Transformation of the Global Financial System in the First Two Decades of the Twenty-first Century

The article analyzes the changes that have occurred in the global financial system in the XXI century. Moreover, the study covers the global financial system in its integrity as a combination of different financial markets and international financial institutions. Based on the analysis of statistic...

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Autor principal:	M. Yu. Golovnin
Formato:	article
Lenguaje:	EN RU
Publicado:	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”) 2020
Materias:	international financial system global financial architecture international banking system international securities markets cross-border capital flows International relations JZ2-6530
Acceso en línea:	https://doaj.org/article/437c1213333a4d6e8b317d303f137914
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spelling	oai:doaj.org-article:437c1213333a4d6e8b317d303f1379142021-11-07T14:45:04ZTransformation of the Global Financial System in the First Two Decades of the Twenty-first Century2542-02402587-932410.23932/2542-0240-2020-13-4-4https://doaj.org/article/437c1213333a4d6e8b317d303f1379142020-10-01T00:00:00Zhttps://www.ogt-journal.com/jour/article/view/665https://doaj.org/toc/2542-0240https://doaj.org/toc/2587-9324The article analyzes the changes that have occurred in the global financial system in the XXI century. Moreover, the study covers the global financial system in its integrity as a combination of different financial markets and international financial institutions. Based on the analysis of statistical data, it is shown that the global economic and financial crisis of 2007-2009 led to a reduction in international capital flows, a change in their structure (towards an increase in the share of foreign direct investment) and a decrease in cross-border financial activity. In the post-crisis period, government debt and equity markets developed relatively more dynamically, while banking activity was restrained, including as a result of intersectoral arbitrage caused by international financial system reforms. The process of reforming the global financial system has reduced risks in certain segments of the global financial market (banking services markets, over-the-counter derivatives), but retained relatively less regulated segments that may be subject to risks of financial shocks. Changes in the global financial architecture have led to the formal involvement of emerging markets in the process of reforming the global financial system (through the Group of 20) and to some strengthening of the supranational component of regulation. However, in general, the interests of countries with emerging markets both in the reform processes and in the construction of the global financial architecture are not fully taken into account.M. Yu. GolovninАссоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)articleinternational financial systemglobal financial architectureinternational banking systeminternational securities marketscross-border capital flowsInternational relationsJZ2-6530ENRUКонтуры глобальных трансформаций: политика, экономика, право, Vol 13, Iss 4, Pp 74-96 (2020)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	international financial system global financial architecture international banking system international securities markets cross-border capital flows International relations JZ2-6530
spellingShingle	international financial system global financial architecture international banking system international securities markets cross-border capital flows International relations JZ2-6530 M. Yu. Golovnin Transformation of the Global Financial System in the First Two Decades of the Twenty-first Century
description	The article analyzes the changes that have occurred in the global financial system in the XXI century. Moreover, the study covers the global financial system in its integrity as a combination of different financial markets and international financial institutions. Based on the analysis of statistical data, it is shown that the global economic and financial crisis of 2007-2009 led to a reduction in international capital flows, a change in their structure (towards an increase in the share of foreign direct investment) and a decrease in cross-border financial activity. In the post-crisis period, government debt and equity markets developed relatively more dynamically, while banking activity was restrained, including as a result of intersectoral arbitrage caused by international financial system reforms. The process of reforming the global financial system has reduced risks in certain segments of the global financial market (banking services markets, over-the-counter derivatives), but retained relatively less regulated segments that may be subject to risks of financial shocks. Changes in the global financial architecture have led to the formal involvement of emerging markets in the process of reforming the global financial system (through the Group of 20) and to some strengthening of the supranational component of regulation. However, in general, the interests of countries with emerging markets both in the reform processes and in the construction of the global financial architecture are not fully taken into account.
format	article
author	M. Yu. Golovnin
author_facet	M. Yu. Golovnin
author_sort	M. Yu. Golovnin
title	Transformation of the Global Financial System in the First Two Decades of the Twenty-first Century
title_short	Transformation of the Global Financial System in the First Two Decades of the Twenty-first Century
title_full	Transformation of the Global Financial System in the First Two Decades of the Twenty-first Century
title_fullStr	Transformation of the Global Financial System in the First Two Decades of the Twenty-first Century
title_full_unstemmed	Transformation of the Global Financial System in the First Two Decades of the Twenty-first Century
title_sort	transformation of the global financial system in the first two decades of the twenty-first century
publisher	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)
publishDate	2020
url	https://doaj.org/article/437c1213333a4d6e8b317d303f137914
work_keys_str_mv	AT myugolovnin transformationoftheglobalfinancialsysteminthefirsttwodecadesofthetwentyfirstcentury
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Transformation of the Global Financial System in the First Two Decades of the Twenty-first Century

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