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Global Governance of Financial SystemsThe International Regulation of Systemic Risk$
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Kern Alexander, Rahul Dhumale, and John Eatwell

Print publication date: 2005

Print ISBN-13: 9780195166989

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780195166989.001.0001

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Summing Up and Conclusion

Summing Up and Conclusion

The New International Financial Architecture—Promise or Threat?

Chapter:
(p.251) 11 Summing Up and Conclusion
Source:
Global Governance of Financial Systems
Author(s):

Kern Alexander (Contributor Webpage)

Rahul Dhumale

John Eatwell (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195166989.003.0013

This chapter presents a summary of the main themes of the preceding chapters. It presents the following principles to guide in the design of the new international financial architecture: (i) full cognizance of the social costs of the externality of systemic risk is needed, particularly its macroeconomic impact; (ii) homogeneity of market behavior is a threat to liquidity, particularly at time of high volatility, when convention has broken down; (iii) steps need to be taken to reinforce the stabilizing power of convention; (iv) international policy formation and implementation should be international in scope because financial markets are today international; and (v) international decision making and standard setting should be effective in devising principles of efficient regulation, accountable in terms of transparency and clear lines of decision-making authority.

Keywords:   financial regulation, international regulation, financial risk, Basel II, risk, policy formulation

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