J. (Jingting. Tiya) Lei, MSc

Global Financial Governance: Dynamics, Resilience, and Reform

Ensuring the stability and proper functioning of the global financial system is a core purpose of global financial governance (GFG). Yet, systemic crises continue to surface, prompting pressing questions about the resilience of this system and whether some sources of instability may be inherent to its design. Despite the importance of these questions, current research often focuses on separate aspects, highlighting either the role of key actors, the structure of relationships, or the influence of regulatory rules.

This project takes a novel multilevel approach, integrating these perspectives through a network co-evolution framework to study the emergence, evolution, and impact of global financial governance networks, particularly in the context of recurring crises and subsequent reforms. By combining actor-, relation-, and rule-centered analyses, the project aims to capture a more holistic understanding of global financial governance dynamics.

Focusing on the banking, non-banking and securities regulation sectors, the research will analyze changes in both inter-state networks and inter-organizational networks that underpin the global financial system. Key data will be drawn from established sources, such as the Bank for International Settlements (BIS), the International Monetary Fund’s (IMF) Coordinated Portfolio Investment Survey (CPIS), etc. The project will employ Stochastic Actor-Orented Model (SAOM) to examine how rules, relationships, and overall system performance co-evolve at different levels, yielding insights into the structural and dynamic changes shaping GFG.

Through this integrated, multilevel perspective, the project aims to advance theoretical and empirical research on global financial governance, shedding light on the factors that enable stability and reform amidst ongoing systemic challenges.