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Legal Studies on International Cooperation Concerning Multinational Banks Supervision

Author: SunJuan
Tutor: XiaoPeng
School: Ocean University of China
Course: International Law
Keywords: Multinational Banks International Cooperation Basle Agreement Multinational Banks Supervision
CLC: D922.28
Type: Master's thesis
Year: 2009
Downloads: 172
Quote: 3
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Abstract

As the inevitable result of economic globalization,the globalization of international finance and financial liberalization have constituted one important feature of the world’s trend of economic globalization,which has also exerted a significant impact on the world’s economy.Financial liberalization has made financial market around the world more open than ever and further on integrated into one as a whole,thus deepening their interdependence.Therefore,one bank’s crisis will eventually trigger Dominoes Effect & Chain reactions.Cross-border banks,main force of financial globalization,have become the center of financial storms.To be brief,Cross-borderbanks,which have facilitated capital financing,have simultaneously had the side effect of conveying financial risks.Each country has its own unique manner and characteristics in its supervision over multinational banks,but it is because that each country has its own way of supervision that has brought forth challenges and difficulties in the centralized and coordinated supervision and prevention against financial risks as well as emergency handling and rehabilitative measures.Thus international community is in urgent need of international coordination in supervision over cross-border banks for the purpose of settling the problems of such supervision in accordance with the situation and cross-border banks’ characteristics.Since the later half of the 21st century,different countries,adhering to the principle of cooperation and win-win result,have organized and taken active part in extensive and various bilateral,regional and global international conferences of international supervision,and have made a series of bilateral,regional and world-wide agreements and established international organizations of different sorts,one of which is the far-reaching and significant Basle Agreement.But the changeability of financial markets and the constant advent of financial Innovations have prevented the financial supervision agreement from settling the many problems in financial markets.Therefore,every country and various international organizations should still devote to the development,consolidation and improvement of international cooperation in the supervision of multinational banks on the basis of mutual benefit and cooperation.It is held that the laws of international supervision cooperation should be settled in the following respects.Firstly,a unitary and multilevel supervision system should be established;secondly,the deep cooperation between the host countries and multinational banks should be clearly defined;finally,the cooperation should be integrated and modernized.China,a player in the globalization wave,has shouldered the historical task of coordinating the supervision over multinational banks with other countries.On one hand,china has coordinated its own supervision reform with the reform of other countries’ and the world’s supervision organizations in order to merge into the cooperation system of international bank supervision,in which it can refer to and absorb the positive fruit of other countries’,international and regional multinational bank supervision organizations,and vigorously develop and improve the laws, regulations,policies and measures concerning its own supervision over multinational banks,thus strengthening the competitiveness of China’s banks;on the other hand, Chinas,adopting a positive and open attitude,endeavors to further merge into the international cooperation of supervision over multinational bank to orient China’s supervision towards a global,modern,scientific and orderly direction and play a pivotal role in the cooperation and coordination of supervision over multinational banks.In general,the continuous development of multinational banks requires the improvement of supervision of China and all countries,and the extensive international cooperation in order to achieve an overall and effective supervision over multinational banks,thus guaranteeing the efficient operation of multinational banks,maintaining a healthy and stable financial order,promoting the development of global economy and effectively preventing and coping with various financial risks.

Legal Studies on International Cooperation Concerning Multinational Banks Supervision

Abstract

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