The Role of Financial Globalization in the Propagation of the World Financial Crisis
https://doi.org/10.26794/2308-944X-2019-7-2-22-31
Abstract
This article is specifically devoted to financial globalisation and financial crises in the early 21st century. Obviously, it is a topic everyone is interested in after the global financial crisis of 2008–2010, the worst global financial crisis since the Great Depression. Its effects are still felt across the world today. Both industrial and emerging countries still suffer from high unemployment. In some of them, GDP has not yet reached pre-crisis levels. And this global crisis — if it were not enough — was followed very quickly by the Eurozone’s sovereign debt crisis, which even though Ireland and now just recently Portugal have returned to private borrowing markets, is not resolved at all and is pretty much in remission but could come back. Lately, there have been concerns about emerging markets, including the BRICS, starting in 2016. There are various tremors in the emerging markets, capital outflows and currency depreciation. So, all over the world, one can see events that potentially cause questions about financial stability, which is an especially acute issue to look at.
About the Author
M. Zharikov
Institute for World Economic and International Finance Studies, Financial University
Russian Federation
Russian Federation
Mikhail Zharikov
Doctor of Economics, Professor at World Economy and World Finance Department, Senior Scientific Fellow
References
1. Afontsev, S.A. (2009). Global’niy krizis i regulirovaniye mirovikh finansov [Global crisis and the regulation of world finance]. Mezhdunarodniye protsessi, 19(7), 17–31.
2. Anrdonova, N.E. (2012). Teoretiko-metodologicheskiy analiz fundamental’nikh prichin vozniknoveniya krizisov i vozdeistviye na MFA [Theoretical and methodological analysis of the fundamental causes of crises and their impact on the IFA]. Vestnik Leninrgadskogo gosudarstvennogo universiteta im. A. S. Pushkina. Ekonomika, 4(6), 19–28.
3. Arner, D.W., Taylor, M.W. (2009). The Global Financial Crisis and the Financial Stability Board: Hardening the Soft Law of International Financial Regulation. University of New South Wales Law Journal. 32(2), 489.
4. Beder, S. (2009). Neoliberalism and the Global Financial Crisis. Social Alternatives, 28(1), 18.
5. Chen, R., Milesi-Ferretti, G.M., Tressel, T. (2012). Euro Area Debtor Countries: External Imbalances in the Euro Area. IMF Working Paper, 2012, 12(236), 1–22.
6. Chorev, N., Babb, S. (2009). The Crisis of Neoliberalism and the Future of International Institutions: A Comparison of the IMF and the WTO. Theory and Society. 38(5), 459–484.
7. Dorrucci, E., McKay, J. (2011). The international monetary system after the financial crisis. European Central Bank Occasional Paper Series, 123, 10.
8. Elyanov, A. Ya. (2009). Mirovoi ekonomicheskiy krizis i razvivayushchiyesya strany [World economic crisis and emerging economies]. Mirovaya ekonomika i mezhdunarodniye otnosheniya, 10, 24–32.
9. Griesgraber, J.M. (2009). Reforms for Major New Roles of the International Monetary Fund? The IMF Post-G‑20 Summit. Global Governance, 15(2), 179.
10. Helleiner, E. (2009). Special Forum: Crisis and the Future of Global Financial Governance. Global Governance, 15(1), 1.
11. Jordà, Ò., Schularick, M., Taylor, A.M. (2011). Financial crises, credit booms, and external imbalances: 140 years of lessons. IMF Economic Review, 59(2), 340–378.
12. Kemenyuk, V.A. (2009). Poryadok posle krizisa: kakim yemu byt’? [An order after the crisis: how should it look like?]. Mezhdunarodniye protsessi, 3(7), 1.
13. Kose, M.A., Prasad, E., Rogoff, K., Wie, S.-J. (2009). Financial globalization: A reappraisal. IMF Staff Papers, 1(56), 8–62.
14. Lane, P.R., Milesi-Ferretti, G.M. (2011). External Adjustment and the Global Crisis. IMF Working Paper, 11(197), 3–18.
15. Pisani-Ferry, J., Sapir, A. (2010). Banking Crisis Management in the EU: An Early Assessment. Economic Policy, 25, 341–373.
16. Reinhart, C.M., Rogoff, K.S. (2011). From Financial Crash to Debt Crisis. American Economic Review, 101(5), 1676–1706.
17. Yefremenko, I.N. (2007). Osnovniye napravleniya transformatsii mirovoi finansovoi arkhitekturi v usloviyakh finansovoi globalizatsii [Main directions of the world financial architecture’s transformation in the conditions of financial globalization]. Finasi i kredit, 41(281), 43–51.
Review
For citations:
Zharikov M. The Role of Financial Globalization in the Propagation of the World Financial Crisis. Review of Business and Economics Studies. 2019;7(2):22-31. https://doi.org/10.26794/2308-944X-2019-7-2-22-31
Email this article 