Stability Versus Instability In The Context Of Financial Globalization
AbstractThe financial environment has undergone a profound transformation in the context of globalization, financial flows of scale, diversification of financial instruments, increasing interdeperndence of national financial markets, being of critical importance. However, while global financial markets play a crucial role in the distribution of global capital, they do so in a way that can have profound negative implications. This paper tries to demonstrate that, globalization is capable of causing instability in the whole world, enabling broad crises, and, not least, increasing the danger of recession in the world, based on the manifestation of the global systemic risk. Knowing the risks and distortions that can affect the stability of the financial sector in the context of financial globalizaton, as well as their consequences, is especially important for the design of the regulation and surveillance process, plus for the formulation of crisis remedial and prevention actions.
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Bibliographic InfoArticle provided by Alexandru Ioan Cuza University, Faculty of Economics and Business Administration in its journal Review of Economic and Business Studies.
Volume (Year): (2009)
Issue (Month): 3 (May)
financial globalization; crises; volatility; systemic rik;
Find related papers by JEL classification:
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," NBER Working Papers 13882, National Bureau of Economic Research, Inc.
- William A. Allen & Geoffrey Wood, 2005. "Defining and Achieving Financial Stability," FMG Special Papers sp160, Financial Markets Group.
- Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises: A New Database," IMF Working Papers 08/224, International Monetary Fund.
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