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In Search of the New Paradigm for Global Financial Governance

PAK, IN SOP 1

1경북대학교

Accredited

ABSTRACT

As evidenced in the global financial crisis of the late 1990s, the world’s financial regulatory authorities have not succeeded in keeping pace with the financial innovation. The ongoing global financial crisis revealed fundamental weakness in the structure of financial regulation. The crises have shifted the focus in global and domestic policy debates back to the notion of market failure and government failure separately and integrally. In this regard, this paper attempts to answer the question of what should be the appropriate responses to global financial integration, and thus provide a new paradigm for global financial governance. Finally, this paper will draw from a few suggestions which may be of some use to those involved in restructuring regional financial governance in East Asia.

Citation status

* References for papers published after 2023 are currently being built.

This paper was written with support from the National Research Foundation of Korea.