Document Type
Article
Publication Date
2012
DOI
https://doi.org/10.1515/1948-1837.1191
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.
Disciplines
Banking and Finance Law | European Law | Law | Law and Economics
Recommended Citation
Katharina Pistor,
Governing Interdependent Financial Systems: Lessons from the Vienna Initiative,
2(2)
J. Globalization & Dev.
Article 4
(2012).
Available at:
https://scholarship.law.columbia.edu/faculty_scholarship/2437
Comments
The final publication is available at www.degruyter.com.