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- Title
The Global Financial Crisis (2007-10) in the backdrop of Global Financial Integration: The road map of restructuring Global Financial Regulatory System.
- Authors
Thakkar, Hiteshkumar
- Abstract
In the open economy model, all countries’ are interdependent with the other countries’ for various economic activities. There are cross dynamic structural linkages within institutions, where the contagious negative effects of one institutional collapse spread into one region and ultimately spillover globally. The phenomenon of “Too big to fail” became evident when one single institution, having a range of cross dynamic connections with other important institutions failed, and the incidence of this failure had to be borne by the global society. So, the development of the global financial regulatory system (GFRS) is based on the progress of global financial integration (GFI). The global financial crisis (GFC) emphasized structural bottlenecks in environments of financial openness. The role of the global financial regulatory system is gaining more importance because multiple countries are interacting with one another in the era of financial globalization. The cross-border nature of the crisis has created the need for restructuring global financial regulatory system. Therefore, the study focuses on the global regulatory framework keep in mind the dynamic of global economic integration and its negative spread effect and suggests the evolving of a sound international financial regulation to minimize the volatility in the future financial market.
- Subjects
FINANCIAL crises; ROAD maps; CORPORATE reorganizations; MARKET prices; FINANCIAL globalization
- Publication
Wealth: International Journal of Money, Banking & Finance, 2019, Vol 8, Issue 1, p73
- ISSN
2277-9388
- Publication type
Article