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Globalization As Financial Crises Premise

Author

Listed:
  • LUCHIAN, Ivan

    (International Institute of Management IMI-NOVA, Chisinau, Republic of Moldova)

  • FILIP, Angela

    (Moldova State University, Chisinau, Republic of Moldova)

Abstract

Financial globalization represents an important form of economic globalization and is a process of interconnection of basic segments of financial markets at national and international level. It is expressed through increasing the volume and intensity of financial flows, which is determined by opening of national financial markets, level of financial leverage and financial integration. Also, it is aggregated form of international financial integration, which refers to increasing global connections created through cross-border financial flows. The carried out research demonstrate, that certain basic features of financial globalization are in fact prerequisites for triggering international financial crises. The amplification of financial globalization increases the instability in the international financial system and the probability of international financial crises. Knowing this allows the facilitation of predicting international financial crises and reducing their contagion effect.

Suggested Citation

  • LUCHIAN, Ivan & FILIP, Angela, 2015. "Globalization As Financial Crises Premise," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 2(1), pages 127-134.
  • Handle: RePEc:vls:rojfme:v:2:y:2015:i:1:p:127-134
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    References listed on IDEAS

    as
    1. Eduardo Levy Yeyati & Tomas Williams, 2014. "Financial Globalization in Emerging Economies: Much Ado About Nothing?," ECONOMIA JOURNAL, THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION - LACEA, vol. 0(Spring 20), pages 91-131, January.
    2. Stijn Claessens & M. Ayhan Kose, 2013. "Financial Crises: Explanations, Types and Implications," CAMA Working Papers 2013-06, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    3. Broner, Fernando & Didier, Tatiana & Erce, Aitor & Schmukler, Sergio L., 2013. "Gross capital flows: Dynamics and crises," Journal of Monetary Economics, Elsevier, vol. 60(1), pages 113-133.
    4. Palan, R. & Nesvetailova, A., 2013. "The Governance of the Black Holes of the World Economy: Shadow Banking and Offshore Finance," CITYPERC Working Paper Series 2013-03, Department of International Politics, City University London.
    5. P. Butzen & M. Deroose & S. Ide, 2014. "Global imbalances and gross capital flows," Economic Review, National Bank of Belgium, issue ii, pages 39-60, September.
    6. Ewan Rankin & Elliot James & Kate McLoughlin, 2014. "Cross-border Capital Flows since the Global Financial Crisis," RBA Bulletin, Reserve Bank of Australia, pages 65-72, June.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    financial globalization; financial crisis;

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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