Overview

Financial instability threatens the global economy. The volatility of capital movements across national borders has led many observers to argue for a reformed ""global financial architecture,"" a body of consistent rules and institutions to prevent financial crises. Yet regulators have a decidedly mixed record in their attempts to create global standards for the financial system. David Andrew Singer seeks to explain the varying pressures on regulatory agencies to negotiate internationally acceptable rules and suggests that the variation is largely traceable to the different domestic political pressures faced by regulators. In Regulating Capital, Singer provides both a theory of the effects of domestic pressures on international regulation and a detailed analysis of regulators' attempts at international rulemaking in banking, securities, and insurance. Singer addresses the complexities of global finance in an accessible style, and he does not turn away from the more dramatic aspects of globalization; he makes clear the international implications of bank failures and stock-market crashes, the rise of derivatives, and the catastrophic financial losses caused by Hurricane Katrina and the events of September 11.

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9780801476716

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Reviews

<p> Regulating Capital brings the timely subject of global finance within reach of a broad audience with a simple and compelling argument: financial regulators seek to harmonize regulations of capital in order to balance their twin mandates of maintaining domestic financial stability and protecting the international competitiveness of domestic financial firms. I marvel at David Andrew Singer's ability to illuminate in such a concise account the experiences of the three biggest players-the United States, United Kingdom, and Japan-in regulating the three central financial industries of banking, securities, and insurance. I expect that Singer's book will entice a new generation of political scientists to delve into the political economy of finance, for it brings this complex subject into conversation with important debates in the discipline. -Frances McCall Rosenbluth, Damon Wells Professor of Political Science and Director, Leitner Program in Comparative and International Political Economy, Yale University

Author Information

David Andrew Singer is Associate Professor of Political Science at the Massachusetts Institute of Technology.

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