Abstract
The institutions of financial governance are central to the prospects for financial stability. Without sound regulatory and supervisory institutions, herd behavior and market failure looms large in a liberal financial system. Cross-border and cross-sectoral financial market integration exacerbates these governance problems as well as the problems of macroeconomic (especially monetary and exchange rate) governance. This chapter, therefore, analyzes the emergence of the current international financial ‘architecture’ and its diverse institutions in relation to the growth of global financial markets, arguing that fundamental shifts in the nature of the financial system and its governance were closely linked to increased financial instability.
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