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Causes, Development, and Impact of the Global Financial Crisis

In: Reform of the International Monetary System and Internationalization of the Renminbi

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  • Ruogu Li

Abstract

The 2008 global financial crisis, with its huge destructive force, originated in the United States, and its impact had both spread from the financial sector to the real economy and from the United States to the whole world. Forces triggering its outbreak included changes in monetary policy, excessive financial innovation, inadequate financial supervision, and the unsustainable growth model featuring borrowing supported consumption. In the final analysis, the 2008 global financial crisis was a systemic one and the result of unscrupulous and blind pursuit of the free market tenets. The crisis was also a massive financial market adjustment caused by the building up of conflicts within the current international monetary system. This crisis has made reforming the current international monetary system increasingly urgent.

Suggested Citation

  • Ruogu Li, 2015. "Causes, Development, and Impact of the Global Financial Crisis," World Scientific Book Chapters, in: Reform of the International Monetary System and Internationalization of the Renminbi, chapter 8, pages 87-116, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814699051_0008
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    Cited by:

    1. Rozenn Perrigot & Komlanvi Elom Gbetchi, 2023. "Social franchise chains operating in African countries: are their social goals aligned with the 2030 United Nations sustainable development goals?," Post-Print hal-03715585, HAL.
    2. Bellavite Pellegrini, Carlo & Sergi, Bruno & Sironi, Emiliano, 2015. "Stock Returns, Productivity, and Corruption in Eight European Fast-Emerging Markets," MPRA Paper 104651, University Library of Munich, Germany, revised 2015.

    More about this item

    Keywords

    IMF; World Bank; Financial Crisis; International Monetary System; RMB; International Monetary System Reform; China; US; Dollar; Renminbi; Yuan; Currency; Exchange Rate;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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