The corruption of financial benchmarks: Financial markets, collective goods and institutional purposes

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7 Citations (Scopus)

Abstract

Evidently, the widespread manipulation of financial benchmarks is a form of institutional corruption and needs to be treated as such. Accordingly, my task in this article is threefold: (i) to provide a theoretical analysis of the kinds of key global financial benchmarks in question, namely LIBOR and WM/Reuters reference rates; I will do so in terms of my notion of a joint institutional mechanism; (ii) to elaborate an appropriate theoretical analysis of institutional corruption; and (iii) to explore the ways in which the institutions and institutional mechanisms in question could be redesigned in order to substantially reduce the actual and potential corruption of financial benchmarks.
Original languageEnglish
Pages (from-to)155-164
Number of pages10
JournalLaw and Financial Markets Review
Volume8
Issue number2
DOIs
Publication statusPublished - 2014

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