IDEAS home Printed from https://ideas.repec.org/a/bus/jphile/v7y2013i1n2.html
   My bibliography  Save this article

Fairness through regulation? Reflections on a cosmopolitan approach to global finance

Author

Listed:
  • Marta Božina Beroš

    (Juraj Dobrila University of Pula)

  • Marin Beroš

    (University of Zagreb)

Abstract

In the aftermath of the last financial crisis a strong message prevails that ‘something’ has to be changed in the manner global finance is governed. What exactly this ‘something’ entails and what could constitute the ‘common ground’ of anticipated change is more difficult to determine. Many envisage future improvements of global financial governance by evoking deliberative democracy, political equality and cosmopolitanism. As financial regulation is the main instrument through which global finance is shaped and governed nowadays, these principles should then be transmitted to regulatory arrangements. This paper focuses on a new conceptual approach to regulatory and governance issues in global finance, by employing the philosophical idea of cosmopolitanism. It argues that although as a concept, cosmopolitanism cannot mitigate all the flaws attributed to contemporary finance, its development and extension to international financial regulation that is promulgated by institutions of the global financial system, would represent a worthwhile endeavour in making global finance more accountable and just in the eyes of many.

Suggested Citation

  • Marta Božina Beroš & Marin Beroš, 2013. "Fairness through regulation? Reflections on a cosmopolitan approach to global finance," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 7(1), November.
    • Handle: RePEc:bus:jphile:v:7:y:2013:i:1:n:2
    as

    Download full text from publisher

    File URL: http://jpe.ro/pdf.php?id=4996
    Download Restriction: no
    File URL: http://jpe.ro/?id=revista&p=291
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Arner,Douglas W., 2007. "Financial Stability, Economic Growth, and the Role of Law," Cambridge Books, Cambridge University Press, number 9780521870474, October.
    2. Ross Levine, 2012. "The Governance of Financial Regulation: Reform Lessons from the Recent Crisis," International Review of Finance, International Review of Finance Ltd., vol. 12(1), pages 39-56, March.
    3. Barth, James R. & Caprio, Gerard Jr. & Levine, Ross, 2012. "Guardians of Finance: Making Regulators Work for Us," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262017393, April.
    4. Arner,Douglas W., 2007. "Financial Stability, Economic Growth, and the Role of Law," Cambridge Books, Cambridge University Press, number 9780521690560, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kayis-Kumar, Ann, 2018. "Implementing corporate tax cuts at the expense of neutrality? A legal and optimisation analysis of fundamental reform in practice," MPRA Paper 89703, University Library of Munich, Germany.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Douglas W. Arner & Lotte Schou-Zibell, 2011. "Asian Regulatory Responses to the Global Financial Crisis," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 3(1), pages 135-169, January.
    2. Peterson K. Ozili & Paul Terhemba Iorember, 2024. "Financial stability and sustainable development," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 2620-2646, July.
    3. Monika Marcinkowska, 2013. "Regulation and self-regulation in banking: in search of optimum," Bank i Kredyt, Narodowy Bank Polski, vol. 44(2), pages 119-158.
    4. Thorsten Beck, 2013. "Finance, growth and fragility: the role of government," International Journal of Banking, Accounting and Finance, Inderscience Enterprises Ltd, vol. 5(1/2), pages 49-77.
    5. Murray, Cameron K. & Frijters, Paul & Vorster, Melissa, 2017. "The back-scratching game," Journal of Economic Behavior & Organization, Elsevier, vol. 142(C), pages 494-508.
    6. Jihad Dagher, 2018. "Regulatory Cycles: Revisiting the Political Economy of Financial Crises," IMF Working Papers 2018/008, International Monetary Fund.
    7. Bazira Bigawa Abel, 2020. "Financial Inclusion in Burundi: The Use of Microfinance Services in Semi-Urban Areas," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 45(3), pages 101-116, September.
    8. Kosmas Njanike & Raphael T. Mpofu, 2024. "Factors Influencing Financial Inclusion for Social Inclusion in Selected African Countries," Insight on Africa, , vol. 16(1), pages 93-112, January.
    9. Ozili, Peterson K, 2023. "Financial stability and sustainable development," MPRA Paper 118793, University Library of Munich, Germany.
    10. Yadollah Dadgar & Rouhollah Nazari, 2018. "The impact of economic growth and good governance on misery index in Iranian economy," European Journal of Law and Economics, Springer, vol. 45(1), pages 175-193, February.
    11. García-Sánchez, Isabel-María & García-Meca, Emma & Cuadrado-Ballesteros, Beatriz, 2017. "Do financial experts on audit committees matter for bank insolvency risk-taking? The monitoring role of bank regulation and ethical policy," Journal of Business Research, Elsevier, vol. 76(C), pages 52-66.
    12. Zhuang, Juzhong & Gunatilake, Herath & Niimi, Yoko & Ehsan Khan, Muhammad & Jiang, Yi & Hasan, Rana & Khor, Niny & S. Lagman-Martin, Anneli & Bracey, Pamela & Huang, Biao, 2009. "Financial Sector Development, Economic Growth, and Poverty Reduction: A Literature Review," ADB Economics Working Paper Series 173, Asian Development Bank.
    13. Lejot , Paul & Arner, Douglas & Schou-Zibell, Lotte, 2008. "Securitization in East Asia," Working Papers on Regional Economic Integration 12, Asian Development Bank.
    14. Douglas W. Arner & Paul Lejot & Wei Wang, 2010. "Governance and Financial Integration in East Asia," Chapters, in: Masahiro Kawai & Jong-Wha Lee & Peter A. Petri & Giovanni Capanelli (ed.), Asian Regionalism in the World Economy, chapter 6, Edward Elgar Publishing.
    15. Murray, Cameron K. & Frijters, Paul & Vorster, Melissa, 2015. "Give and You Shall Receive: The Emergence of Welfare-Reducing Reciprocity," IZA Discussion Papers 9010, Institute of Labor Economics (IZA).
    16. John Linarelli, 2020. "Debt in just societies: A general framework for regulating credit," Regulation & Governance, John Wiley & Sons, vol. 14(3), pages 409-427, July.
    17. Stijn Claessens & M. Ayhan Kose, 2013. "Financial Crises: Explanations, Types and Implications," CAMA Working Papers 2013-06, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    18. Cihak, Martin & Demirguc-Kunt, Asli & Peria, Maria Soledad Martinez & Mohseni-Cheraghlou, Amin, 2012. "Bank regulation and supervision around the world : a crisis update," Policy Research Working Paper Series 6286, The World Bank.
    19. Christopher Gandrud & Mark Hallerberg, 2015. "Does Banking Union Worsen the EU's Democratic Deficit? The Need for Greater Supervisory Data Transparency," Journal of Common Market Studies, Wiley Blackwell, vol. 53(4), pages 769-785, July.
    20. Barnes Kelsey M. & Wilmarth Arthur E., 2016. "Explaining Variations in Bailout Policies: A Review of Cornelia Woll’s The Power of Inaction," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 6(1), pages 5-30, March.

    More about this item

    Keywords

    global financial system; financial governance; cosmopolitanism; financial regulation;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bus:jphile:v:7:y:2013:i:1:n:2. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Valentin Cojanu (email available below). General contact details of provider: https://edirc.repec.org/data/aseeero.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.