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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?

(p.251) 11 Summing Up and Conclusion
Global Governance of Financial Systems

Kern Alexander (Contributor Webpage)

Rahul Dhumale

John Eatwell (Contributor Webpage)

Oxford University Press

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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