Financial stability needs global time
by Pierre-Andre Cordey, Sergio Rossi
International Journal of Trade and Global Markets (IJTGM), Vol. 3, No. 2, 2010

Abstract: Bankruptcy of systemically-important financial institutions shows the importance of knowing the precise instant in time when termination of a major participant in cross-border payment and settlement systems occurs, in order to avoid instability in the whole financial system and its negative effects on the global economy. This paper elaborates on the importance of a 'global time' and proposes a new time measurement system. Adopting such a system improves the governance and supervision of an ever-increasing number of cross-country and cross-currency transactions, on both product and financial markets, thus contributing to make sure that systemic risks are less likely to occur.

Online publication date: Wed, 27-Jan-2010

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