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Research on the Restructuring of the International Financial System under the COVID-19 Epidemic

In: Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022)

Author

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  • Jingxin Yang

    (Jilin University, College of Plant Science)

Abstract

A global public health event with far-reaching and far-reaching consequences, the COVID-19 epidemic has not only disrupted the struggling global governance system and the world, but has also had a profound impact on international financial markets. In the post-corona era, the accumulation of financial risks and the escalation of risk crises can accelerate the rebuilding of the international financial system. On this basis, the development of the international reserve currency and institutional changes are indications. This article summarizes the development of the international financial system and its laws. Then, by analyzing the international financial situation resulting from the COVID-19 crisis, it concludes that it is impossible to balance the dollar’s hegemony in the modern international financial system. Globalization has not led to decentralization of finance, but rather to concentration of finance, increased financial risk and an imperfect international financial governance structure. Finally, the development direction of the international financial administration system is proposed on the basis of three aspects: international monetary system, international financial markets and international financial supervision.

Suggested Citation

  • Jingxin Yang, 2022. "Research on the Restructuring of the International Financial System under the COVID-19 Epidemic," Advances in Economics, Business and Management Research, in: Faruk Balli & Au Yong Hui Nee & Sikandar Ali Qalati (ed.), Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022), pages 514-525, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-052-7_61
    DOI: 10.2991/978-94-6463-052-7_61
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