Building governance in the international financial system : context and challenges
By: SILVA, Leandro Pignatari
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ArticlePublisher: São Paulo : 34, Oct./Dec. 2015Title translated: Governabilidade no sistema financeiro internacional: contexto e desafios.Subject(s): Governabilidade | Sistema Financeiro | Globalização | Economia InternacionalOnline resources: Acesso Revista de Economia Política = Brazilian Journal of Political Economy 35, 4 (141), p. 845-858Abstract: The international financial system has undergone deep changes since the 1970s and its stability cannot be reached in spite of actor's interests or the existence of countless coordination fora. Analyzing the system's incentive structure, one can note that its stability depends on the control of imbalances, which are not always harmful for States, creating, thus, a disturbing component in the quest for international financial management. Furthermore, non-state actors have acquired a disproportional share of power following financial globalization, escaping the control of States and of the international community
The international financial system has undergone deep changes since the 1970s and its stability cannot be reached in spite of actor's interests or the existence of countless coordination fora. Analyzing the system's incentive structure, one can note that its stability depends on the control of imbalances, which are not always harmful for States, creating, thus, a disturbing component in the quest for international financial management. Furthermore, non-state actors have acquired a disproportional share of power following financial globalization, escaping the control of States and of the international community
ISSN eletrônico: 18094538
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