Introduction (Managing Financial Risks: From Global to Local)

Recent market turmoil, bank runs, global equities sell-off, and the ‘credit crunch’ have demonstrated the sophisticated and interconnected nature of financial markets today — seemingly localized problems have quickly spread, putting at risk the solvency of both local and global financial institutions. As these markets are increasingly complex, interconnected, and embedded in the daily lives of individuals, there is a pressing need to unravel and understand the complexities and prospects of this new and transformative social, political, and geographical paradigm. This book brings together a group of scholars from a range of disciplines to formulate a more holistic understanding of financial risk by rooting it in different environments, spatial scales, and disciplines.