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2012 | 28 | 3 |
Tytuł artykułu

Self-regulation as a remedy for market turmoil: an over-the-counter or a prescription drug?

Autorzy
Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The paper tackles the problem of the overwhelming regulatory burden that marks its presence in a post-crisis environment. With evidence of regulatory overload in some cases, paths for more effective design of regulatory frameworks should be sought. Although self-regulation does not enjoy favorable publicity and happens to fail to prove its value in times of distress, it still may serve as a remedy. A number of studies shows that, under specific circumstances, the self-regulatory framework may operate seamlessly for the benefit of all stakeholders. The goal of this paper is to identify these circumstances and validate them on the basis of three concise case studies from the health care, advertising and financial services industry. It is instructive for policy makers in deciding on whether to abandon or reduce public oversight in certain areas, by allowing businesses more freedom in terms of setting and enforcing the rules.
Wydawca
-
Czasopismo
Rocznik
Tom
28
Numer
3
Opis fizyczny
p.67-72,ref.
Twórcy
autor
  • Kozminski University, Jagiellonska 44/50, 00-241 Warsaw, Poland
Bibliografia
  • 1. Anderson A.R. and Russell, E.O. (2011): Self-regulation: a strategic alternative for small firms?. Journal of Business Strategy, Vol. 32, No. 4, pp. 42-47.
  • 2. Anson M.J.P. (2009): Hedge Fund Collapses, in CAIA Level I: An Introduction to Core Topics in Alternative Investments. Hoboken, NJ: John Wiley & Sons, Inc., pp. 287-296.
  • 3. Awrey D., Blair W., Kershaw D. (2012): Between Law and Markets: Is There a Role for Culture and Ethics in Financial Regulation? 5 October, http://ssrn.com/abstract=2157588 [20.10.2012].
  • 4. Bertkau A., Halpern J., Yadla S. (2005): The Privileges and Demands of Professional Self-Regulation. Virtual Mentor, Vol. 7, No. 4 (April), http://virtualmentor.ama-assn.org/2005/04/fred1-0504.html [20.10.2012].
  • 5. Brunnermeier M., Crocket A., Goodhar, Ch., Persaud A.D., Shin H. (2009): The Fundamental Principles of Financial Regulation. Geneva: International Center for Monetary and Banking Studies; London: Centre for Economic Policy Research.
  • 6. Cruess S.R., Cruess R.L. (2005): The Medical Profession and Self-Regulation: A Current Challenge. Virtual Mentor, Vol. 7, No. 4, http://virtualmentor.ama-assn.org/2005/04/oped1-0504.html [17.10.2012].
  • 7. Cukierman A. (2011): Reflections on the crisis and on its lessons for regulatory reform and for central bank policies. Journal of Financial Stability, Vol. 7, pp. 26-37.
  • 8. Curran, R. (2011): Hedge fund regulation? What hedge fund regulation?, “Fortune”, 14 June, http://finance.fortune.cnn.com/2011/06/14/hedge-fund-regulation-what-hedge-fund-regulation [19.01.2012].
  • 9. Currie C. (2006): A new theory of financial regulation: Predicting, measuring and preventing financial crises, The Journal of Socio-Economics, Vol. 35, pp. 48-71.
  • 10.Doering, Ch. (2012): MF Global triggers regulatory rethink at CFTC, Reuters, www.reuters.com/article/2012/02/01/us-mfglobal-cftc-policy-idUSTRE8102IV20120201 [21.10.2012].
  • 11.European Advertising Standards Alliance (2011) European trends in advertising complaints, copy advice and pre-clearance, Author.
  • 12.Haufler V. (2001) A Public Role for the Private Sector: Industry Self-Regulation in a Global Economy, Washington, D.C.: Carnegie Endowment for International Peace.
  • 13.Hutter B.M. (2001) Is Enforced Self-regulation a Form of Risk Taking? The Case of Railway Health and Safety, International Journal of the Sociology of Law, Vol. 29, pp. 379-400.
  • 14. Irvine D. (2003) The Doctor's Tale: Professionalism and Public Trust, Abington, UK: Radcliffe Medical Press.
  • 15. Joskow P.L. (2010) Market Imperfections versus Regulatory Imperfections, Journal for Institutional Comparisons, Vol. 8, No. 3 (Autumn), pp. 3-7.
  • 16. Krause E. (1996) Death of the Guilds: Professions, States and the Advance of Capitalism, 1930 to the Present, New Haven, Conn: Yale University Press.
  • 17.Lazzarini S.G., and de Mello, P.C. (2001) Governmental versus self-regulation of derivative markets: examining the U.S. and Brazilian experience, Journal of Economics and Business, Vol. 53, pp. 185-207.
  • 18.López-Gamero M.D., Molina-Azorín J.F., Claver-Cortés E. (2010): The potential of environmental regulation to change managerial perception, environmental management, competitiveness and financial performance. Journal of Cleaner Production, Vol. 18, Issues 10-11, pp. 963-974.
  • 19.Ojo, M. (2011): Co-operative and competitive enforced self regulation: The role of governments, private actors and banks in corporate responsibility. Journal of Financial Regulation and Compliance, Vol. 19, No. 2, pp. 139-155.
  • 20.Rabinovitch S. (2011): Asia’s banks: The fish always stinks from the head. Financial Times, 12 December, www.ft.com/intl/cms/s/0/127a364a-2031-11e1-9878-00144feabdc0.html [13.12.2011].
  • 21. Shadab H.B. (2007): The Challenge of Hedge Fund Regulation. Regulation, Vol. 30, No. 1, www.cato.org/pubs/regulation/regv30n1/v30n1-1.pdf [19.01.2012].
  • 22. Spinello R.A. (2002): Decentralizing Regulation, in Regulating Cyberspace: The Policies and Technologies of Control. Westport, CT: Quorum Books, pp. 47-64.
  • 23. Stiglitz J.E. (2008): Reversal of Fortune. Vanity Fair, November, www.vanityfair.com/politics/features/2008/11/stiglitz200811 [15.10.2012].
  • 24.The Transfer of Tribunal Functions Order 2010 (2010): No. 22, 6 January, www.legislation.gov.uk/uksi/2010/22/made [20.10.2012].
  • 25. Vina G. (2010): U.K. Scraps FSA in Biggest Bank Overhaul Since 1997. Bloomberg, www.bloomberg.com/news/2010-06-16/u-k-scraps-fsa-in-biggest-bank-regulation-overhaul-since-1997.html [20.10.2012]
Typ dokumentu
Bibliografia
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