E-Knjižnica FET "Dr. Mijo Mirković"

Regulation and supervision of financial assets, transactions and markets in EU countries and Croatia

Božina Beroš, Marta (2012) Regulation and supervision of financial assets, transactions and markets in EU countries and Croatia. Doktorska disertacija thesis, Sveučilište u Ljubljani.

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In the wake of the recent economic and financial crisis there is a vivid discussion among academics and practitioners regarding financial regulation and supervision in individual countries, in the European Union and in the world as a whole. The foremost reason for such interest in this subject derives from the role that appropriate legislation and supervision have in ensuring financial stability. Financial stability has been introduced as the new policy goal, although what instruments are to be used and who would do that has not been quite fixed yet. But all agree that regulation and supervision of financial sectors are indispensable for financial stability. In this regard the last financial crisis was somewhat fortunate. This is because it disclosed significant gaps in the current state of knowledge about the nature of financial systems and economic policy in general. In addition it revealed that existing financial regulation and supervision have only exacerbated the crisis. Against this background this dissertation explores and assesses the changes and current state of financial regulation and supervision in the EU. The objective is to determine whether the existing European regulatory and supervisory system (at the supranational level) with its theoretical rationale, objectives and instruments, is adequate to sustain financial stability across the EU (at both national and supranational level) and whether it benefits all financial sectors. The focus is primarily on supranational, EU rules and arrangements ; when the focus shifts to "EU countries", it is solely on Italy and Croatia. Following an interdisciplinary analysis of four building blocks in finance (i.e. financial assets, financial transactions, financial institutions and financial markets) the thesis determines what could be considered as appropriate regulation and efficient supervision that would support financial stability across the EU and at the same time accommodate the needs of future EU members (particularly those of transition economies such as Croatia). In this respect, the thesis argues that the perspective of EU membership puts completely different requirements in front of transition economies, than those put before other EU countries. Namely, it gives predominance to the needs of European enterprises, banks and other financial intermediaries, before these countries have even managed to secure their own social and economic objectives. Hence, the "EU commitment" requires them to forsake an immense part of their national determination in economy and to serve primarily "common needs". In this regard, the "uniformity" brought by EU financial regulation and supervision will damage transition economies the most. Putting aside the political aspect of membership negotiations, the thesis argues that the economic requirements put before transition countries should have been different. In fact, in the case of transition economies "uniformity" shouldn’t have been the goal of EU regulation at all ; the goal should have been to enhance the operation of national economic systems. Simply put, transition economies are too diverse from other "ordinary" EU Member States to be molded into a "single rulebook". Thus, the thesis suggests that centralization is not the appropriate way forward in the development of EU financial regulation. It is true that the recent financial crisis has challenged the understanding of financial regulation and supervision and of the complex relationship between financial and political integration within the EU. But it has also given an opportunity to further explore the interdependence between (de)centralization and financial stability. Although for the time being it seems as the debate regarding "regulatory control" between the national and supranational level is over in favor of greater supranational control of regulation, it remains to be seen whether this environment will equally benefit all EU countries. It is possible that excessive centralization and "regulatory uniformity" will blur the specific interests of smaller EU Member States (especially those of transition economies) in the bigger picture of the "European common good" (that is financial stability for the purpose of the thesis). Regardless of the regulatory and economic success achieved by EU integrations and the significant share of sovereignty delegated by Member States to the EU, the role of nation states still cannot be dismissed. European policymakers cannot proceed on the assumption that the EU may be on the way of becoming a perfectly integrated "super-state". They should accept the restraints of integration – both from their political and economic aspect. The nation states are still a reality, and even when part of a sui generis political and economic integration such as the EU, their regulatory diversity and the right to safeguard national economic interests should be acknowledged

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Tip objekta: Teza (Doktorska disertacija)
Mentor: Ribnikar, Ivan and Santoro, Vittorio
Ključni pojmovi: financial regulation, financial supervision, transition economies, EU harmonization, financial stability
Teme: 3 Društvene znanosti > 33 Ekonomija. Ekonomska znanost > 336 Financije. Uključujući: Javne financije. Bankarstvo. Novac
3 Društvene znanosti > 33 Ekonomija. Ekonomska znanost > 339 Trgovina. Međunarodni gospodarski odnosi. Svjetsko gospodarstvo > 339.9 Međunarodno gospodarstvo općenito. Međunarodni gospodarski odnosi. Globalno gospodarstvo > 339.923 Gospodarske unije. Gospodarske zajednice. Gospodarski blokovi
Odjeli: Fakultet ekonomije i turizma "Dr. Mijo Mirković"
Datum pohrane: 20 Feb 2014 07:02
Zadnja promjena: 20 Feb 2014 07:02
URI: http://eknjiznica.unipu.hr/id/eprint/3148

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