"Capital Blight?: The Regulation of Financial Institutions in the European Community and Canada"

Della Sala, Vincent. (1993) "Capital Blight?: The Regulation of Financial Institutions in the European Community and Canada". In: UNSPECIFIED, Washington, DC. (Unpublished)

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Abstract

[From the Introduction]. This paper aims to examine whether institutional arrangements and the division of powers affects the policy responses to the pressures of "capital flight"; and whether the outcome is "capital blight". It will compare the regulation of financial institutions in the European Community, with a particular emphasis on Italy, and in Canada. There are a number of reasons for choosing financial institutions. As one observer notes, "There is no sector of the economy that has become more liberalized more global in its orientation, and less constrained by national borders than this one".(3) Few industries are as sensitive to regulatory changes in different markets, and are as flexible and mobile to exploit the most favourable conditions. This is the result of technical and product innovations that began to make their mark in the 1960s and 1970s and which have constrained the ability of the state to control the flow of capital in and out of its borders.

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