Global financial reform since 2008: Achievements and shortcomings
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Published:2015
Issue:3
Volume:62
Page:385-400
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ISSN:1452-595X
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Container-title:Panoeconomicus
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language:en
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Short-container-title:Panoeconomicus
Affiliation:
1. Faculty of Economics, Belgrade
Abstract
The global financial crisis that started in the U.S. had an immediate
spillover to the rest of the world financial markets. Next, a decrease in
real economic output throughout the developed world occurred simultaneously
with high bailout costs for the salvaging of banks and other financial
institutions. This vicious combination was at the core of the bank-sovereign
interdependence and the sovereign debt crisis of the eurozone. As early as
2008, the G20 announced a thorough global reform agenda with an aim to tackle
the root causes of the crises and to transform the system of global financial
regulation. Some important reform steps have been made; still, more than six
years on, the job is not finished. Where are we in terms of global financial
reform, and are we close to creating a more secure global financial system
significantly less prone to crisis and bailouts with taxpayers? money?
Funder
Ministry of Education, Science and Technological Development of the Republic of Serbia
Publisher
National Library of Serbia
Subject
General Economics, Econometrics and Finance