Asian financial development: the rise of a new financial system

Keywords: 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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Author Biographies

Elnur T. Mekhdiev, Financial University under the Government of the Russian Federation, Moscow, Russia.

Research fellow, Center for Analysis, Risk Management and Internal Control in Digital Space, Financial University under the Government of the Russian Federation, Moscow, Russia.

Zulfiya M. Bikmetova, Bashkir State University, Ufa, Russia.

Assistant professor. Bashkir State University, Ufa, Russia.

Elvira N. Iamalova, Bashkir State University, Ufa, Russia.

Professor. Bashkir State University, Ufa, Russia.

Oksana N. Ignatieva, Bashkir State University, Ufa, Russia.

Assistant professor. Bashkir State University, Ufa, Russia.

Aygul F. Samigullina, Bashkir State University, Ufa, Russia.

Assistant professor. Bashkir State University, Ufa, Russia.

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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
Section
Articles