Header

UZH-Logo

Maintenance Infos

The role of transparency in financial regulation


Kaufmann, Christine; Weber, Rolf H (2010). The role of transparency in financial regulation. Journal of international economic law : JIEL, 13(3):779-797.

Abstract

Transparency is a prerequisite for good governance and sound financial regulation. The article expounds the different foundations and functions of transparency. The first dimension refers to institutional aspects, i.e. procedures and decision-making. By providing legal certainty, transparency serves as an anchor for financial regulation. It is the basis for establishing trust, which is the key element of any financial system. In its second dimension, transparency is understood as the substantive backbone of financial regulation. It lays open the values and goals of financial policy and regulation. The third dimension is accountability of actors as an essential element for rebuilding confidence in the financial system. Finally, the concept of transparency as suggested here cannot be isolated from international developments. The article proposes that turning to the principles applied under the General Agreement on Trade in Services for defining a set of applicable international standards for financial services may be an avenue to be pursued and explored in the future.

Abstract

Transparency is a prerequisite for good governance and sound financial regulation. The article expounds the different foundations and functions of transparency. The first dimension refers to institutional aspects, i.e. procedures and decision-making. By providing legal certainty, transparency serves as an anchor for financial regulation. It is the basis for establishing trust, which is the key element of any financial system. In its second dimension, transparency is understood as the substantive backbone of financial regulation. It lays open the values and goals of financial policy and regulation. The third dimension is accountability of actors as an essential element for rebuilding confidence in the financial system. Finally, the concept of transparency as suggested here cannot be isolated from international developments. The article proposes that turning to the principles applied under the General Agreement on Trade in Services for defining a set of applicable international standards for financial services may be an avenue to be pursued and explored in the future.

Statistics

Citations

Dimensions.ai Metrics
16 citations in Web of Science®
24 citations in Scopus®
Google Scholar™

Altmetrics

Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:02 Faculty of Law > Institute of Legal Sciences > Business Law
02 Faculty of Law > Institute of Legal Sciences > Constitutional, Administrative and International Law
Dewey Decimal Classification:340 Law
Scopus Subject Areas:Social Sciences & Humanities > Economics, Econometrics and Finance (miscellaneous)
Social Sciences & Humanities > Law
Language:English
Date:2010
Deposited On:28 Dec 2010 10:27
Last Modified:23 Jan 2022 17:39
Publisher:Oxford University Press
ISSN:1369-3034
OA Status:Closed
Publisher DOI:https://doi.org/10.1093/jiel/jgq037
Related URLs:http://jiel.oxfordjournals.org/ (Publisher)
Full text not available from this repository.