Governance Challenges and Innovations

Few would doubt that the conditions of governance have changed-and continue to change-as the early 21st century seems to enter a period of profound uncertainty. Yet, at the same time, the world seems alive with a cacophony of approaches-old and new-on how to improve governance and, ultimately, policy outcomes. This collection-the first in a series of annual editions-seeks to address the implications of the current state of the world in terms of "good governance", i.e. the effective, efficient, and reliable set of legitimate institutions and actors dedicated to dealing with matters of public concern, be it in the field of financial markets (the focus of this edition), health care, security, or migration, and across local, national and international levels. Researchers at The Hertie School of Governance (Berlin, Germany) and other experts examine the current state of governance challenges and innovations from a variety of inter-disciplinary perspectives. This edition features a special set of chapters on the challenges of financial and fiscal governance, the tradeoffs faced by governance actors, and the new arrangements that have emerged or are required to not only address the ongoing crisis but also ensure greater stability into the future. This special section is complemented by chapters introducing basic concepts and models; exploring other global challenges and the reasons behind seemingly lackluster responses to them and highlighting the need for responsible sovereignty; conceptualizing governance innovation and introducing key examples; and assessing existing indicators of governance, while proposing a new framework for collecting, interpreting and applying governance-related information.PART I INTRODUCTION TO THE EDITED VOLUME ; Introduction ; PART II CONCEPTUALIZING GOVERNANCE READINESS ; 1. Meeting Global Challenges: Assessing Governance Readiness ; PART III FINANCIAL AND FISCAL GOVERNANCE ; 2. Introducing the Issue of Financial and Fiscal Governance ; 3. Is the European Union Governance Ready to Deal with the Next Financial Crisis? ; 4. Picking Up (And Rearranging) the Pieces: The Politics of Global Financial Governance in the Wake of the Great Recession ; 5. The Fiscal Policy Implications of Balance of Payments Imbalances ; 6. The Political Sources of Crisis Situations ; PART IV GOVERNANCE INNOVATIONS ; 7. What is Governance Innovation? ; 8. Governance Innovations: A Discussion of Empirical Cases ; PART V GOVERNANCE INDICATORS ; 9. Measuring Governance: A Proposal ; 10. Public-Private Sector Relationships, Capture and Governance Quality ; 11. Governance beyond the Nation-state: Estimating Governance Indexes at the Sub-national and Trans-national Level