Global Financial Regulations:An Antidote to Economic Predicament

• 作 者: BIN ZHANG
• 机 构: the Institute of World Economics and Politics, Chinese Academy of Social Sciences,
• 出 处: Economic and Political Studies
• 发表日期: 2014年02期
• 关键词: sector currency restructuring urgently politics hardly inflation prices monetary

Due to the lack of public order in the international financial arena, asset bubbles and resource misallocations persisted over a long period of time and resulted in global financial crisis in 2008. Global financial rules, which can take on a role like that of WTO in the international trade, are urgently needed for global economic recovery. They will balance the pressure of economic restructuring between large and small countries, and push forward some countries’ domestic reforms which may hardly be implemented due to domestic politics.

Due to the lack of public order in the international financial arena, asset bubbles and resource misallocations persisted over a long period of time and resulted in global financial crisis in 2008. Global financial rules, which can take on a role like that of WTO in the international trade, are urgently needed for global economic recovery. They will balance the pressure of economic restructuring between large and small countries, and push forward some countries’ domestic reforms which may hardly be implemented due to domestic politics.