Abstract
Global financial integration has proceeded ahead of supporting governance arrangements. As a result large gaps have developed in regulation and supervision, and in crisis management and resolution. The incompleteness of the global financial architecture became acutely clear in the financial crisis. Large vulnerabilities had been allowed to develop, and the mechanisms in place for dealing with the crisis, at least its cross-border aspects, proved grossly inadequate.
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© 2012 International Economics Association
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Berglof, E. (2012). Filling the Gaps — the Vienna Initiative and the Role of International Financial Institutions in Crisis Management and Resolution. In: Allen, F., Aoki, M., Fitoussi, JP., Kiyotaki, N., Gordon, R., Stiglitz, J.E. (eds) The Global Macro Economy and Finance. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137034250_12
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DOI: https://doi.org/10.1057/9781137034250_12
Publisher Name: Palgrave Macmillan, London
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