Post-Crisis Imperatives for Development of the Global Financial System

Abstract

Global crisis of 2008–2009 has identifi ed fundamental problems of the post-crisis development of the world economy. Among all, the first XXI century crisis was a crisis of elements of the current national and world fi nancial system. It has proved that the international financial assets markets cannot be self-regulated. The crisis has sharpened contradictions between the global and national finance. Secondly, the crisis raised a problem of identifying global finance regulators, based either on the national sovereignty and protectionism or on the international regulation and control. Thirdly, in 2010–2011, the world economy faced the risks of post-crisis development. Finally, recent events in geoeconomy and geopolitics, natural and industrial disasters questioned the concept of globalisation in general and raised the question of its reversibility. This paper presents author’s conception of the globalisation processes and their structural modification.

Keywords:

global financial system, nature of financial-economic crisis 2008–2009, international regulation, risks of post-crisis period, reversibility of globalization process