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The crisis of the contemporary global financial system

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  • Ernani Teixeira Torres Filho

Abstract

The paper analyses the development of the contemporary global financial system as a consequence of markets as well as States strategies. This global financial system based on the flexible dollar has generated many financial bubbles since it started in the 80´s, of which the 2008 crisis is the latest and the largest, particularly because it affected the main banks in the core market of the system, the US. On the last decades, banks had changed their business strategies from traditional lending activities towards more speculative investments, similar to what hedge funds do. JEL Classification: E44; F65; G15; N20.

Suggested Citation

  • Ernani Teixeira Torres Filho, 2014. "The crisis of the contemporary global financial system," Brazilian Journal of Political Economy, Center of Political Economy, vol. 34(3), pages 433-450.
    • Handle: RePEc:ekm:repojs:v:34:y:2014:i:3:p:433-450:id:281
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    More about this item

    Keywords

    financial globalization; internacional financial crisis; financial regulation;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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