Integrity, Risk and Accountability in Capital Markets

Regulating Culture

Edited by: Justin O'Brien, George Gilligan

The global economy has yet to recover from the aftershocks of the Global Financial Crisis (GFC). In particular, many national economies are struggling to adjust to austerity programs that are a direct result of the toxic effects of the crisis. Governments, regulatory agencies, international organizations, media commentators, finance industry organizations/professionals, academics, and affected citizens have offered partial explanations for what has occurred. Some of these actors have sought to introduce legislative and other regulatory initiatives to improve operational standards in capital markets. However, the exposure, post-GFC, of the scandal surrounding the manipulation over many years of the London Interbank Offered Rate (LIBOR) highlighted that the most important obstacles to counter the destructive potential of our global finance system are normative, not technical. Regulating the culture of the finance sector is one of the greatest challenges facing contemporary society. This volume brings together leading professionals, regulators, and academics with knowledge of how cultural forces shape integrity, risk, and accountability in capital markets. The book will be of benefit to industry, regulatory, and academic communities whose focus is upon financial markets and professionals. It will also be of value to any person or organization interested in how the cultural underpinnings of the finance sector shape how capital markets actually operate and are regulated. It is a stark lesson of history that financial crises will occur. As national economies become ever more inter-connected and inter-dependent under conditions of global financial capitalism, it becomes ever more important to know how cultural and other normative forces might be adjusted to mitigate the effects of future disasters.

318 pages

Publication Date: 9/27/2013
Format: Paper
ISBN: 9781849465670