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Governing Interdependent Financial Systems: Lessons from the Vienna Initiative

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  • Pistor Katharina

    (Columbia Law School)

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    Abstract

    Financial markets have become globally interdependent, yet their governance has remained national at the core. This friction encumbers crisis management and distorts incentives for crisis prevention. The Vienna Initiative, formed to manage the fallout from the global crisis in the countries of Central and Eastern Europe (CEE), offers an alternative coordinated, multi-stakeholder governance framework. A critical prerequisite for such a regime is a coordinating agent, or ‘anchor tenant’, that is deeply vested in the stability of transnational financial systems, but does not directly compete with market actors or regulators. Lessons for more effective governance of financial interdependence are discussed.

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    Bibliographic Info

    Article provided by De Gruyter in its journal Journal of Globalization and Development.

    Volume (Year): 2 (2012)
    Issue (Month): 2 (January)
    Pages: 1-25

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    Handle: RePEc:bpj:globdv:v:2:y:2012:i:2:n:4

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