Gallagher Op-Ed: TPP and Financial Stability
Kevin Gallagher, Associate Professor of Global Development Policy at the Frederick S. Pardee School of Global Studies at Boston University, said that developing nations in the Trans-Pacific Partnership (TPP) should negotiate to ensure they can continue regulating cross-border financial flows.
Gallagher made the argument in a July 22 Op-Ed in the research blog Latin America Goes Global entitled “Safeguarding Financial Stability in the TPP.”
From the text of the op-ed:
One of the hurdles in the negotiations is the extent to which the treaty will permit national safeguards to prevent and mitigate financial instability triggered by cross-border financial flows through bonds, stocks and derivatives. Such safeguards are particularly important to many of the developing nations involved in the negotiations, having experienced wrenching financial crises in the not-too-distant past.
The fall out from those crises and the success of regulations in preventing or mitigating others is precisely why the negotiators meeting this month should hold the line in not trading away national regulations to combat financial instability.
You can read the entire op-ed here.
Gallagher is the co-chair of the Task Force on Regulating Capital Flows and has served as an advisor to the Department of State and the Environmental Protection Agency in the United States, as well as to the United Nations Conference on Trade and Development. Learn more about him here.