The systemic financial importance of emerging powers

Leslie Elliott Armijo, Laurissa Mühlich and Daniel C. Tirone

Journal of Policy Modeling, 2014, vol. 36, issue S1, S67-S88

Abstract: Economic turmoil in advanced industrial economies since the 2008–9 crisis has intensified perceptions of rising global multipolarity. Several indices of the relative material capabilities of countries exist, yet few address a state's potential for financial influence abroad. We analyze indicators of a country's importance as a financial asset owner and participant in globalized financial markets, examining 180 countries during 1995–2010. The United States displays a high and stable systemic importance. An increase in the share of the BRICS countries, especially China, mirrors a strong decline in the global weight of Japan (still a senior financial power), and to a lesser extent, most other advanced industrial countries, with the exception of Germany.

Keywords: Emerging powers; BRICS; Financial power; Multipolarity; Monetary power (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jpolmo:v:36:y:2014:i:s1:p:s67-s88

DOI: 10.1016/j.jpolmod.2013.10.009

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