Essays in International Financial Governance

The 2008 financial crisis revealed systemic weaknesses in the global financial architecture, gave rise to the most severe economic collapse since the Great Depression and engendered a fundamental shift in the prevailing consensus on financial governance. It reminded us of the fragility of the international financial system and the politically unacceptable costs to society when it fails. This dissertation adds to the literature on the governance of private and public sector financial institutions. It presents a conceptual framework of linkage between the governance of financial institutions, systemic risk and financial crises. It is based on a review of the empirical and theoretical literature on the influence of financial regulation and governance on the stability of the international financial system. The dissertation examines the application of financial governance in three different contexts: (i) the introduction of a common regulatory framework for the European securities industry, known as MIFID; (ii) the introduction of a risk governance framework at a US federal agency, the US Export-Import Bank, and (iii) the introduction of performance metrics among Export Credit Agencies that operate within a common governance framework known as the Arrangement on Officially Supported Export Credits. In addition, the dissertation provides specific policy recommendations designed to enhance the portfolio risk management practices of the US Export Import Bank. By extension, these recommendations are relevant to a wider audience of federal agencies with similar portfolio credit risks and may help inform the design of a robust risk management framework that is critical to the government's ability to manage its burgeoning credit portfolio.

Name thesis:degree_name

Ph. D.

Level thesis:degree_level

doctoral

Discipline thesis:degree_discipline

Planning, Governance, and Globalization

Department dc:contributor.department

School of Public and International Affairs

Grantor dc:publisher

Virginia Tech

Year dc:date.issued

2015

Author dc:creator

• Thorum, Mark Stuart

Chairs dc:contributor.committeechair

• Luke, Timothy W.
• Taylor, Charles L.

Committee members dc:contributor.committeemember

• Morgan, George E.
• Stivachtis, Yannis A.

• financial governance
• financial crisis
• systemic risk
• export credit agency

Statement dc:rights

• In Copyright

Licence dc:rights.uri

• http://rightsstatements.org/vocab/InC/1.0/

Dc Identifier Other

vt_gsexam:5739

OAI identifier oai:identifier

oai:vtechworks.lib.vt.edu:10919/81430