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The Financial Landscape — Seen from a Converging Country

In: Globalization and the Reform of the International Banking and Monetary System

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  • Péter Ákos Bod

Abstract

A dynamic and seemingly successful decade of financial expansion came to an end in the world when the international financial turbulences erupted in 2007 and became global in the fall of 2008. This decade was interrupted temporarily by the burst of the “technology bubble” after 2000, yet the big picture of international finance looked impressive until 2007. Over that decade, many emerging markets managed to absorb sizable funds, and could thus maintain a fast economic growth rate for a long time. Others ran huge trade surpluses, building up impressive international reserves, and financed current account deficits in other countries, in particular the United States (US). Investment banks, equity firms, institutional investors, and transnational corporations turned to China, India, the former planned economies in Europe with interest, as these markets became known to offer profitable business opportunities.

Suggested Citation

  • Péter Ákos Bod, 2009. "The Financial Landscape — Seen from a Converging Country," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Otto Hieronymi (ed.), Globalization and the Reform of the International Banking and Monetary System, chapter 5, pages 137-158, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-25106-9_5
    DOI: 10.1057/9780230251069_5
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