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By David Vogel, Robert A. Kagan
Critics of globalization declare that fiscal liberalization results in a reducing of regulatory criteria. As capital and firms circulation extra freely throughout nationwide limitations, a race to the ground effects as governments are compelled to weaken hard work and environmental criteria to continue present contracts or allure new company. The essays during this quantity argue that, to the contrary, lower than definite conditions international fiscal integration can really result in the strengthening of shopper and environmental criteria. This quantity extends the argument of David Vogel's ebook buying and selling Up, which mentioned environmental criteria, by way of targeting the influence of globalization on exertions rights, women's rights and capital marketplace rules.
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Extra info for Dynamics of Regulatory Change: How Globalization Affects National Regulatory Policies (Global, Area, & International Archive)
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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. 93 Harmonization in accounting standards for public offerings has been decentralized and market driven toward conformity with the rules of the dominant equities market.
60 The explicit adoption of these targets has been essential for establishing the credibility of national bank reforms. To assist in the promulgation of its standards in the region, the BIS opened its first Representative Office outside of its headquarters in Basel in July of 1998. No banking supervisor in the world has been able to speak of prudential regulations without reference to “international standards” which have spread from the initial US-UK agreement to the G10 to the EU to a number of emerging markets.
Simple market power is moving harmonization toward the dominant center’s preferred accounting approach. A multilateral accounting institution does exist, it does not explain harmonization in this area. Without much active American support, the IASC has provided the cover of multilateral legitimacy to mostly American standards. In doing so, they have provided a focal point that bears a close resemblance to SEC rules. Quadrant IV: Low negative externalities; low incentives to emulate: information sharing among securities regulators Internationalization of securities and related derivatives markets has made it nearly routine for advisers in one country to propose a trading strategy to a money manager in a second country which involves taking a position in a market in a third country, while offsetting it in a derivatives market in yet a fourth.