Open AccessThe Role of Financial Globalization in the Propagation of the World Financial Crisis
Author(s) -
М. Жариков
Publication year - 2019
Publication title -
review of business and economics studies
Language(s) - English
Resource type - Journals
eISSN - 2311-0279
pISSN - 2308-944X
DOI - 10.26794/2308-944x-2019-7-2-22-31
Subject(s) - financial crisis , emerging markets , depreciation (economics) , globalization , currency , economics , financial system , great depression , unemployment , financial market , debt crisis , capital market , global financial system , geography of finance , debt , finance , business , monetary economics , market economy , financial capital , political science , keynesian economics , economic growth , capital formation , law , human capital
This article is specifically devoted to financial globalisation and financial crises in the early 21st century. Obviously, it is a topic everyone is interested in after the global financial crisis of 2008–2010, the worst global financial crisis since the Great Depression. Its effects are still felt across the world today. Both industrial and emerging countries still suffer from high unemployment. In some of them, GDP has not yet reached pre-crisis levels. And this global crisis — if it were not enough — was followed very quickly by the Eurozone’s sovereign debt crisis, which even though Ireland and now just recently Portugal have returned to private borrowing markets, is not resolved at all and is pretty much in remission but could come back. Lately, there have been concerns about emerging markets, including the BRICS, starting in 2016. There are various tremors in the emerging markets, capital outflows and currency depreciation. So, all over the world, one can see events that potentially cause questions about financial stability, which is an especially acute issue to look at.