Asian financial development: the rise of a new financial system
DOI:
https://doi.org/10.34069/AI/2021.37.01.16Keywords:
Asia, global financial system, international financial institutions, fundamental flaws.Abstract
Today, the global financial system is inefficient in bridging the gap between the developed and developing countries. The dynamically developing countries, such as Asian states, are not satisfied with modern international financial institutions and are actively involved in regional integration, creating new international financial institutions. The newly formed financial institutions contribute to the formation of a different system of financial relations in Asia, which, in turn, is being transformed into the Asian financial system. These trends cannot avoid the impact of the global imbalances. The object of the article is to prove the efficiency of the Asian financial institutions in fighting global imbalances in the region. The major task of these institutions is not the substitution of the current global mechanisms, but their assistance and helping them in solving the global problems on the regional level. The major results include the proof that the developing economies in Asia are more consolidated and capable of conducting a single economic strategy in the long run and the proof of the higher efficiency of Asian financial institutions and their single geo-economic strategy in the long run; this suggests that a new Asian financial system is being built.
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References
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Stiglitz, J. E. (2010). The Stiglitz report: Reforming the international monetary and financial systems in the wake of the global crisis. New York: New Press.
Stiglitz, J. E. (2013). The price of inequality. New York: W. W. Norton & Company.
Stiglitz, J. E., and Gurkaynak, R. S. (Eds.). (2015). Taming capital flows: Capital account management in an era of globalization. Houndmills, Basingstoke, Hampshire. New York, NY: Palgrave Macmillan.
Sung, D. H., & Uk, H. (2008). U.S. and Japanese Foreign Direct Investment in East Asia: A Comparative Analysis. Policy Studies Journal, 36(3), 385–401. doi: 10.1111/j.1541-0072.2008.00273.x
Taghizadeh-Hesary, F., Phi, N. T. M., Hong, H. H. T., and Chu, V. T. (2019). Does Financial Integration Matter for Financial Development? Evidence from the East Asian and Pacific Region. Journal of Economic Integration, 34(4), 591–618. doi: 10.11130/jei.2019.34.4.591
Taleb, N. N. (2010). The black swan: The impact of the highly improbable. New York: Random House Trade Paperbacks.
Timmis, H. (2018). The Global Financial System and Developing Countries. Brighton, UK: Institute of Development Studies.
Veselovsky, M. Ya., Izmailova, M. A., Krasyukova, N. L., Bitkina, I. V., and Gladyshev, A. G. (2017). The effects of financial sector on development of Russian regions under current conditions. Revista Espacios, 38(33), 10.
Vinokurov, E., Efimov, A., and Levenkov, A. (2019). The Eurasian Fund for Stabilization and Development: A Regional Financing Arrangement and Its Place in the Global Financial Safety Net (EFSD Working Paper No. WP/19/1). Eurasian Fund for Stabilization and Development. Retrieved from https://efsd.eabr.org/en/research/working-papers/
World Bank. (2019). Global Financial Development Report 2019/2020: Bank Regulation and Supervision a Decade after the Global Financial Crisis. The World Bank. doi: 10.1596/978-1-4648-1447-1
World Bank. (2019). Global Financial Development. Retrieved from https://datacatalog.worldbank.org/dataset/global-financial-development
World Bank. (2020). What We Do. Retrieved from https://www.worldbank.org/en/about/what-we-do
Xu, J., Ren, X., and Wu, X. (2019). Mapping Development Finance Institutions Worldwide: Definitions, Rationales, and Varieties (NSE Development Financing Research Report No. 1). Beijing: Institute of New Structural Economics at Peking University.
Published
2021-03-06
How to Cite
Mekhdiev, E. T., Bikmetova, Z. M., Iamalova, E. N., Ignatieva, O. N., & Samigullina, A. F. (2021). Asian financial development: the rise of a new financial system. Amazonia Investiga, 10(37), 155–167. https://doi.org/10.34069/AI/2021.37.01.16
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