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Institutional Structure of Financial Regulation: Theories and International Experiences (Routledge Research in Finance and Banking Law)

by Robin Hui Huang Dirk Schoenmaker

In light of on-going global financial crises, the institutional structure of financial regulation is currently a subject of significant academic and practical interest. The financial crisis has called into question the adequacy of financial regulation at the national and supranational levels, and has instigated financial regulatory reforms in major markets overseas. This has included the enactment of the Dodd-Frank Act in the US, and the programme to split the Financial Services Authority in the UK. This book examines the institutional structure reform of financial regulation from a comparative perspective, exploring both fundamental theories and international experiences. The book explores the three main institutional structures of financial regulation in the world; the sectors-based model, adopted in the US, Mainland China and Hong Kong; the twin-peaks model with Australia and the Netherlands as its pioneers; and the single-regulator model as represented by the former Financial Services Authority in the UK and the Financial Services Agency in Japan. The book contains contributions from renowned experts in the field of financial regulation including Douglas Arner, Jeffrey Carmichael, Robin Hui Huang, Dirk Schoenmaker, and Michael Taylor, and will be of interest to students and researchers of banking and finance law, and comparative economics.

The Institutional Structure of Macroprudential Policy in the UK (Studies in European Economic Law and Regulation #26)

by Kosmas Kaprinis

Macroprudential policy (MPP) has been one of the major initiatives in the post-2008 crisis restructuring of financial regulation. Under the macroprudential mandate, the regulator monitors and judiciously controls systemic risk in the financial system, in an attempt to minimise the probability and severity of a future financial crisis. The book reveals why MPP authorities are rightfully at the centre of a highly sensitive policy debate, as MPP necessitates the allocation of significant regulatory power to technocrats, while the highly technical nature of MPP makes policy evaluation challenging. Specific issues examined include: the importance of financial stability as a public policy goal; the political economy issues stemming from the delegation of MPP to an independent authority; and the definition of accountability in the context of MPP. Focusing on a case study on the Financial Policy Committee of the Bank of England, the macroprudential authority in the UK, the book develops the normative grounds to justify the need for accountability in the conduct of MPP, while also formulating the necessary institutional framework to ensure the accountability of MPP authorities.

The Institutional Theory of the Firm: Embedded Autonomy (Routledge Studies in Management, Organizations and Society)

by Alexander Styhre

The Institutional Theory of the Firm examines recent and previous organization theory literature to advocate what Evans (1995) refers to as the "embedded autonomy" of the firm, as well as its role in being simultaneously anchored in, for example, corporate legislation and regulatory practices on the national, regional (i.e., within the European Union) and transnational levels, while at the same time being granted the right to operate with significant degrees of freedom within this legal-regulatory model. Seen in this view, the embedded autonomy of the corporation represents a theoretical view of the corporation that complements the market-based image of the corporation in economic theory. When advocating the institutional theory model, three forms of embedded autonomy are examined. First, the corporation is enacted as a legal entity sui juris—as a freestanding "legal person" in corporate law and within the regulatory framework that serves to enforce legislation in everyday life settings. Second, the corporation is embedded within what social theorists refer to as moral economies, the norms and values that regulate what are the socially acceptable and legitimate means for conducting business. Third and finally, the corporation is embedded in governance, a relatively complex economic concept that denotes legal and regulatory control on the societal and economic system levels, and on the level of the individual corporation. By combining the three forms of embeddedness, sanctioned by law, norms, and governance, the embedded autonomy of the firm is secured on the basis of a variety of social practices and resources. This book brings together a diverse literature including management studies, economic sociology, legal theory, finance theory, and mainstream economic theory to advance the argument that the corporation is best understood as what is embedded in a social and economic context, yet best serving its defined and stipulated ends by assuming considerable degrees of freedom to operate in isolation from various stakeholders. It will be of relevance for a variety of readers, including graduate students, management scholars, policy-makers, and management consultants interested in organization theory and management studies.

The Institutional Theory of the Firm: Embedded Autonomy (Routledge Studies in Management, Organizations and Society)

by Alexander Styhre

The Institutional Theory of the Firm examines recent and previous organization theory literature to advocate what Evans (1995) refers to as the "embedded autonomy" of the firm, as well as its role in being simultaneously anchored in, for example, corporate legislation and regulatory practices on the national, regional (i.e., within the European Union) and transnational levels, while at the same time being granted the right to operate with significant degrees of freedom within this legal-regulatory model. Seen in this view, the embedded autonomy of the corporation represents a theoretical view of the corporation that complements the market-based image of the corporation in economic theory. When advocating the institutional theory model, three forms of embedded autonomy are examined. First, the corporation is enacted as a legal entity sui juris—as a freestanding "legal person" in corporate law and within the regulatory framework that serves to enforce legislation in everyday life settings. Second, the corporation is embedded within what social theorists refer to as moral economies, the norms and values that regulate what are the socially acceptable and legitimate means for conducting business. Third and finally, the corporation is embedded in governance, a relatively complex economic concept that denotes legal and regulatory control on the societal and economic system levels, and on the level of the individual corporation. By combining the three forms of embeddedness, sanctioned by law, norms, and governance, the embedded autonomy of the firm is secured on the basis of a variety of social practices and resources. This book brings together a diverse literature including management studies, economic sociology, legal theory, finance theory, and mainstream economic theory to advance the argument that the corporation is best understood as what is embedded in a social and economic context, yet best serving its defined and stipulated ends by assuming considerable degrees of freedom to operate in isolation from various stakeholders. It will be of relevance for a variety of readers, including graduate students, management scholars, policy-makers, and management consultants interested in organization theory and management studies.

The Institutional Transformation of the Economic Community of West African States

by Kofi Oteng Kufuor

This book examines regional economic integration in West Africa within the context of the institutional evolution of the Economic Community of West African States (ECOWAS). It uses the tools of the New Institutional Economics School (NIE) to explore the origins and development of the most recent ECOWAS Treaty. Particular attention is given to the interface between domestic legal arrangements and the success of open markets at the regional and international levels.

The Institutional Transformation of the Economic Community of West African States

by Kofi Oteng Kufuor

This book examines regional economic integration in West Africa within the context of the institutional evolution of the Economic Community of West African States (ECOWAS). It uses the tools of the New Institutional Economics School (NIE) to explore the origins and development of the most recent ECOWAS Treaty. Particular attention is given to the interface between domestic legal arrangements and the success of open markets at the regional and international levels.

The Institutional Veil in Public International Law: International Organisations and the Law of Treaties (Hart Monographs in Transnational and International Law)

by Catherine Brölmann

This book deals with the nature of international organisations and the tension between their legal nature and the system of classic, state-based international law. This tension is important in theory and practice, particularly when organisations are brought under the rule of international law and have to be conceptualised as legal subjects, for example in the context of accountability. The position of organisations is complicated by what the author terms 'the institutional veil', comparable to the corporate veil found in corporate law. The book focuses on the law of treaties, as this pre-eminently 'horizontal' branch of international law brings out the problem particularly clearly. The first part of the book addresses the legal phenomenon of international organisations, their legal features as independent concepts, the history of international organisations and of legal thought in respect of them, and the development of contemporary law on international organisations. The second part deals with the practice of international organisations and treaty-making. It discusses treaty-making practice within organisations, judicial practice in interpretation of organisations' constitutive treaties, and the practice of treaty-making by organisations. The third and final part analyses the process by which international organisations have been brought under the rule of the written law of treaties, offering a practical application of the conceptual framework as previously set out. Part three is at the same time an analytic overview of the drafting history of the 1986 Vienna Convention on the Law of Treaties between States and International Organizations or between International Organizations. This is a profound and penetrating examination of the character of international organisations and their place in international law, and will be an important source for anyone interested in the future role of organisations in the international legal system.

Institutionalisation beyond the Nation State: Transatlantic Relations: Data, Privacy and Trade Law (Studies in European Economic Law and Regulation #10)

by Elaine Fahey

This volume collects papers that explore institutionalisation in contemporary transatlantic relations. Policymakers, lawyers, and political scientists reflect on contemporary understandings of the process as an integration of regimes and orders from an EU perspective. The papers assess whether contemporary transatlantic relations call for a different approach to global governance with a heightened emphasis on institutionalisation. The book explores a diverse range of case studies of interest to a broad readership. In particular, it focuses upon two cutting-edge issues: transatlantic data privacy rules that are emerging after the post-Edward Snowdon / NSA / PRISM revelations; and trade aspects, especially the Transatlantic Trade and Investment Partnership (TTIP) Agreement. The contributors consider these case studies from a variety of perspectives, honing in on the dynamism, method, and high politics of transatlantic relations as they have recently evolved. They critically explore the commonly held assumption that transatlantic relations have historically been considered quasi-institutionalised at best or, at worst, lacking in terms of laws and institutions. Is institutionalisation a useful meeting point for all disciplines? Does it explain regional integration meaningfully across subjects? Can institutionalisation serve to promote accountability and good governance? Contributors across disciplines and subjects address these increasingly challenging and salient questions.

Institutionalising Patents in Nineteenth-Century Spain (Palgrave Studies in Economic History)

by David Pretel

This book examines the development of the Spanish patent system in the years 1826 to 1902, providing a fundamental reassessment of its evolution in an international context. The Spanish case is particularly interesting because of this country’s location on the so-called European periphery and also because of the centrality of its colonial dimension. Pretel gauges the political regulation and organisation of the system, showing how it was established and how it evolved following international patterns of technological globalisation and the emergence of the ‘international patent system’ during the late nineteenth century. Crucially, he highlights the construction and evolution of the patent system in response to the needs of Spain's technologically dependent economy. The degree of industrial backwardness in mid-nineteenth-century Spain set the stage for the institutionalisation of its modern patent system. This institutionalisation process also entailed the introduction of a new technological culture, social infrastructure and narrative that supported intellectual property rights. This book is important reading to all those interested in the history of patents and their role in globalisation.

The Institutionalization of the International Criminal Court

by Salla Huikuri

This book explores the institution of the International Criminal Court (ICC) as a policy instrument. It argues that after the Cold War the European Union started challenging the unilateral policies of the United States by promoting new norms and institutions, such as the ICC. This development flies in the face of traditional explanations for cooperation, which would theorize institutionalization as the result of hegemonic preponderance, rational calculations or common identities. The book explains the dynamics behind the emergence of the ICC with a novel theoretical concept of normative binding. Normative binding is a strategy that provides middle powers with the means to tie down the unilateral policies of powerful actors that prefer not to cooperate. The idea is to promote new multilateral norms and deposit them in institutions, which have the potential to become binding even on unilateralist actors, if the majority of states adhere to them.

The Institutionalization of the International Criminal Court

by Salla Huikuri

This book explores the institution of the International Criminal Court (ICC) as a policy instrument. It argues that after the Cold War the European Union started challenging the unilateral policies of the United States by promoting new norms and institutions, such as the ICC. This development flies in the face of traditional explanations for cooperation, which would theorize institutionalization as the result of hegemonic preponderance, rational calculations or common identities. The book explains the dynamics behind the emergence of the ICC with a novel theoretical concept of normative binding. Normative binding is a strategy that provides middle powers with the means to tie down the unilateral policies of powerful actors that prefer not to cooperate. The idea is to promote new multilateral norms and deposit them in institutions, which have the potential to become binding even on unilateralist actors, if the majority of states adhere to them.

Institutionalizing Illness Narratives: Discourses on Fever and Care from Southern India

by Mathew George

This book is an ethnographic work that uses a critical medical anthropology approach to examine the concept of fever care in the context of southern India. Through a study of fevers, the study provides a critical overview to medical practice itself, as it is said that the history of fevers is also the history of medicine. This association between fevers and medicine is as relevant today, as this in-depth study of fever care reveals. Acknowledging the central role of health institutions in creating and propagating notions about illness in society, the author examines fever care through a study of hospitals. The study examines various discourses on fevers prevalent in the southern state of Kerala, which influence policy and programmatic dimensions of the state health services system. Fever care implies those aspects related to provisioning and cost involved among public and private sector hospitals. A second and more important dimension of this book is a critique of the culture of biomedical practice, informed by the social constructivist framework and approaches in the field of science studies. Overall, the book studies the processes by which physical symptoms like fever are treated as epidemics to be controlled, and are therefore brought within a biomedical system, thereby opening up options for commercialization of care.

Institutionalizing Restorative Justice

by Ivo Aertsen Tom Daems Luc Robert

This new book aims to explore the key issues and debates surrounding the question of the incorporation and institutionalisation of restorative justice within existing penal and criminal justice systems, an increasingly pressing issue given the rapid spread of restorative justice worldwide at both national and international levels. In doing so it aims to build bridges between those concerned with the practical institutionalisation of restorative justice on the one hand, and those engaged in more theoretical aspects of penal development and analysis on the other. It offers conceptual tools and a theoretical framework to help make sense of these developments, reflecting expertise drawn from analysis of developments in Europe, North America and Australasia.

Institutionalizing State Responsibility: Global Security and UN Organs (Oxford Monographs in International Law)

by Vincent-Joël Proulx

Since the 9/11 attacks, international organizations have become actively engaged in devising counterterrorism strategies and frameworks. This monograph examines the role UN organs can play in implementing the law of State responsibility in global security contexts, using transnational terrorism as its principal case study. The institutional mechanisms utilized by the UN in implementing State responsibility are assessed in detail, shedding light on how the ICJ, the General Assembly and the Security Council contribute to the implementation of State responsibility in the context of global security. By acknowledging the Security Council's role as a post-9/11 legislator, this book argues that the Council can play an important and sometimes determinant role in implementing a State's legal responsibility for failing to prevent terrorism, both inside and outside the Chapter VII framework. Featuring a discussion of the more controversial consequences flowing from State responsibility, this monograph also explores the prospect of injured States adopting forcible measures against responsible States for their failures to prevent terrorism. The book investigates whether self-defence and other forcible reactions, envisaged both inside and outside the Council, can be reconciled with State responsibility principles.

Institutionalizing State Responsibility: Global Security and UN Organs (Oxford Monographs in International Law)

by Vincent-Joël Proulx

Since the 9/11 attacks, international organizations have become actively engaged in devising counterterrorism strategies and frameworks. This monograph examines the role UN organs can play in implementing the law of State responsibility in global security contexts, using transnational terrorism as its principal case study. The institutional mechanisms utilized by the UN in implementing State responsibility are assessed in detail, shedding light on how the ICJ, the General Assembly and the Security Council contribute to the implementation of State responsibility in the context of global security. By acknowledging the Security Council's role as a post-9/11 legislator, this book argues that the Council can play an important and sometimes determinant role in implementing a State's legal responsibility for failing to prevent terrorism, both inside and outside the Chapter VII framework. Featuring a discussion of the more controversial consequences flowing from State responsibility, this monograph also explores the prospect of injured States adopting forcible measures against responsible States for their failures to prevent terrorism. The book investigates whether self-defence and other forcible reactions, envisaged both inside and outside the Council, can be reconciled with State responsibility principles.

Institutionalizing the Just War

by Allen Buchanan

Institutionalizing the Just War offers a new approach to thinking about the ethics of large-scale armed conflict. Allen Buchanan takes a unique approach to just war theory, arguing that theories that are content with articulating abstract moral norms specifying right acts of war-making, provide too little guidance for responding to the real world moral problems of war. Buchanan here instead takes an institutional approach, combining moral analysis with data on how institutions are designed, and providing concrete proposals for morally progressive innovations at the institutional level. Buchanan's institutional approach in this book - which is based on the revision of previously published essays -- is singular and will be of great interest not just to scholars of just war theory, but anyone interested in the morality of war within political science, political philosophy, philosophy of international law, and public policy.

Institutionalizing the Just War

by Allen Buchanan

Institutionalizing the Just War offers a new approach to thinking about the ethics of large-scale armed conflict. Allen Buchanan takes a unique approach to just war theory, arguing that theories that are content with articulating abstract moral norms specifying right acts of war-making, provide too little guidance for responding to the real world moral problems of war. Buchanan here instead takes an institutional approach, combining moral analysis with data on how institutions are designed, and providing concrete proposals for morally progressive innovations at the institutional level. Buchanan's institutional approach in this book - which is based on the revision of previously published essays -- is singular and will be of great interest not just to scholars of just war theory, but anyone interested in the morality of war within political science, political philosophy, philosophy of international law, and public policy.

Institutionelle Arrangements in der Umweltpolitik: Zukunftsfähigkeit durch innovative Verfahrenskombinationen?

by Volker Prittwitz

Der Band untersucht Formen und Wirkungen institutioneller Arrangements. Welche Formen können sie annehmen und was leisten sie nach dem Kriterium der Zukunftsfähigkeit bzw. Nachhaltigkeit? Zu diesen Fragen liefert der insbesondere auf Umweltpolitik bezogene Band eine Fülle von Überlegungen und Materialien.

Institutionelle Korruption und Arzneimittelvertrieb

by Ralf Kölbel

Dieses Buch untersucht Korruption und korruptionsnahe Erscheinungsformen im Bereich des Pharmamarketings und Arzneimittelvertriebs. Dabei geht es insbesondere der Frage nach, ob die zunehmende Kriminalisierung und/oder die Ausbreitung von Compliance Management Systemen zu substanziellen Veränderungen und „Konformitätsgewinnen" geführt haben. Auf der Grundlage einer qualitativen Interviewstudie und ergänzender empirischer Erhebungen wird gezeigt, dass und warum diese fortschreitende (Selbst-)Regulierung bereichsweise zu formaler Regeleinhaltung im Pharmavertrieb beiträgt, ohne aber die Herstellung und Nutzung problematischer Interessenkonflikte grundlegend einzudämmen. Vielmehr besteht eine spezifische „institutionelle Korruption“ fort. Die dafür maßgeblichen Einzelausprägungen werden im Detail analysiert.

Institutions and Investments: Foreign Direct Investment in China during an Era of Reforms (Studies In International Economics)

by Jun Fu

As China continues to be heralded as a rising economic power, the need for an understanding of its institutional effects--such as investment-related policies, regulations, and laws--on foreign direct investment increases as well. Institutions and Investments employs interdisciplinary perspectives from economics, business, law, and political science to shed light on the interaction between institutional changes and investment patterns and to form a clear picture of investment behavior as China's legal and regulatory infrastructure has developed over the reform years. Organized into three main parts, the book first discusses the evolution and nature of China's FDI regulatory framework. Part 2 examines the various modes and variant patterns of FDI in China in the reform years. Part 3's central task is to demonstrate a systematic link between institutional changes in China's FDI regulatory framework and the changing patterns of FDI. In conclusion, Jun Fu finds that China has made substantial progress from a command economy to a market system, but that it still has a long way to go before it truly attains a transparent and rule-based system. This book adds new dimensions to the scholarship on China as a growing economic power and will be of particular interest to international economists, political scientists, and business scholars studying China. Jun Fu is Associate Professor in the School of Economics and Management, Tsinghua University.

Institutions, Entrepreneurs, and American Economic History: How the Farmers’ Loan and Trust Company Shaped the Laws of Business from 1822 to 1929

by B. Hansen

This book examines the history of the first trust company, the Farmers Loan and Trust, and its influence on the evolution of corporate law, regulation, and taxation.

Institutions, Ideas and Leadership in Russian Politics (St Antony's Series)

by Julie Newton William Tompson

A stimulating and thought-provoking collection that challenges some of the emerging conventional wisdom about contemporary Russia. It examines the role of leadership, institutions and ideas, and the interactions among them, in shaping Russia's post-Soviet transformation.

The Institutions of Private Law and Their Social Functions

by Eli Ginzberg

In the English-speaking world, Karl Renner is by far the best-known among the Austro-Marxists who were active in the Austrian socialist movement during the first few decades of the twentieth century. Recognition of Renner's scholarship is due largely to the English translations of his works on Marxism, as well as to the secondary writings on his notions of socialist legality and national cultural autonomy.Renner has for over half a century been celebrated for the only book of his that has, to date, been wholly translated into English. It remains the classic socialist attempt to off er a realistic understanding of the role of the legal institution of private property in modern society: The Institutions of Private Law and Their Social Functions. In his introduction to this edition, A. Javier Trevii?1/2o discusses the volume's relevance for today, and briefly describes that aspect of Renner's life that occupied most of this time and energy: his involvement in Austrian social democratic politics.The substance of Renner's exposition remains intact. The text provides one of the best insights into the relationship between capitalism and property's economic functions. It emphasizes how this fundamental institution's application has, since the initial stage of finance capitalism, increased or diminished, been externally transformed, or inherently metamorphosed. In an age of unprecedented global financial crisis, emerging market countries, and increased government regulation, Trevii?1/2o suggests we would do well to heed the book's message. It might help us understand the complex situations we encounter today as we grapple with our hybrid identities as salaried workers and economic investors.

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