Crisis, Dollar and Shadow Financial System

Alicia Girón

Journal of Economic Issues, 2012, vol. 46, issue 2, 511-518

Abstract: One of the biggest concerns in the course of the current financial crisis is the role of the dollar and its hegemony in exchange transactions on a global level. The financial operations of the parallel or shadow financial system cannot be comprehended without understanding financialization and securitization. "Too big to fail, too big to rescue" expressed the size of the "over-the-counter" derivatives market. Institutional investors are responsible for the sovereign debt problem and the solution to the crisis. The dollar as the international general equivalent of the shadow financial system is of tremendous importance in today's world.

Date: 2012
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DOI: 10.2753/JEI0021-3624460226

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