Legal theory of finance: Evidence from global financial networks

Sarpong, Prince; Deodutt, Jugjith

doi:10.1080/23322039.2019.1593071

Cited by 3 publications

(4 citation statements)

References 37 publications

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“…In a centralized network, one or more states, or central banks in the case of CBDC, sit in a more central place than others (Sarpong & Deodutt, 2019, pp. 1, 25).…”

Section: The Cbdc Networkmentioning

confidence: 99%

“…The GFN is currently a centralized system, with the US currency system as the core and the US dollar operating as the primary currency of main markets, while emerging economies are currently not among the top nodes (Sarpong & Deodutt, 2019, p. 4). Notably, network effects have entrenched the dollar and hierarchies of “regulatory influence and power” in the international financial system (Brummer, 2015, pp.…”

Section: The Impact Of the Cbdc Network On The Gfn: From A Centralize...mentioning

confidence: 99%

“…Alongside deep changes following the global financial crisis, the GFN's structure is incrementally developing from a centralized one to a decentralized one with the rapid economic growth of BRICs and the Eurozone's increasing institutional importance incrementally affecting American centrality (Oatley et al, 2013, pp. 134, 146; Sarpong & Deodutt, 2019, p. 10).…”

Section: The Impact Of the Cbdc Network On The Gfn: From A Centralize...mentioning

confidence: 99%

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The future of the international financial system: The emerging CBDC network and its impact on regulation

Wang

Gao

2023

Regulation & Governance

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Central bank digital currency (CBDC) is a digital form of fiat currency. CBDC has the potential to be a game challenger in the international financial system, bringing increased complexities arising from technology and regulatory considerations, as well as generating greater currency competition. As more states begin exploring CBDC, the interactions between actors may lead to the emergence of a new CBDC network. What shape would the emerging CBDC network take? What would its network effects be? What would be the impact of the CBDC network on the international financial system, or the global financial network? This article explores these questions by examining the emerging CBDC network and its regulatory implications. It argues that the CBDC network would likely be both decentralized and uncoordinated, making it unlikely to lead to convergence in CBDC regulation. The CBDC network would probably bring policy diffusion effects, with states behaving instrumentally, while shaking up the power balance between different actors, generating both cooperation and conflict. The CBDC network also has the potential to push international financial system toward becoming more decentralized.

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“…In a centralized network, one or more states, or central banks in the case of CBDC, sit in a more central place than others (Sarpong & Deodutt, 2019, pp. 1, 25).…”

Section: The Cbdc Networkmentioning

confidence: 99%

Section: The Impact Of the Cbdc Network On The Gfn: From A Centralize...mentioning

confidence: 99%

Section: The Impact Of the Cbdc Network On The Gfn: From A Centralize...mentioning

confidence: 99%

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The future of the international financial system: The emerging CBDC network and its impact on regulation

Wang

Gao

2023

Regulation & Governance

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“…2 Pistor (2013) went as far as proposing a legal theory of finance as a foundation for a political economy of finance, arguing that the legal construct of finance is of first-order significance in describing and forecasting the behavior of financial markets globally. Sarpong and Deodutt (2019) recently applied network science to provide empirical evidence from global financial networks in support of Pistor's (2013) theory, and they found that global financial networks are hierarchical.…”

Section: Introductionmentioning

confidence: 99%

Legal origin and financial development: A propensity score matching analysis

Vita

Luo

2020

Int. J Fin Econ

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We revisit the impact of legal origin on financial development using propensity score matching and a new financial development index on a sample of 178 countries over 1980-2016. German civil law countries are found to have the strongest positive impact on financial development. English common law countries follow. French and Scandinavian civil law countries have a negative impact on financial development while Socialist legal origin records no significant effect. When decomposing the measure of financial development into financial markets and financial institutions' development, we find that German civil law promotes both while English common law promotes only financial institutions development.

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The Future of the International Financial System: A CBDC Network and Regulatory Outlook

Wang

Gao

2021

SSRN Journal

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Legal theory of finance: Evidence from global financial networks

Cited by 3 publications

References 37 publications

The future of the international financial system: The emerging CBDC network and its impact on regulation

The future of the international financial system: The emerging CBDC network and its impact on regulation

Legal origin and financial development: A propensity score matching analysis

The Future of the International Financial System: A CBDC Network and Regulatory Outlook

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