Distributed for Campus Verlag
Systemic Risk
The Myth of Rational Finance and the Crisis of Democracy
In addressing these questions, this volume draws upon political economy as an approach to analyze the concept of systemic risk as well as corresponding dilemmas of political order, legitimacy, and expertise. The resulting discussion posits major consequences for the political governance of financial systems in the increasingly interconnected world of the twenty-first century.
Table of Contents
Approach
2 Describing Systemic Risk
2.1 Basic Features of Systemic Risk
3 The Myth of Rational Finance: A Review of Systemic Properties of
Global Finance
3.1 System Governance
3.2 Overconfidence in Governance Capabilities
3.3 Learning Disabilities
4 Understanding Systemic Risk
4.1 An Economic Approach to Systemic Risk
4.2 A Political Approach to Systemic Risk
4.3 An Integrated Approach to Systemic Risk
5 Micro-Cases of Global Financial Governance Institutions
5.1 The FSB
5.2 The BCBS
5.3 A Critical Examination of the FSOC
5.4 An Early Assessment of the ESRB
6 What’s Democracy Got to Do with it – a Crisis of Democracy?
7 What’s Law Got to Do with it?
Appendix
References
Index