Governança Global dos Sistemas Financeiros: Análise dos Acordos de Basileia como um Instrumento de Soft Law para Asseguar a Estabilidade Financeira Interancional

Abstract

This paper proposes to develop an overview of the Basel Capital Adequacy Accords as a soft law tool to ensure international financial stability. This issue is analyzed trough a global governance perspective that encompasses the complexities of the modern international financial system. Therefore, this article is divided into four main sections. Firstly, the phenomenon of the global governance of financial system will be explained. Secondly, the architecture of the international financial regulation will be delineated. Thirdly, the role of soft in financial regulation will be investigated. Lastly, an overview of the Basel Capital Adequacy Accords will be given. The methodology adopted in the development of this research is characterized as theoretical, bibliographical, descriptive and exploratory. In conclusion, it can be asserted that soft law, due to its flexibility and agility, is a meaningful instrument to respond to the global governances demands and the Basel Accords are a good introductory initiative to regulate the increasing interconnected financial markets. However, they alone cannot assure the world financial stability. Hence, it is necessary to advance in other cooperation mechanisms to enhance market integrity and confidence in the financial systems .