408 Int. J. Public Policy, Vol. 14, Nos. 5/6, 2018 Copyright © 2018 Inderscience Enterprises Ltd. Evolution of micro-prudential regulators and macro-prudential regulators in the global financial regulatory system Hiteshkumar Thakkar Gujarat National Law University, Attalika Avenue, Knowledge Corridor, Koba, Gandhinagar (Gujarat), India Email: hthakkar@gnlu.ac.in Abstract: The global financial integration (GFI) has augmented the international financial flow movement without restructuring global financial regulatory system (GFRS). The goal of the global financial regulatory system is to maintain global level stability. In GFRS, the financial stability board (FSB) is responsible for the macro-prudential regulation and the micro-prudential regulation is monitored by international standard setting bodies (SSBs), international financial institutions (IMF and World Bank) and national financial regulators. These micro-prudential regulation and macro-prudential regulation are non-binding in the legal sense. However, these regulations examine as a standard of efficiency. The member nations are strictly implementing the standards because it provides stringent firewall during the unwanted financial turmoil. It also reflects the strength of the member nation. So, the evolution of micro-prudential regulation and macro-prudential regulation is a continuous process; it has to be evolved and developed as per the dynamic changes in the global financial system. Keywords: global financial integration; GFI; global financial regulatory system; GFRS; macro-prudential regulation; micro-prudential regulation. Reference to this paper should be made as follows: Thakkar, H. (2018) ‘Evolution of micro-prudential regulators and macro-prudential regulators in the global financial regulatory system’, Int. J. Public Policy, Vol. 14, Nos. 5/6, pp.408–422. Biographical notes: Hiteshkumar Thakkar is an Assistant Professor of Economics at Gujarat National Law University, Gandhinagar (India) since 2010. He holds a PhD degree in the subject of economics and law (inter-disciplinary). His areas of research interest are global financial crisis, global financial integration, global financial regulatory system and law and macroeconomics. He has edited three books and published several papers in books and journals. He is actively associated with research, training and extension activities in the Centre for Law and Economics at Gujarat National Law University, Gandhinagar (India).