Policy responses to systemic risk. National policies and the idea of global financial governance.

该项目考察了民族国家监管助长传染性金融危机的系统性风险的能力。这项研究的核心假设是，全球金融危机的根源既在于市场失灵，也在于国家失灵，即政治治理和监管失灵一直是导致这场危机的关键因素，未来的危机也可能如此。该项目的核心假设是，全球金融的政治治理是极其困难和复杂的，因为全球治理的结构性困境--一方面是全球化的经济和金融体系与国家有限的治理政治体系之间的不协调。这种错配使政治监管处于不利地位，特别是在一个不能局限于特定民族国家的整体因素方面，即系统性风险。挑战在于提高民族国家在全球金融体系动态中以协调和战略的方式采取行动的能力，并为跨国政治监管定义制度框架。系统性风险是金融危机中一个极具争议性且仍被忽视的方面。它包括太大而不能倒的‖和具有系统重要性的机构‖的主题。从治理和监管的角度将系统性风险放在项目的中心位置，将使人们对政治制度的选择有新的认识，以应对超越其边界和需要跨国合作的危机。协调中心将是巴塞尔银行监管委员会(BCBS)的议事程序(具体地说：《巴塞尔协议III》的议程制定和实施)和全球金融稳定委员会(FSB)的议事程序，以及美国和欧盟系统风险监督委员会在国家/跨国一级的政策。

The project examines the capacities of nation states to regulate systemic risks fueling contagious fi-nancial crises. The core assumption of the research is that the global financial crisis has had its roots as much in market failures as in state failures, i.e. that failures of political governance and regulation have been crucial factors in causing this crisis, and may be so in future ones. The core hypothesis of the project is that political governance of global finance is exceedingly difficult and complex because of the constitutive dilemma of global governance – an incongruence between a globalized economic and financial system on the one hand and nationally limited political systems of governance on the other. This mismatch puts political regulation at a disadvantage, in particular in regard to an overall factor which cannot be limited to a specific nation state, i.e. systemic risk. The challenge is to improve the nation states‘ capacity to act in a coordinated and strategic way in relation to the dynamics of the global financial system, and to define institutional frameworks for transnational political regulations. Systemic risk is a highly controversial and still neglected aspect of the financial crisis. It includes the topics of ― too big to fail‖ and ― systemically important institutions‖. Putting systemic risk at the center of the project in a governance and regulation perspective will shed a new light on the options of political systems to cope with crises which transcend their boundaries and which demand transnational cooperation. Focal points will be the proceedings of the Basel Committee on Banking Supervision (BCBS) (specifically: agenda setting and implementation of Basel III) and the proceedings of the Financial Stability Board (FSB) at the global level, and the policies of the systemic risk oversight councils of USA and EU at the national/transnational level.