Global Finance after the Crisis: Reform Imperatives and Vested Interests

Naude Wim ()
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Naude Wim: United Nations University and Maastricht School of Management

Global Economy Journal, 2011, vol. 11, issue 2, 22

Abstract: The global financial crisis of 2008-09 has stimulated a number of re-assessments of global development. But after two years, not much progress has been made in dealing with the deep causes of the crisis. While it is better understood now why the crisis occurred, more progress is needed in terms of financial reform on the global level in order to prevent future financial crises. A remaining challenge is to strengthen the global financial architecture (GFA). This paper focuses on the GFA and its relationship to the global financial crisis. Recent reform initiatives are discussed. Strong resistance against re-regulation of the financial sector is noted, reflecting the general opposition of vested interests to GFA reform.

Keywords: global financial crisis; global financial architecture; global imbalance; bank regulation (search for similar items in EconPapers)
Date: 2011
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DOI: 10.2202/1524-5861.1729

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