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Financial Crisis and Global Governance

Author

Listed:
  • Andrew Sheng

Abstract

This paper attempts to use network theory, drawn from recent work in sociology, engineering, and biological systems, to suggest that the current crisis should be viewed as a network crisis. The author surveys the concepts of networks, their defining characteristics, applications to financial markets, and the need for supervision and implications for national and global governance. Then, author briefly examines the current financial crisis in the light of the network analysis and surveys the recent reforms in financial regulation and architecture. The paper concludes with an analysis of the policy implications of network analysis.

Suggested Citation

  • Andrew Sheng, 2010. "Financial Crisis and Global Governance," World Bank Publications - Books, The World Bank Group, number 27785.
    • Handle: RePEc:wbk:wbpubs:27785
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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/27785/577660NWP0Box353767B01PUBLIC10gcwp067web.pdf?sequence=1
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    Citations

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    Cited by:

    1. Tomáš Klinger & Petr Teplý, 2014. "Systemic Risk of the Global Banking System - An Agent-Based Network Model Approach," Prague Economic Papers, Prague University of Economics and Business, vol. 2014(1), pages 24-41.
    2. Brancaccio, Emiliano & Giammetti, Raffaele & Lopreite, Milena & Puliga, Michelangelo, 2019. "Monetary policy, crisis and capital centralization in corporate ownership and control networks: A B-Var analysis," Structural Change and Economic Dynamics, Elsevier, vol. 51(C), pages 55-66.
    3. Zita Iloskics & Tamás Sebestyén & Erik Braun, 2021. "Shock propagation channels behind the global economic contagion network. The role of economic sectors and the direction of trade," PLOS ONE, Public Library of Science, vol. 16(10), pages 1-26, October.
    4. Andrew Sheng, 2011. "IGE/IMF International Conference 2 December 2010, Seoul," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 3(1), pages 171-180, January.
    5. Jianjia Wang & Chenyue Lin & Yilei Wang, 2019. "Thermodynamic Entropy in Quantum Statistics for Stock Market Networks," Complexity, Hindawi, vol. 2019, pages 1-11, April.
    6. Faggini, Marisa & Bruno, Bruna & Parziale, Anna, 2019. "Crises in economic complex networks: Black Swans or Dragon Kings?," Economic Analysis and Policy, Elsevier, vol. 62(C), pages 105-115.
    7. Tamás Sebestyén & Zita Iloskics, 2020. "Do economic shocks spread randomly?: A topological study of the global contagion network," PLOS ONE, Public Library of Science, vol. 15(9), pages 1-22, September.

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