Cross-Border Financial Governance in Creative Industries

Abstract

The current research paper analyses the institutional and regulatory issues involved in financial cross-border governance of the cultural and creative industries. With the help of comparative institutional analysis based on 35 empirical studies from the USA, EU, UK, China, South Korea, Latin American countries, and developing countries, this article uncovers three major issues, namely regulatory fragmentation within the realm of alternative finance, uneven distribution of foreign direct investments, and incomplete policy transfer. In order to bridge the identified gaps in financial governance of CCIs, the authors suggest a new Multi-Level Cross-Border Financial Governance Framework, which combines a transnational framework at the macro-level, a national institutional configuration at the meso-level, and a hybrid financing approach at the micro-level. The suggested approach enables the harmonization of regulation in such important fields as crowdfunding, FDI screening, and sustainable finance across global creative value chains.