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Cambridge Journal of Regions, Economy and Society Advance Access originally published online on March 27, 2009
Cambridge Journal of Regions, Economy and Society 2009 2(2):303-331; doi:10.1093/cjres/rsp004
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© The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved. For permissions, please email: journals.permissions@oxfordjournals.org

This article appears in the following Cambridge Journal of Regions, Economy and Society issue: Spatial Circuits of Global Finance [View the issue table of contents]

Financial stability, the Basel Process and the new geography of regulation

David S. Bieri

School of Public and International Affairs, Virginia Tech, Blacksburg, VA 24061, USA. dsb{at}vt.edu


  Abstract

The post-Bretton Woods era has witnessed the integration of the global financial system at an unprecedented pace. However, much of its institutional governance structure remains hinged on the old paradigm of national economies. Despite highly globalized financial markets, I find evidence of substantial clustering in the context of regional financial activity. Addressing the regulatory challenges of globalization, the so-called ‘Basel Process’ provides policy makers with a unique institutional arrangement that straddles the gap between the old and the new geographies of financial markets. The evolving architecture of the global financial system calls for a careful balancing of globally co-ordinated, locally decentralized regulation on the one hand and effective, centralized intervention mechanisms on the other hand.

Keywords: financial stability, Basel Process, geography of regulation, international financial architecture, Basel II

Received on October 15, 2008. Accepted on January 27, 2009.

JEL Classifications: G18, G28, E42


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