CWR > Volume 1(2); 2015 > Current Developments
Research Paper
Published online: September 1, 2015

Law, Financial Stability and Economic Development: With Special References to the Financial Regulatory Structures in Hong Kong, Mainland China, the UK and the US

Lin Zhang
Korea University School of Law
Room 431, 145 Anam-ro, Seongbuk-gu, Seoul, Korea
Corresponding Author:

ⓒ Copyright YIJUN Institute of International Law. This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License ( which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.


After the catastrophic financial crisis in of 2008, a significant portion of the legal academia in the globe has started to concentrate on the interrelationship between law, financial stability and economic development. Through reviewing the voluminous literature in this field, it is figured out that the scope of law has been largely confined to strengthening regulation of the pre-crisis unbundled derivative transactions and enhancing cooperation among sovereign States by making formal sources of international law. Few discussions have been made to scrutinize the existing regulatory structures for the domestic financial markets of sovereign countries and demonstrate the potential possessed by informal international law in reinforcing the efficacy of these regulatory structures. By comparing the financial regulatory structures in Hong Kong, Mainland China, the UK and the US and the core principles of the BIS, the IOSCO and the IAIS, this article attempts to fill in the above research gap to some extent.

Keywords : Law, Financial Stability, Economic Performance, Finance Regulatory Structure, Informal International Law, Core Principle

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