纠缠衍生品：涉及中央交易对手的国际政策改革

IF 3.3 3区经济学 Q1 DEVELOPMENT STUDIES

Journal of Economic Policy Reform Pub Date : 2021-07-08 DOI:10.1080/17487870.2021.1942874

L. Quaglia, Aneta Spendzharova

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引用次数: 1

摘要

2008年金融危机后，衍生品市场的各个方面都进行了国际政策改革，强调了对精确和一致规则的需求。我们研究了有关中央对手方(ccp)的弹性、恢复和解决方案的国际规则的制定，这些规则构成了关键的全球金融基础设施。我们认为，随着时间的推移，监管机构在制定相对精确和一致的ccp国际标准方面发挥了重要作用。面对市场分散和问题之间的相互联系等共同挑战，在跨政府网络中培养了解决问题的办法。我们还确定了监管机构使用的政策协调工具。

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Disentangling derivatives: international policy reforms concerning central counterparties

ABSTRACT After the 2008 financial crisis, international policy reforms were adopted on various aspects of derivatives markets, highlighting the need for precise and consistent rules. We examine the making of international rules concerning the resilience, recovery and resolution of central counterparties (CCPs), which form acritical global financial infrastructure. We argue that regulators played an important role in setting relatively precise and consistent international standards on CCPs over time. Facing common challenges, such as market fragmentation and interlinkages between issues, fostered a problem-solving approach in transgovernmental networks. We also identify the policy coordination tools used by regulators.

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来源期刊

Journal of Economic Policy Reform Multiple-

CiteScore

6.60

自引率

0.00%

发文量

期刊介绍： The Journal of Economic Policy Reform focuses on the analysis of economic policy reform. The journal draws upon what lessons can be learned from the successes and failures of countries undertaking reforms and how existing theories can be developed to shed light on positive as well as normative aspects of the reform process. The Journal of Economic Policy Reform encourages work from economists and political economy analysts on policies to promote growth and reduce poverty, intellectual property rights, aid versus trade, debt and debt relief, taxation and social security systems, surveys of key reform issues, as well as on corruption, democracy, emerging markets and the role of multilateral institutions.