The Globalization of Credit Risk

Dimitris N. Chorafas
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Dimitris N. Chorafas: New York Academy of Sciences

Chapter 3 in Financial Boom and Gloom, 2009, pp 61-86 from Palgrave Macmillan

Abstract: Abstract Over the last twenty years, the globalized economic and financial system has changed to such an extent that central banks are on their way to becoming irrelevant. We are a long way from the supply-and-demand fundamentals of a merchandising economy, which characterized the multinationals in the 1960s and 1970s. As the credit crisis of July/August 2007 demonstrated, rather than central bankers and regulatory authorities, it is the global financial industry that holds the upper ground.

Keywords: Interest Rate; Foreign Direct Investment; Central Bank; Credit Risk; Credit Rating (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-23583-0_3

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DOI: 10.1057/9780230235830_3

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