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Regulatory Globalization as a Response to Regulatory Competition
Macey, Jonathan
Macey, Jonathan
Abstract
In this Article, I identify the preconditions under which regulatory globalization is most likely to occur. Regulatory globalization is the process by which regulatory agencies extend their reach internationally. It can occur in several ways. For example, regulators can enter into agreements with corresponding regulators in other jurisdictions and agree to coordinate their efforts. Alternatively, regulators can form international regulatory institutions, such as the Bank for International Settlements in Basel, Switzerland, that meet formally and promulgate regulations such as the Basle Accord on bank capital.