Causes, Development, and Impact of the Global Financial Crisis

Ruogu Li

Chapter 8 in Reform of the International Monetary System and Internationalization of the Renminbi, 2015, pp 87-116 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The 2008 global financial crisis, with its huge destructive force, originated in the United States, and its impact had both spread from the financial sector to the real economy and from the United States to the whole world. Forces triggering its outbreak included changes in monetary policy, excessive financial innovation, inadequate financial supervision, and the unsustainable growth model featuring borrowing supported consumption. In the final analysis, the 2008 global financial crisis was a systemic one and the result of unscrupulous and blind pursuit of the free market tenets. The crisis was also a massive financial market adjustment caused by the building up of conflicts within the current international monetary system. This crisis has made reforming the current international monetary system increasingly urgent.

Keywords: IMF; World Bank; Financial Crisis; International Monetary System; RMB; International Monetary System Reform; China; US; Dollar; Renminbi; Yuan; Currency; Exchange Rate (search for similar items in EconPapers)
JEL-codes: G10 (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://www.worldscientific.com/doi/pdf/10.1142/9789814699051_0008 (application/pdf)
https://www.worldscientific.com/doi/abs/10.1142/9789814699051_0008 (text/html)
Ebook Access is available upon purchase.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:wschap:9789814699051_0008

Ordering information: This item can be ordered from

Access Statistics for this chapter

More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().