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The chapter situates governance innovations within the broad innovation literature. It offers a multi-dimensional concept of innovations; reviews causes and conditions for innovation such as innovator characteristics and innovation systems; highlights the interdependent relationship between innovation and isomorphism; and identifies the main characteristics of innovations in the realm of governance. Our engagement with the literature reveals seven propositions and hypotheses that can guide research on governance innovations in the future.
The chapter examines the evolution of governance arrangements in the global financial system through the lens of governance innovation. It explores the interplay between financial crisis and the emergence and increasing complexity of the current international system, compares governance innovation in finance to fiscal and monetary policy, and addresses the potential for a radical break from the status quo.