Transformation of the Global Financial System in the First Two Decades of the Twenty-first Century
M. Yu. Golovnin ()
Outlines of global transformations: politics, economics, law, 2020
The article analyzes the changes that have occurred in the global financialÂ system in the XXI century. Moreover, theÂ study covers the global financial system inÂ its integrity as a combination of different financial markets andÂ international financial institutions. Based on the analysis of statistical data, it is shown that the global economicÂ and financial crisis of 2007-2009 ledÂ to a reduction in international capital flows,Â a change in their structure (towards an increase in the share of foreign direct investment) and a decrease in cross-border financial activity. InÂ the post-crisis period, government debt and equity markets developed relatively more dynamically, while bankingÂ activity was restrained, including as a result ofÂ intersectoral arbitrage caused by international financial systemÂ reforms. The process of reforming the global financial system has reduced risks in certain segments of the globalÂ financial market (banking services markets,Â over-the-counter derivatives), but retainedÂ relatively less regulated segments that may beÂ subject to risks of financial shocks. ChangesÂ in the global financial architecture have ledÂ to the formal involvement of emerging markets in the process of reforming the global financial systemÂ (through the Group of 20)Â and to some strengthening of the supranational component of regulation. However, inÂ general, the interests of countries with emerging markets both in the reform processes andÂ in the construction of the global financial architecture are not fully taken into account.
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ccs:journl:y:2020:id:665
Access Statistics for this article
More articles in Outlines of global transformations: politics, economics, law from Center for Crisis Society Studies
Bibliographic data for series maintained by ÐœÐ¾Ð»Ñ‡Ð°ÐºÐ¾Ð² Ð Ð¸ÐºÐ¸Ñ‚Ð° Ð®Ñ€ÑŒÐµÐ²Ð¸Ñ‡ ().