Recurring crises in Anglo-American corporate governance

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dc.contributor.author Clarke, T
dc.date.accessioned 2012-02-02T11:02:33Z
dc.date.issued 2010-01
dc.identifier.citation Contributions to Political Economy, 2010, 29 (1), pp. 9 - 32
dc.identifier.issn 0277-5921
dc.identifier.other C1 en_US
dc.identifier.uri http://hdl.handle.net/10453/15746
dc.description.abstract The prolonged systemic crisis in international financial markets commencing in 2007 was also a crisis in corporate governance and regulation. The apparent ascendancy of Anglo-American markets and governance institutions was profoundly questioned by the scale and contagion of the global financial crisis. Instead of risk being hedged, it had become inter-connected, international, and unknown. The market capitalisation of the stock markets of the world had peaked at $62 trillion at the end of 2007. By October 2008 they were in free fall, having lost $33 trillion, over half of their value, in 12 months of unrelenting financial and corporate failures. A debate has continued for some time about the costs and benefits of the financialisation of advanced industrial economies. The long progression of financial crises around the world served as a reminder that the system is neither self-regulating, nor robust. The explanation of why investment banks and other financial institutions took such spectacular risks with extremely leveraged positions on many securities and derivatives, and the risk management, governance, and ethical environment that allowed such conduct to take place demands detailed analysis.
dc.publisher Oxford University Press
dc.relation.hasversion Accepted manuscript version
dc.relation.isbasedon 10.1093/cpe/bzq002
dc.rights This is a pre-copy-editing, author-produced PDF of an article accepted for publication in Contributions to Political Economy following peer review. The definitive publisher-authenticated version Contributions to Political Economy, Volume 29, Issue 1, Pp. 9-32. is available online at: xxxxxxx http://cpe.oxfordjournals.org/content/29/1/9.abstract
dc.title Recurring crises in Anglo-American corporate governance
dc.type Journal Article
dc.parent Contributions to Political Economy
dc.journal.volume 1
dc.journal.volume 29
dc.journal.number 1 en_US
dc.publocation Cambridge en_US
dc.identifier.startpage 9 en_US
dc.identifier.endpage 32 en_US
dc.cauo.name BUS.School of Management en_US
dc.conference Verified OK en_US
dc.for 1402 Applied Economics
dc.personcode 990880
dc.percentage 100 en_US
dc.classification.name Applied Economics en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords Economics and Social Sciences en_US
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Faculty of Business/School of Management
pubs.organisational-group /University of Technology Sydney/Strength - Corporate Governance
utslib.copyright.status Open Access
utslib.copyright.date 2015-04-15 12:23:47.074767+10
utslib.collection.history General (ID: 2)


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