Global Finance

SouthViews No. 163, 12 February 2018

Stock market turmoil may expose flaws in global finance

By Martin Khor

Was last week’s global stock market sell-off only a “correction” or does it signify a new period of financial instability, caused by major flaws in the world financial system? (more…)

SouthViews No. 153, 28 July 2017

Asian Financial Crisis: Lessons Learned and Unlearned

By Yılmaz Akyüz

Debates are taking place on whether there will be another financial crisis, whether in some part of the world or that is global in scope. Governments draw lessons from financial crises to adopt measures to prevent their recurrence. However, such measures are often designed to address the root causes of the last crisis but not the next one. More importantly, they can actually become the new sources of instability and crisis. (more…)

SouthViews No. 152, 24 July 2017

Prepare Now for the Next Financial Crisis

By Martin Khor

The Asian financial crisis started 20 years ago and the global financial crisis and recession 9 years back. When a new global financial crisis strikes, the developing countries will be more damaged than in the last crisis as they have become less resilient and more vulnerable. They thus need to prepare from being overwhelmed. (more…)

SouthViews No. 136, 25 November 2016

Initial Global Effects of Trump Even Before Taking Office

By Martin Khor

Even before taking office, President-Elect Donald Trump and the policies he promised during his campaign are already having a worldwide impact in at least three areas — global finance, trade and climate change. If his election is described as an earthquake, the aftershocks are now being felt. Global funds are starting to move out of many developing countries, reducing the value of their currencies and causing great economic uncertainty. (more…)

SouthViews No. 115, 23 February 2015

Developing Economies Increasingly Vulnerable in Unstable Global Financial System

By Yılmaz Akyüz

After a series of crises with severe economic and social consequences in the 1990s and early 2000s, emerging and developing economies have become even more closely integrated into what is widely recognised as an inherently unstable international financial system. Both policies in these countries and a highly accommodating global financial environment have played a role. Not only have their traditional cross-border linkages been deepened and external balance sheets expanded rapidly, but also foreign presence in their domestic credit, bond, equity and property markets has reached unprecedented levels. New channels have thus emerged for the transmission of financial shocks from global boom-bust cycles. (more…)

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