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Global Network Finance

Event details of ACLE seminar: Katharina Pistor (Columbia Law School)
Date 20 October 2008
Time 11:45 -13:15


The financial market crisis that began to unfold in the summer of 2007 and has deepened in September 2008 has revealed some fundamental problems of global financial interdependence; regulatory failures at level of nation states; and a looming governance vacuum at the global level. The crisis has forced market participants, policy makers and regulators to enter unchartered waters in their attempt to stabilize financial markets and to begin the process of building a more sustainable governance regime for global financial markets. This paper suggests that elements of such a regime have already emerged over the course of the past eighteen months as major financial intermediaries, including banks and Sovereign Wealth Funds from different parts of the world began to engage in "organizational hedging" strategies (Stark). By partnering with institutional practices, they have created the foundation for transposing elements from one regime to another and recombining them to ultimately form a new governance regime. Whether or not this was their intention at the outset, the pattern of investments among these various organizations has taken the form of relational ties, which collectively can be described as an emergent global financial network. This paper argues that Global Network Finance (GNF) has the potential of performing critical governance functions for the global financial market place.


Oudemanhuispoort 4-6
1012 CN Amsterdam