of the principled professional interests of the transgovernmental network of securities market regulators in creating and strengthening international securities market standards.
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