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


2020 litmus test for capitalism

St Albans Messenger 14 Nov 2019
In fact, the system has underpinned the past 40 years or so of globalization ... As emerging markets have joined in the free-market system, a new global middle class has been born, and at a global level, inequality has decreased ... Their days as unregulated global behemoths — like those of the economic system that bred it — are numbered....

RippleNet associate teams up with Visa; Zilliqa {ZIL} backs blockchain-based workshop at Oxford

OBN 14 Nov 2019
Nium is a digital payments platform primarily used for supporting cross-border fund transfers ... XRP is positioned at #3 in the market ... Blockchain A-Z is an initiative brought about by Zilliqa to educate the folks at Oxford University with regards to the advent of blockchain technology and its relationship with the global financial system ... .......

US Senate close to moving on HK rights

Hong Kong Standard 14 Nov 2019
Cissy so. The US Senate may start discussing the Hong Kong Human Rights and Democracy Act within the next two days, according to Demosisto ... TS Channel. IOS Android. IOS Android. More>> ... They could include "curtailed access to the global financial system and new sanctions by the United States and the international community." ... ....

Three Fronts in the Global Digital Currency Wars

Helena Bitcoin Mining 13 Nov 2019
The worldview put forward by Facebook and Libra suggests a new global financial system that is controlled and run by the largest private companies in the world ... Do we want a new global financial system controlled by a few private companies, where permission to participate and innovate is mediated on a closed infrastructure?....

Another Europe is Possible

Resilience 13 Nov 2019
I could see that global financial imbalances were growing exponentially and that our generation or the next would be hampered by a systemic crisis ... I described this colossal mishandling of our financial system in my 2009 book The Global Minotaur, six years before I became the Greek Minister of Finance....

Financial Services Industry Prepares for 2020 in New Report from FleishmanHillard

DSJ Now 13 Nov 2019
Graham, co-lead of FleishmanHillard's Financial and Professional Services sector in the Americas ... Financial services providers are also in the unique position to transform the infrastructure of our global financial system to empower and reward those companies that look beyond shareholders to stakeholders — and beyond profits to purpose....

Growing Libra Scrutiny Prompts Facebook to Launch Conventional Payment Platform

Inside Bitcoins 13 Nov 2019
The idea of an already suspicious corporate giant creating its own centralized cryptocurrency that could destabilize the world’s financial system didn’t really get a good reception ... Zuckerberg believes that China’s crypto yuan would do far more damage to the global financial system as well as the so-called Dollar Domination than Libra ever could....

Amid uncertainty, Sudan's stock exchange looks to expand

Middle East Online 13 Nov 2019
This will encourage higher volumes once economic reforms have been enacted and inflation brought down, he said, adding that the government hoped the United States would remove Sudan from its list of state sponsors of terrorism, which cuts it off from the global financial system....

Is Ethereum DeFi the Answer to the Global Debt Crisis?

The Bitcoin News 12 Nov 2019
As central banks battle to keep their monetary systems afloat, global debt is skyrocketing to an unsustainable level ... A new open financial system based on Ethereum could well be part of this paradigm shift that the global financial system desperately needs....

Bank of International Settlements Taps Outgoing ECB Exec Benoît Cœuré to Head Fintech and Blockchain ...

Crypto Economy 12 Nov 2019
The BIS Innovation Hub was established in June this year to spearhead Fintech research and innovations especially those that are related to the functioning of global financial systems ... which is to harness innovation to improve the functioning of the international financial system....

Moving away from reserve currency domination

Gulf News 12 Nov 2019
In due time, this will lower the prominence of reserve currencies and heighten the importance of emerging currencies, creating a multi-centric world of global currencies where no single large economy has the final say in the world’s global financial and economic system....

Taiwan economy bucking downward trend: survey

Taipei Times 12 Nov 2019
... economy, which has slumped to its worst performance since the global financial crisis of 2008, the Munich, Germany-based Ifo Institute for Economic Research said on Monday ... The global financial crisis, caused by systemic financial failures, swept quickly across the world, Wu said....

Global system in 'unprecedented crisis': Macron

Deccan Herald 12 Nov 2019
French President Emmanuel Macron on Tuesday said that the global political system was in an "unprecedented crisis", urging new kinds of alliances and cooperation to solve the world's problems ... Macron lamented that while the global political and financial systems have worked well after World War II, they are now in crisis....