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Contractual Governance – An Outcome Of The Recent Financial Crisis

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  • Ionica Munteanu

    (“Alexandru Ioan Cuza” University of Iaşi)

Abstract

Due to the information technology development, outsourcing has gained much importance, especially in the banking business where the creation of the shadow banking system through the outsourcing of risks on special-purpose entities has extended the corporate boundaries, increasing corporate risks. The global crisis revealed the fact that systemic risk has been underestimated and that market-correlation has been misunderstood. Under these circumstances, an appropriate contract design will reduce managers’ misbehavior and align the manager and investor interests. Contractual governance is a necessary tool for reforming private arrangements not individually, but as parts of a network where over-regulation is counterproductive.

Suggested Citation

  • Ionica Munteanu, 2011. "Contractual Governance – An Outcome Of The Recent Financial Crisis," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 5(5(558)(su), pages 306-310, July.
    • Handle: RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:306-310
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