Stability Versus Instability In The Context Of Financial Globalization
The 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.
Volume (Year): (2009)
Issue (Month): 3 (May)
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- Carmen M. Reinhart & Kenneth S. Rogoff, 2014.
"This Time is Different: A Panoramic View of Eight Centuries of Financial Crises,"
Annals of Economics and Finance,
Society for AEF, vol. 15(2), pages 1065-1188, November.
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- 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.
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- Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises; A New Database," IMF Working Papers 08/224, International Monetary Fund. Full references (including those not matched with items on IDEAS)
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