Financial Stability Board: prospects for the development of a global regulation mechanism

Leschenko Yu.G.1,2
1 Негосударственное частное образовательное учреждение высшего образования Московский финансово-промышленный университет «Синергия»
2 Финансовый университет при Правительстве Российской Федерации

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Journal paper

Russian Journal of Innovation Economics (РИНЦ, ВАК)
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Volume 8, Number 2 (April-June 2018)

Citation:

Leschenko, Y. G. (2018). Financial Stability Board: prospects for the development of a global regulation mechanism. Russian Journal of Innovation Economics, 8(2), 197-222. https://doi.org/10.18334/vinec.8.2.39151

Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=35288490
Cited: 18 by 30.01.2024

Abstract:
The fundamental goal of this work is to investigate the global regulation mechanism developed within the framework of the Financial Stability Board (FSB) in cooperation with international financial and economic organizations (IFES) and representatives of national regulatory bodies. The author of the article, having analyzed the FSB regulatory documents and the work of domestic and foreign scientists, concludes that the results-based global regulation mechanism FSB is created on the basis of combinations between (1) the FSB acting as a center for multi-level cooperation in managing financial risks global, regional and national levels); (2) IFES, offering their expertise in specific areas; and (3) representatives of national regulatory authorities (chairmen of central banks, finance ministers and others) responsible for specific issues, preparing and implementing commitments, and providing solutions at the national level. In the final part of the paper, the author notes that the successful dissemination of this mechanism has made it possible to achieve ambitious results, such as: (1) creating a mechanism for mitigating the consequences of financial and economic crises and eliminating contradictions in the global regulation system; (2) building up international economic cooperation and (3) building the capacity to disseminate innovative approaches to managing global financial processes. Key results relate to some aspects of the revision of the FSB governance mechanism from the perspective of the IFEA and national regulatory bodies. The main was a new approach to the role of FSB and its formal relations in global regulation.

Keywords: international standards, the United Kingdom, The Financial Stability Board (FSB), global regulation, soft law, international financial and economic organizations (IFEO), the Russian Federation (RF), the United States of America (USA), the international economic cooperation

JEL-classification: F36, F30, F01

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