Global Governance and Systemic Risk in the 21st Century: Lessons from the Financial Crisis

Global Policy ◽  
2010 ◽  
Vol 1 (1) ◽  
pp. 4-15 ◽  
Author(s):  
Ian Goldin ◽  
Tiffany Vogel
Keyword(s):  
Financial Crisis ◽  
Global Governance ◽  
21St Century ◽  
Systemic Risk

Tribunes and Patricians: Fringe Parties in the 21st Century

2012 ◽  
Author(s):  
Harry Nedelcu
Keyword(s):  
Financial Crisis ◽  
Political Parties ◽  
21St Century ◽  
Full Text ◽  
Debt Crisis ◽  
Party Systems ◽  
Radical Right ◽  
The Political ◽  
Political Spectrum ◽  
Structural Shifts

The mid and late 2000s witnessed a proliferation of political parties in European party systems. Marxist, Libertarian, Pirate, and Animal parties, as well as radical-right and populist parties, have become part of an increasingly heterogeneous political spectrum generally dominated by the mainstream centre-left and centre-right. The question this article explores is what led to the surge of these parties during the first decade of the 21st century. While it is tempting to look at structural arguments or the recent late-2000s financial crisis to explain this proliferation, the emergence of these parties predates the debt-crisis and can not be described by structural shifts alone . This paper argues that the proliferation of new radical parties came about not only as a result of changes in the political space, but rather due to the very perceived presence and even strengthening of what Katz and Mair (1995) famously dubbed the "cartelization" of mainstream political parties.   Full text available at: https://doi.org/10.22215/rera.v7i1.210

scholarly journals Measuring the systemic risk in the South African banking sector

2017 ◽  
Vol 20 (1) ◽  
Author(s):  
Gregory M. Foggitt ◽  
Andre Heymans ◽  
Gary W. Van Vuuren ◽  
Anmar Pretorius
Keyword(s):  
Financial Crisis ◽  
South African ◽  
Systemic Risk ◽  
Banking Sector ◽  
Risk Index ◽  
Financial Sector ◽  
Ethical Behaviour ◽  
The South ◽  
Case Scenario ◽  
Worst Case

Background: In the aftermath of the sub-prime crisis, systemic risk has become a greater priority for regulators, with the National Treasury (2011) stating that regulators should proactively monitor changes in systemic risk.Aim: The aim is to quantify systemic risk as the capital shortfall an institution is likely to experience, conditional to the entire financial sector being undercapitalised.Setting: We measure the systemic risk index (SRISK) of the South African (SA) banking sector between 2001 and 2013.Methods: Systemic risk is measured with the SRISK.Results: Although the results indicated only moderate systemic risk in the SA financial sector over this period, there were significant spikes in the levels of systemic risk during periods of financial turmoil in other countries. Especially the stock market crash in 2002 and the subprime crisis in 2008. Based on our results, the largest contributor to systemic risk during quiet periods was Investec, the bank in our sample which had the lowest market capitalisation. However, during periods of financial turmoil, the contributions of other larger banks increased markedly.Conclusion: The implication of these spikes is that systemic risk levels may also be highly dependent on external economic factors, in addition to internal banking characteristics. The results indicate that the economic fundamentals of SA itself seem to have little effect on the amount of systemic risk present in the financial sector. A more significant relationship seems to exist with the stability of the financial sectors in foreign countries. The implication therefore is that complying with individual banking regulations, such as Basel, and corporate governance regulations promoting ethical behaviour, such as King III, may not be adequate. It is therefore proposed that banks should always have sufficient capital reserves in order to mitigate the effects of a financial crisis in a foreign country. The use of worst-case scenario analyses (such as those in this study) could aid in determining exactly how much capital banks could need in order to be considered sufficiently capitalised during a financial crisis, and therefore safe from systemic risk.

Systemic Risk in Banking after the Great Financial Crisis

2014 ◽  
Author(s):  
Philipp Hartmann ◽  
Olivier de Bandt ◽  
José Luis Peydró
Keyword(s):  
Financial Crisis ◽  
Systemic Risk

scholarly journals Social Progress and Global Governance

2019 ◽  
Author(s):  
Marc Fleurbay ◽  
Ravi Kanbur
Keyword(s):  
Global Governance ◽  
21St Century ◽  
Social Progress ◽  
Social Injustice ◽  
Social Scientists ◽  
Cambridge University ◽  
First Report ◽  
International Panel ◽  
The World ◽  
Multidisciplinary Group

Abstract Over the last four years, we have worked with a large, international, and multidisciplinary group of scholars and social scientists, in the preparation of the first report of the International Panel on Social Progress (IPSP) (Rethinking Society for the 21st Century, Cambridge University Press, 2018). The question this group set itself to answer was whether we can hope for better institutions and less social injustice in the world in the coming decades, given the ongoing trends.

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