Financial Crisis and Global Governance : A Network Analysis

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 definin...

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Bibliographic Details
Main Author:	Sheng, Andrew
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	ACCESS TO INFORMATION ACCOUNTING ACCOUNTING STANDARDS ARBITRAGE ASSET BACKED SECURITIES ASSET MANAGEMENT ASSET PRICES ASYMMETRIC INFORMATION BALANCE SHEETS BANK MANAGEMENT BANKING ASSET BANKING CRISIS BANKING INSTITUTIONS BANKING SYSTEM BANKRUPTCY BONDS BROKERS CAPITAL ACCORDS CAPITAL CONTROLS CAPITAL FLOWS CAPITAL GAINS CAPITAL MARKETS CAPITAL NEEDS CDS CENTRAL BANK CENTRAL BANKS COLLECTIVE ACTION COMMERCIAL BANKS COMMON LAW COMMUNICATION TECHNOLOGY COMPUTER TECHNOLOGY CONNECTIVITY CONSUMER EXPENDITURE COORDINATION FAILURE CORPORATE DISCLOSURE CREDIT CARD CREDIT DEFAULT CREDIT DEFAULT SWAPS CRITICAL MASS CURRENCY DEBT DEBT MARKET DEBT OBLIGATIONS DEFICITS DEPOSIT DEPOSIT INSURANCE DERIVATIVE DERIVATIVE INSTRUMENTS DERIVATIVE PRODUCTS DERIVATIVES DEVELOPING COUNTRIES DEVELOPING COUNTRY DOMESTIC BANKS DOMESTIC MARKETS DUE DILIGENCE ECONOMIC DEVELOPMENT EFFICIENT MARKET EFFICIENT MARKETS EMERGING MARKET EMERGING MARKETS EQUITY MARKET EXCHANGE RATES EXPOSURE FAIR VALUE FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEREGULATION FINANCIAL DERIVATIVE FINANCIAL DERIVATIVES FINANCIAL ENGINEERING FINANCIAL ENGINEERS FINANCIAL INFORMATION FINANCIAL INNOVATION FINANCIAL INSTABILITY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL NETWORKS FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STRUCTURE FINANCIAL SYSTEM FINANCIAL SYSTEMS FISCAL POLICIES FIXED EXCHANGE RATE FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FRAUD FREE TRADE FULL DISCLOSURE FUND MANAGEMENT FUND MANAGER FUTURES GLOBAL BANKING GLOBAL ECONOMY GLOBAL EQUITY GLOBAL EQUITY MARKET GLOBAL FINANCIAL MARKET GLOBAL FINANCIAL MARKETS GLOBAL FINANCIAL STABILITY GLOBAL FINANCIAL SYSTEM GLOBAL MARKET GLOBAL TRADE GLOBALIZATION GOLD STANDARD GOVERNMENT INTERVENTION HEDGE FUND HEDGE FUND MANAGERS HEDGE FUNDS HOLDING HOLDING COMPANIES HOME MARKET HOST COUNTRIES HOST COUNTRY ILLIQUIDITY INCENTIVE STRUCTURE INCENTIVE STRUCTURES INDIVIDUAL FIRM INDIVIDUAL FIRMS INFLATION INFORMATION ASYMMETRY INFORMATION SYSTEMS INFORMATION TECHNOLOGY INSIDER DEALING INSURANCE INSURANCE COMPANIES INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARDS INVESTMENT BANKS INVESTOR EDUCATION ISLAMIC FINANCE JURISDICTION JURISDICTIONS LEGAL AUTHORITY LEVEL OF INTEREST RATES LIQUIDITY LIQUIDITY CRUNCH LOAN LOCAL MARKETS MARK TO MARKET MARK TO MARKET ACCOUNTING MARKET EFFICIENCY MARKET FAILURE MARKET MAKER MARKET PARTICIPANTS MARKET PLAYER MARKET PRACTICES MARKET PRICES MARKET RISK MARKET TRADING MARKET TRANSACTIONS MARKET VALUE MATURE MARKET MATURITY MATURITY MISMATCHES MONETARY AUTHORITY MONETARY FUND MONETARY POLICY MORAL HAZARD MORTGAGE MORTGAGE MARKET OFFSHORE FINANCIAL CENTERS OPEN MARKETS OUTPUT POLITICAL ECONOMY PORTFOLIO PORTFOLIO MANAGEMENT PRICE VOLATILITY PROPERTY RIGHTS PROVISIONING RULES PRUDENTIAL REGULATION PUBLIC FINANCE RAPID GROWTH REGULATOR REGULATORS REGULATORY AGENCIES REGULATORY AUTHORITY REGULATORY STANDARDS REGULATORY STRUCTURE REGULATORY SYSTEM RETAIL BANKING RETURN RISK AVERSION RISK CONTROLS RISK DIVERSIFICATION RISK MANAGEMENT RISK MANAGER SECURITIES SECURITIES MARKET SETTLEMENT SINGLE MARKET SOCIAL COSTS SOCIAL NETWORKS SOLVENCY STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET STOCK MARKET CAPITALIZATION STOCKS SUPERVISORY POWERS SYSTEMIC RISK SYSTEMIC RISKS TAX TELEPHONE NETWORKS TRADES TRADING TRANSACTION TRANSACTION COSTS TRANSPARENCY TREATY VALUATION WHOLESALE BANKS WORLD TRADE
Online Access:	http://documents.worldbank.org/curated/en/143071468174883223/Financial-crisis-and-global-governance-a-network-analysis http://hdl.handle.net/10986/27785

Description
Summary:	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.

Financial Crisis and Global Governance : A Network Analysis

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