The limits of financial risk management: Or what we didn't learn from the Asian crisis

New Political Economy

Volumn 15, Issue 1, 2010, Pages 29-49

  Best, Jacqueline ^a  

^a UNIVERSITY OF OTTAWA   (Canada)

Author keywords

Crisis; Finance; Risk; Subprime

Indexed keywords

CRISIS MANAGEMENT; FINANCIAL CRISIS; FINANCIAL MARKET; FINANCIAL SYSTEM; MORTGAGE LENDING; REGULATORY FRAMEWORK;

ASIA;

EID: 71649092609     PISSN: 13563467     EISSN: 14699923     Source Type: Journal    
DOI: 10.1080/13563460903553582     Document Type: Article

References (74)

1. Beck, U. (1992), Risk Society: Towards a New Modernity (London: Sage).
2. Beck, U. (2006), 'Living in the World Risk Society. A Hobhouse Memorial Public Lecture given on Wednesday 15 February 2006 at the London School of Economics', Economy and Society, 35 (3), pp. 329-45.
3. Bedford, K. (2009), 'A Special Issue on Sexual and Economic Justice: Introduction', Scholar and the Feminist Online, 7(3).
4. Bernanke, B.S. (2008). Semiannual Monetary Policy Report to the Congress, Committee on Banking, Housing and Urban Affairs, US Senate, Washington, DC.
5. Best, J. (2003), 'The Politics of Transparency: Ambiguity and the Liberalization of International Finance', in J. Busumtwi-Sam and L. Dobuzinskis (eds.) Turbulence and New Directions in Global Political Economy (Basingstoke and New York: Palgrave).
6. Best, J. (2005), The Limits of Transparency: Ambiguity and the History of International Finance (Ithaca NY): Cornell University Press).
7. Best, J. (2007), 'Legitimacy Dilemmas: The IMF's Pursuit of Country Ownership', Third World Quarterly, 28 (3), pp. 469-88.
8. Best, J. (2008), 'Ambiguity, Uncertainty and Risk: Rethinking Indeterminacy', International Political Sociology, 2 (4), pp. 355-74.
9. Best, J. (2009), 'How to Make a Bubble: Towards a Cultural Political Economy of the Financial Crisis', International Political Sociology, 3(4), pp. 461-5.
10. BIS (1998), BIS 68th Annual Report (Basle: Bank for International Settlements).
11. BIS (2004), International Convergence of Capital Measurement and Capital Standards: A Revised Framework (Basel: Bank for International Settlements).
12. Bretton Woods Project (2008), Civil Society Activities: Upswell in Pressure for Fundamental Change. Available from http://www.brettonwoodsproject.org/art.shtml? =563065 (accessed 19 December).
13. Brown, G. (1998). Speech by the Chancellor of the Exchequer, Gordon Brown MP to the Annual Meetings of the IMF and the World Bank Meeting in Washington DC: Steering a Course for Stability Available from http:// www.hm-treasury.gov.uk/574.htm (accessed 19 December 2008).
14. Brown, G. (2001a), Speech by Chancellor of the Exchequer Gordon Brown to the Federal Reserve Bank, UK Treasury (cited 16 August 2006). Available from http://www.hm-treasury.gov.uk/newsroom_and_speeches/press/2001/press_126_01.cfm
15. Brown, G. (2001b). Speech by the Chancellor of the Exchequer, Gordon Brown MP, at the Annual Conference of the European Bank for Reconstruction and Development, UK Treasury (cited 16 August 2006). Available from http://www.hm-treasury.gov.uk/newsroom_and_speeches/speeches/chancellorexchequer/speech_chex_240401.cfm
16. Brown, G. (2008), Speech on Global Economy: Transcript of the Prime Minister's Speech on the Global Economy at the Reuters Building, UK Government (cited 13 June 2009). Available from http://www.number10.gov.uk/Page17161
17. Buiter, W. (2007), Lessons from the 2007 Financial Crisis (London: Centre for Economic Policy Research).
18. Cady, J. (2004), 'Does SDDS Subscription Reduce Borrowing Costs for Emerging Market Economies', IMF Working Paper Series, 4, (58).
19. Camdessus, M. (1999a), Governments and Economic Development in a Globalized World: Remarks at the 32nd International General Meeting of the Pacific Basin Economic Council, International Monetary Fund (cited 11 September 2003). Available from: http://www.imf.org/external/np/speeches/1999/051799.htm
20. Camdessus, M. (1999b). Stable and Efficient Financial Systems for the 21st Century: A Quest for Transparency and Standards, Address at the XXIVth Annual Conference of the International Organization of Securities Commissions, International Monetary Fund (cited 21 April 2004). Available from http://www.imf.org/ external/np/speeches/1999/052599.htm
21. Christofides, C., Mulder, C.B. and Tiffin, A.J. (2003), 'The Link Between Adherence to International Standards of Good Practices, Foreign Exchange Spreads, and Ratings', IMF Working Paper Series, 3, (74).
22. Darling, A. (2008), Speech by the Chancellor of the Exchequer, Rt. Hon Alastair Darling MP and the Brookings Institute, Washington, HM Treasury. Available from http://www.hm-treasury.gov.uk/speech_chex_11040.htm accessed 7 August 2008.
23. Davis, B. (2009), 'IMF Urges Global Financial Rules', Wall Street Journal, 6 March.
24. De Goede, M. (2005), Virtue, Fortune and Faith: A Genealogy of Finance (Minneapolis: University of Minnesota Press).
25. De Goede, M. (2008), 'Beyond Risk: Premediation and the Post-9/11 Security Imagination', Security Dialogue, 39 (2-3), pp. 155-76.
26. Dean, M. (1999), Governmentality: Power and Rule in Modern Society (Thousand Oaks CA: Sage).
27. Dodd, R. (2007), 'Subprime: Tentacles of a Crisis', Finance and Development, 44(4). Available from: http://www.imf.org/external/pubs (accessed 12 July 2008).
28. Dodd, R. and Mills, P. (2008), 'Outbreak: US Subprime Contagion', Finance & Development, 45 (2), pp. 14-18.
29. EC (2008), From Financial Crisis to Recovery: A European Framework for Action (Brussels: European Commission).
30. Ee, K.H. and Xiong, K.R. (2008), 'Asia: A Perspective on the Subprime Crisis', Finance and Development, 45 (2), pp. 19-23.
31. Ewald, F. (1991), 'Insurance and Risk', in G. Burchell, C. Gordon, P. Miller (eds), The Foucault Effect: Studies in Governmentality (Chicago: University of Chicago Press).
32. FSA (2009), The Turner Review: A Regulatory Response to the Global Banking Crisis (London: Financial Services Authority).
33. FSF (2008), Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience (Basel: Financial Stability Forum).
34. G7 (1998), Strengthening the Architecture of the Global Financial System: Report of G7 Finance Ministers to G7 Heads of State or Government for their Meeting in Birmingham, May 1998, Birmingham: Group of 7.
35. G7 (1999), Report of G7 Finance Ministers to the Koln Economic Summit (Cologne: Group of 7).
36. G20 (2009), The Global Plan for Recovery and Reform: Final Summit Communiqué (London: Group of 20).
37. Geithner, T. (2009). Prepared Statement by Treasury Secretary Tim Geithner in Advance of G-20 Finance Ministers and Central Bank Governors Meeting. Available from http://www.ustreas.gov/press/releases/tg53.htm (accessed 13 March 2009).
38. Germain, R.D. (2009). 'Responding to the Credit Crisis: Renewing the "Compromise of Embedded Liberalism"?', Workshop paper presented at conference Public/Private Interaction and the Transformation of Global Governance, Ottawa, 5-6 June.
39. Greenspan, A. (1998a), The Structure of the International Financial System, Remarks at the Annual Meeting of the Securities Industry Association, Federal Reserve Board (cited 7 August 2008). Available from: http:// www.federalreserve.gov/boarddocs/speeches/1998/19981105.htm
40. Greenspan, A. (1998b), Implications of Recent Asian Developments for Community Banking, Remarks Before the Annual Convention of the Independent Bankers' Association of America, US Federal Reserve Board (cited 7 August 2008). Available from: http://www.federalreserve.gov/boarddocs/speeches/1998/19980303.htm
41. Greenspan, A. (1998c), Risk Management in the Global Financial System: Remarks Before the Annual Financial Markets Conference of the Federal Reserve Bank of Atlanta, US Federal Reserve Board (cited 7 August 2008). Available from: http://www.federalreserve.gove/boarddocs/speeches/1998/19980227.ntl
42. Hall, R.B. (2003), 'The Discursive Demolition of the Asian Development Model', International Studies Quarterly, 47 (1), pp. 71-99.
43. Helleiner, E. (2008), 'The Mystery of the Missing, Sovereign Debt Restructuring Regime', Contributions to Political Economy, 27 (1), pp. 91-113.
44. Helleiner, E. (2009). Reigning in the Market: Global Governance and the Regulation of Derivatives, Workshop paper presented at conference Public/Private Interaction and the Transformation of Global Governance, Ottawa, 5-6 June.
45. IMF (1996), IMF Executive Board Approves the Special Data Dissemination Standard (Washington, DC: International Monetary Fund).
46. IMF (2007), IMF Global Financial Stability Report (Washington, DC: International Monetary Fund).
47. IMF (2008a), Global Financial Stability Report: Containing Systemic Risks and Restoring Financial Soundness (Washington, DC: International Monetary Fund).
48. IMF (2008b), Global Financial Stability Report: Financial Stress and Deleveraging, Macro-Financial Implications and Policy (Washington, DC: International Monetary Fund).
49. IMF (2009a), Global Financial Stability Report: Responding to the Financial Crisis and Measuring Systemic Risks (Washington, DC: International Monetary Fund).
50. IMF (2009b), 'IMF Urges Rethink of how to Manage Global Systemic Risk', IMF Survey, 6 March.
51. IMF and World Bank (2005), The Standards and Codes Initiative Is It Effective? And How Can It Be Improved? (Washington, DC: International Monetary Fund and World Bank).
52. IOSCO (2008), Report on the Subprime Crisis (Madrid: International Organization of Securities Commissions).
53. Keynes, J.M. (1964), The General Theory of Employment, Interest and Money (New York: Harcourt Brase).
54. Knight, F. (1946), Risk, Uncertainty and Profit (Boston, MA: Houghton Mifflin Company).
55. Kregel, J. (2008), Changes in the U.S. Financial System and the Subprime Crisis (Annandale-on-Hudson, NY: The Levy Economics Institute).
56. Kroszner, R.S. (2008), Prospects for Recovery and Repair of Mortgage Markets (Washington, DC: Federal Reserve Board).
57. Labaton, S. and Calmes, J. (2009), 'Obama Proposes a First Overhaul of Finance Rules', New York Times, 14 May.
58. Langley, P. (2008), The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America (Oxford: Oxford University Press).
59. Lipsky, J. (2008), Dealing with Financial Turmoil: Contingent Risks, Policy Challenges and the Role of the IMF. Speech by First Deputing Managing Director at the Peterson Institute, International Monetary Fund. Available from http://www.imf.org/external/np/speeches/2008/031208.htm (accessed 7 August 2008).
60. MacKenzie, D. (2006), An Engine, Not a Camera: How Financial Models Shape Markets (Cambridge, MA: MIT Press).
61. MacKenzie, D., Muniesa, F. and Siu, L. (eds.) (2007), Do Economists Make Markets? On the Performativity of Economics (Princeton, NJ: Princeton University Press).
62. McKenna, B. (2009), 'Geithner unveils "new rules of the game"', Globe and Mail, 26 March.
63. Mosley, L. (2009), 'Private Governance for the Public Good? Exploring Private Sector Participation in Global Financial Regulation', in H. Milner and A. Moravcsik (eds.) Power, Interdependence and Non-State Actors in World Politics (Princeton, NJ: Princeton University Press).
64. Paulson, H. (2008), Secretary Paulson Remarks on the U.S. Economy and Financial System, US Treasury Department (cited 19 December 2008). Available from http://www.treas.gov/press/releases/hp1301.htm
65. Rodrik, D. and Subramanian, A. (2008), 'We Must Curb International Flows of Capital', Financial Times, 25 February.
66. Ryan, A. (2008), Acting Under Secretary for Domestic Finance Anthony Ryan Remaks on Effective Capital Markets and Market Discipline, US Department of Treasury (cited 5 August 2008). Available from http://www.treas.gov/press/releases/hp1090.html
67. Salter, M. (2008), 'Imagining Numbers: Risk, Quantification, and Aviation Security', Security Dialogue, 39 (2-3), pp. 243-66.
68. Singh, M. and Saiyid, M. (2008), 'Credit Market Turmoil Makes Valuation Key', IMF Survey Magazine. Available from: http://imf.org/external/pubs/ft/survey/so/2008/RES0115A.htm (accessed 12 March 2009).
69. Summers, L. (1998), Emerging From Crisis: the Beginnings of a New Asia, Remarks by Lawrence H. Summers, Deputy Secretary of the Treasury, Economic Strategy Institute, US Department of the Treasury (cited 29 August 2008). Available from: http://www.ustreas.gov/press/releases/rr2217.htm
70. The Economist (2008a), 'Professionally Gloomy', 17 May.
71. The Economist (2008b), 'Ruptured Credit', 17 May.
72. Treasury, H.M. (2008), Financial Stability and Depositor Protection: Strengthening the Framework (London: British Government).
73. Tyler, P. (2005), 'Goldfinch Mistaken for a Swallowtail', Quills Canadian Poetry Magazine, 2 (2), p. 61.
74. Widmaier, W. (2003), 'The Keynesian Bases of a Constructivist Theory of International Political Economy', Millennium, 32 (1), pp. 87-107.