International Finance, Transactions, Policy, and Regulation - 24th Edition - Hal S. Scott

International Finance, Transactions, Policy, and Regulation 24th Edition Hal S. Scott ISBN 9781685615734

This textbook offers a comprehensive and integrated approach to international finance, examining the subject from legal, regulatory, policy, and transactional perspectives. It combines theoretical foundations with practical insights, providing a thorough understanding of how global financial markets operate, how they are regulated, and how crises shape policy responses.

The introductory chapter establishes the core legal and economic concepts underlying international finance, introduces major financial market and policy institutions, and explores systemic risk—a central concern in modern financial regulation. Chapter 2 anchors the book in two major financial disruptions: the 2007–2009 global financial crisis and the COVID-19 pandemic. These crises illustrate how regulatory policies and market practices have evolved, with coverage of the economic and financial impact across the U.S., Europe, and Asia, highlighting the expanded role of governments and central banks as lenders of last resort.

The text is organized into five main parts:

Part One: International Banking and Securities Markets
This section covers major financial centers and examines reforms following the global financial crisis, the Eurozone crisis, and post-crisis regulatory adjustments through 2022. It explores developments in the European Banking Union, the U.K.’s Brexit, and the Japanese financial system, providing insights into how institutional redesign and regulatory reforms influence global markets.

Part Two: Infrastructure of Global Financial Markets
This part focuses on the essential infrastructure that supports international finance, including payment, clearing, and settlement systems, foreign exchange regimes, and coordinated capital and liquidity standards under the Basel Committee on Banking Supervision. Chapters cover post-crisis tightening of capital and liquidity regulations, subsequent relaxations, and the role of payment systems in implementing financial sanctions, including those following Russia’s invasion of Ukraine. A new chapter consolidates discussion of digital payments and cryptocurrencies in Part Five.

Part Three: Market Instruments and Asset Management
Part Three surveys major financial instruments, including securitization, derivatives, and asset management. It highlights differences between U.S. and European derivatives regulation, examines the growth of index funds, and analyzes money market fund performance during the COVID-19 pandemic. This section links market instruments to regulatory frameworks and practical challenges in global finance.

Part Four: Emerging Markets and Sovereign Finance
This section examines project finance, sovereign debt crises, and the role of international financial institutions in crisis response and development. Recent updates address debt distress following COVID-19, the growing influence of new creditors from Russia and China, multilateral coordination of sovereign debt restructuring, and case studies on Venezuela, Ukraine, and Argentina. Chapter 20 provides a detailed analysis of China’s financial system, U.S.–China financial relations, pandemic impacts, and relevant trade agreements, including financial liberalization measures.

Part Five: New Challenges and Financial Technology
The final section explores emerging challenges to the international financial system. Chapter 21 addresses illicit finance, including terrorism financing, money laundering, and updated sanctions against Russia. A new Chapter 22 examines financial technology, covering cryptocurrencies, stablecoins, decentralized lending, central bank digital currencies (CBDCs), and approaches to regulation. This section emphasizes the interplay between innovation, systemic risk, and regulatory oversight in modern finance.

Overall, this edition integrates legal, economic, and policy perspectives with contemporary case studies and crisis analyses, making it a comprehensive resource for students, practitioners, and policymakers seeking to understand the dynamic landscape of international finance.

International Finance, Transactions, Policy, and Regulation 24th Edition Hal S. Scott ISBN 9781685615734, 978-1685615734 & 9781685619862

Authors
Hal S. Scott
Anna Gelpern