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Regulating International Financial Markets: Issues and Policies

Franklin R. Edwards Hugh T. Patrick As the 19908 unfold, we stand on the threshold of a new age of global financial markets. The seeminglyinevitable, market-driven dynamicofthe international integration of banking, securities, and futures markets is bringing about a profound transformation of financial flows and the efficiency and effectiveness of the domestic and international markets serving them. Propelled in the 1980s by a variety offorces-technological, economic, political, and (de)regulatory-the implications of international financial market integration are pervasive. This new era promises to raise a host of new public and business policy issues as well as opportunities. These include issues of financial market integrity, international competitiveness, and regulatory harmony. What will the rules of the game be? How will prudential concerns for the safety as well as the efficiency of international financial markets, and their national counterparts, be met? What are the appropriate new institutional arrangements? How and to what degree will international financial mar kets be supervised, harmonized, and regulated, and for what purposes? Whowill be makingthese decisions andimplementingthem?Thesearethe issues that confront-and bedevil-policymakers, practitioners, and scho lars alike. 1 2 INTRODUcnON The Context The 1980s were witness to major transformations of the international political, economic, andfinancial environment. Amongthe majordevelop ments was rapidly increasing international financial market integration across major nations and across financial product markets. The major sources of financial change were several, interrelated, and reinforcing.

What will the rules of the game be? How will prudential concerns for the safety as well as the efficiency of international financial markets, and their national counterparts, be met? What are the appropriate new institutional arrangements?

Studies in Islamic Political Science

There has been a great revival of interest in recent years in the concerns of Islamic political economy after several hundred years of hiatus in its long history. The independence of Muslim countries and the revival of Islamic movements around the world have been among the factors encouraging new interest among the Muslims and others in how economies and economic theory can be brought into line with the Islamic vision of a just society. Masudul Alam Choudhury shows that the contribution which Islamic political economy can make requires a study first of epistemological principles, about the purpose and sources of knowledge, the role of reason and the relationship between self-and social-interest in human affairs. The conclusions which arise from this analysis - about the role and limits of markets, the goal of combining efficiency and equity and the means of doing so with state provision of welfare everywhere in crisis - will prove illuminating to all of those interested in Islamic studies and political economy as well as to other observers and analysts of contemporary society.

Masudul Alam Choudhury shows that the contribution which Islamic political economy can make requires a study first of epistemological principles, about the purpose and sources of knowledge, the role of reason and the relationship between ...