Global Finance after the Crisis: Reform Imperatives and Vested Interests
Abstract
The global financial crisis of 2008-09 has stimulated a number of re-assessments of global development. But after two years, not much progress has been made in dealing with the deep causes of the crisis. While it is better understood now why the crisis occurred, more progress is needed in terms of financial reform on the global level in order to prevent future financial crises. A remaining challenge is to strengthen the global financial architecture (GFA). This paper focuses on the GFA and its relationship to the global financial crisis. Recent reform initiatives are discussed. Strong resistance against re-regulation of the financial sector is noted, reflecting the general opposition of vested interests to GFA reform.
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Article provided by Berkeley Electronic Press in its journal Global Economy Journal.
Volume (Year): 11 (2011)
Issue (Month): 2 ()
Pages: 6
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Handle: RePEc:bpj:glecon:v:11:y:2011:i:2:n:6
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For corrections or technical questions regarding this item, or to correct its listing, contact: (Nickolas Zeibig-Kichas).
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Keywords: global financial crisis; global financial architecture; global imbalance; bank regulation;References
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Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Fabrizio Coricelli & Andreas Wörgötter, 2012. "Structural Change and the Current Account: The Case of Germany," OECD Economics Department Working Papers 940, OECD Publishing.
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