CHALLENGES FOR THE GLOBAL FINANCIAL SYSTEM
Journal Title: Challenges of the knowledge society ( Provocari ale societatii cunoasterii ) - Year 2019, Vol 11, Issue 13
Abstract
According to the governor of the Bank of England, Mark Carney, the global financial system is currently lagging behind the evolution of the global economy, facing asymmetric concentrations of financial assets in advanced economies relative to economic activity. As the world re-orders, this disconnect between the real and financial is likely to reduce, and in the process other reserve currencies may emerge. By 2030, seven of the world’s top 10 economies will be current emerging markets, according to the latest report by London-based multinational banking and financial service company Standard Chartered. On the other hand, global tensions caused by economic sanctions and trade conflicts triggered by Washington have forced targeted countries to take a fresh look at alternative payment systems currently dominated by the US dollar. The global importance of the Chinese yuan seems destined to rise, according to strategists and economists who say flows in the currency will grow over the long term if Beijing continues to gradually open its financial system. The yuan will be increasingly driven by capital account flows, and not just trade-related flows. Looking for a proper anchor of value for the international monetary system is becoming also an issue of a paramount importance. Gold is seen by an increasing number of players as a natural anchor of value and some are already preparing themselves to that by increasing their gold reserves. Holding physical gold is definitely the best hedge against a crash of any paper currency but nevertheless, we need a trustful worldwide monetary and financial system.
Authors and Affiliations
Serghei MARGULESCU, Elena MARGULESCU
Keywords
Related Articles
- EP ID EP591050
- DOI -
- Views 134
- Downloads 0
COMPUTER SEARCH VERSUS TECHNICAL-SCIENTIFIC FINDING
The study intends to establish delimitation between computer search and technical-scientific finding, having as a starting point certain cases encountered in the judicial practice when the law enforcement authorities con...
DEFINING AGGRESSION IN THE LIGHT OF UNIVERSAL JURISDICTION
Historical background of the crime of aggresion, in the light of Nuremberg Principles of 1947 and UN General Asembly Resolution of 1974. The Rome Statute, which created an International Criminal Court, enlists the crime...
WORKS CONTRACT - ADMINISTRATIVE CONTRACT. THE IMPLICATIONS OF LEGISLATIVE CHANGES ON ONGOING WORKS CONTRACTS
Law no. 98 of 19 May 2016 on public procurement has been continuously amended and submitted to additions. The Emergency Ordinance 114 of December 28, 2018, issued by the government, which stipulates that between 1 Januar...
PRINCIPLES REGARDING STATE JURISDICTION IN INTERNATIONAL LAW
The concept of state jurisdiction in international law is based on the principle of sovereign equality, establishing that each state enjoys the exclusive right to exercise authority (with the obligation of non-interferen...
QUALIFICATION OF ADMINISTRATIVE ACTS AS NORMATIVE AND INDIVIDUAL ACTS. THEORETICAL AND PRACTICAL ISSUES
The paper aims at analysing the administrative acts of a normative character and the administrative acts of an individual character, provided for in art. 2 par. (1) letter c) of the Law on the administrative contentious...