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Seit der Finanz- und Staatsschuldenkrise kursiert das Schlagwort des "systemischen Risikos". Doch handelt es sich dabei um ein ökonomisches oder um ein politisches Problem? Das Buch entwickelt ein integratives Verständnis von systemischen Risiken und beleuchtet Fragen der politischen Steuerung des globalen Finanzsystems im 21. Jahrhundert - und dabei der politischen Ordnung, Legitimität und Expertise.

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Content

1Introduction: Systemic Risk Revisited-Steps to an Integrated Approach7

2 Describing Systemic Risk16

2.1 Basic Features of Systemic Risk18

2.1.1 Systemic Risk as an Emergent Property of Global Finance19

2.1.2 Types of Financial Systems33

2.1.3 Definitions of Systemic Risk43

3 The Myth of Rational Finance: A Review of Systemic Properties of Global Finance48

3.1 System Governance55

3.2 Overconfidence in Governance Capabilities68

3.3 Learning Disabilities77

3.3.1 Addiction to Success77

3.3.2 Herding Behavior81

3.3.3 Autism83

4Understanding Systemic Risk88

4.1 An Economic Approach to Systemic Risk88

4.2 A Political Approach to Systemic Risk92

4.3 An Integrated Approach to Systemic Risk101

5Micro-Cases of Global Financial Governance Institutions109

5.1 The FSB110

5.2 The BCBS112

5.3 A Critical Examination of the FSOC115

5.3.1 The Shift to Macroprudential Regulation118

5.3.2 Coordination and Designation: The FSOC124

5.3.3 Data and Information: The OFR140
5.3.4 Blaming and Shaming: The Systemic Risk Council145

5.3.5 Taming the Beast, or: Does the FSOC Mitigate Systemic Risk?147

5.3.6 Paradigm Shift or Cosmetic Enhancements?164

5.4 An Early Assessment of the ESRB168

5.4.1 Conceptual and Theoretical Perspectives172

5.4.2 The ESRB and the New European Regulatory Architecture191

5.4.3 Challenges of Post-Crisis Financial Regulatory Reform195

5.4.4 Assessment and Outlook: Viable Legal Order Beyond the State?206

5.4.5 Central Conclusions208

6What´s Democracy Got to Do with it-a Crisis of Democracy?212

7What´s Law Got to Do with it?227

Appendix235

References248

Index275

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Content

1 Introduction: Systemic Risk Revisited-Steps to an Integrated Approach 7

2 Describing Systemic Risk 16

2.1 Basic Features of Systemic Risk 18

2.1.1 Systemic Risk as an Emergent Property of Global Finance 19

2.1.2 Types of Financial Systems 33

2.1.3 Definitions of Systemic Risk 43

3 The Myth of Rational Finance: A Review of Systemic Properties of Global Finance 48

3.1 System Governance 55

3.2 Overconfidence in Governance Capabilities 68

3.3 Learning Disabilities 77

3.3.1 Addiction to Success 77

3.3.2 Herding Behavior 81

3.3.3 Autism 83

4 Understanding Systemic Risk 88

4.1 An Economic Approach to Systemic Risk 88

4.2 A Political Approach to Systemic Risk 92

4.3 An Integrated Approach to Systemic Risk 101

5 Micro-Cases of Global Financial Governance Institutions 109

5.1 The FSB 110

5.2 The BCBS 112

5.3 A Critical Examination of the FSOC 115

5.3.1 The Shift to Macroprudential Regulation 118

5.3.2 Coordination and Designation: The FSOC 124

5.3.3 Data and Information: The OFR 140

5.3.4 Blaming and Shaming: The Systemic Risk Council 145

5.3.5 Taming the Beast, or: Does the FSOC Mitigate Systemic Risk? 147

5.3.6 Paradigm Shift or Cosmetic Enhancements? 164

5.4 An Early Assessment of the ESRB 168

5.4.1 Conceptual and Theoretical Perspectives 172

5.4.2 The ESRB and the New European Regulatory Architecture 191

5.4.3 Challenges of Post-Crisis Financial Regulatory Reform 195

5.4.4 Assessment and Outlook: Viable Legal Order Beyond the State? 206

5.4.5 Central Conclusions 208

6 What´s Democracy Got to Do with it-a Crisis of Democracy? 212

7 What´s Law Got to Do with it? 227

Appendix 235

References 248

Index 275

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