Global financial system

The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic actors that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I, trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability, fostering record growth in global finance.

Latest News for: Global financial system


Alibaba Founder Jack Ma Highlights Digital Currencies Are Future

Coinspeaker 26 Oct 2020
Apparently, according to the philanthropist and dollar billionaire, digital currencies possess the capacity to redefine the global financial system in the near future ...Today’s global financial system must be reformed, otherwise it will not only lose opportunities but will plunge the world into chaos,” Ma commented....

Alibaba’s Jack Ma praises the disruptive nature of digital currencies

XBT.MONEY 26 Oct 2020
Jack Ma, the now-retired founder of Alibaba Group, recently spoke to a crowd of bankers and regulators at the Bund Summit in Shanghai about the role digital currencies will likely play in the future global financial system. ... financial crisis....

Jack Ma blasts global financial regulators' curbs on innovation

Straits Times 26 Oct 2020
SHANGHAI (BLOOMBERG) - Alibaba Group founder Jack Ma criticised global financial regulations for stifling innovation and urged China to seek a system that accommodated development ... The Basel Accords, which Mr�Ma likened to a club for the elderly, are used to solve problems for financial systems that have been operating for decades, he said....

Jack Ma no fan of ‘old people’ who regulate global banking

The Times/The Sunday Times 26 Oct 2020
One of China’s richest men has criticised global financial regulators before the listing of his digital payments business and has likened policymakers to “an old ......

China bonds rally as foreigners pile in

Asiatimes 26 Oct 2020
Financial markets were in retreat amid a surge in coronavirus cases in the United States, France and Spain while investors were also watchful of a top-level meeting in China which will determine the direction of the world’s second largest economy over the next five years ... Also on Asia Times Financial. ... Global financial system needs to be reformed....

B20 Saudi chairman urges business world to come together after coronavirus

Arabian Business 26 Oct 2020
“We cannot talk about shaping new frontiers in the G20 without discussing innovative solutions that contribute to developing the financial infrastructure, improving the global trade systems, protecting the private sector, restoring capital flows to emerging markets and harnessing ......

Sudan’s leader: Israel deal 'incentive' to end pariah status

Beaumont Enterprise 26 Oct 2020
Gen ... Trump’s administration has tied the de-listing of Sudan to a deal to normalize ties with the Jewish state ... presidential election Nov. 3 ... Burhan said both deals will open the door for Sudan to be integrated into the world financial and political system. “It was necessary for us to bring Sudan back into the global system,” he said....

IMF urges bank regulators to extend curbs on dividends and buybacks

Business Day 25 Oct 2020
New YorkRegulators should extend limits on banks’ capital distributions to help protect the financial system in case the global economic recovery proves slow, the International Monetary Fund (IMF) says, a recommendation that comes just as large lenders are itching to resume repurchasing stock and paying dividends....

IMF urges bank regulators to extend curbs on dividends, buybacks

Live Mint 25 Oct 2020
Regulators should extend limits on banks’ capital distributions to help protect the financial system in case the global economic recovery proves slow, the International Monetary Fund said, a recommendation that comes just as some large lenders are itching to resume repurchasing stock and paying dividends....

Alibaba Founder Jack Ma: “Digital Currencies” Are the Future

Decrypt 25 Oct 2020
... could help create a new global financial system....

Jack Ma: Digital Currency May Redefine Currency

ChainDD 25 Oct 2020
We need to think about how to build a new financial system through digital currency, think about the future for the world, think about how to do global trade, and ......

Crypto Long & Short: Why the PayPal Rally Isn’t What It Seems, and Why That’s OK

XBT.MONEY 25 Oct 2020
That aside, the note correctly focuses on the millennial generation’s looming influence on the global financial system, their growing interest in bitcoin, and “strong growth” in institutional investor interest....

Second Bund Summit opens in Shanghai

Xinhua 24 Oct 2020
The event consists of more than ten forums and sessions in which participants will exchange their views on challenges facing the global financial system....