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Financial stability needs global time

Author

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  • Pierre-Andre Cordey
  • Sergio Rossi

Abstract

Bankruptcy of systemically-important financial institutions shows the importance of knowing the precise instant in time when termination of a major participant in cross-border payment and settlement systems occurs, in order to avoid instability in the whole financial system and its negative effects on the global economy. This paper elaborates on the importance of a 'global time' and proposes a new time measurement system. Adopting such a system improves the governance and supervision of an ever-increasing number of cross-country and cross-currency transactions, on both product and financial markets, thus contributing to make sure that systemic risks are less likely to occur.

Suggested Citation

  • Pierre-Andre Cordey & Sergio Rossi, 2010. "Financial stability needs global time," International Journal of Trade and Global Markets, Inderscience Enterprises Ltd, vol. 3(2), pages 217-229.
    • Handle: RePEc:ids:ijtrgm:v:3:y:2010:i:2:p:217-229
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    Cited by:

    1. Karl Benediktsson & Stanley D. Brunn, 2015. "Time Zone Politics and Challenges of Globalisation," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 106(3), pages 276-290, July.

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