scholarly journals External Debt Problem and Global Financial Architecture

2018 ◽  
Vol 6 (4) ◽  
pp. 18-29
Author(s):  
I. Balyuk
Keyword(s):  
Financial Market ◽  
World Economy ◽  
External Debt ◽  
Global Scale ◽  
External Financing ◽  
Financial Architecture ◽  
Debt Problem ◽  
The World ◽  
Debt Default ◽  
Stable Development

Liberalisation of the global financial market in 90-s last century and early in XXI has resulted in increasing dependence of many countries (both advanced and developing ones) on external financing and significant growth of the sovereign external debts that has become a real threat to the stable development of the world economy. The paper is focusing on the problem of growing external debt of many countries. It has an analysis of the methods aimed at settling and managing the external debt by the state authorities. I paid special attention to the problem of predicting the possibility of the sovereign external debt default. The author concludes that an aggravation of the global external debt problem may become one of the main triggers of a deep financial and economic crisis not only in separate countries or a group of related countries but on a global scale.

scholarly journals The Economic and Social Consequences of Tax Havens in the World

2020 ◽  
Vol 83 ◽  
pp. 01041
Author(s):  
Gizela Lénártová
Keyword(s):  
World Economy ◽  
Tax Avoidance ◽  
Global Scale ◽  
Social Consequences ◽  
Negative Consequences ◽  
Tax Havens ◽  
The World ◽  
Tax Fraud ◽  
National Tax ◽  
Stable Development

The tax havens in the world have become the global phenomenon related tax avoidance, tax fraud and evasion and money laundering. The aim of the paper is to analyze their scope and to assess economic and social consequences of their existence in the world society, world economy, international and national tax systems. Many analyzes of the current situation and reported cases show that tax havens are threatening the stable development of the world economy, causing negative consequences of the economic, social, security and humanitarian nature of the global scale. Combating tax avoidance, tax fraud and evasion through tax havens must be stronger and more effective all around the world.

Latin America and the World Economy: Some Observations on External Indebtedness and the International Monetary System

1978 ◽  
Vol 20 (3) ◽  
pp. 321-339
Author(s):  
Aldo Ferrer
Keyword(s):  
Latin America ◽  
Latin American ◽  
World Economy ◽  
International Monetary System ◽  
Import Substitution ◽  
External Debt ◽  
Economic Recession ◽  
Balance Of Payments ◽  
Adjustment Process ◽  
The World

Since 1973 most of the Latin American countries have experienced deterioration in their balance of payments due to the economic recession in the industrial countries and the oil price increases. The consequent adjustment process has called for stricter regulation of domestic demand and new advances in import substitution. Adjustment was less painful due to access to private financing in the international capital markets which, however, produced a sharp increase in the external debt.This article does not propose to review the recent patterns of external payments, already extensively analyzed in the periodic reports of the UN Economic Commission for Latin America, the International Monetary Fund, and in other studies. Rather, it will attempt to emphasize some long-term changes in the world economy and in Latin America that influence the international participation of the region. It is in this context that the adjustment process of the balance of payments and the external debt should be evaluated.

CORONAVIRUS IMPACT ON THE GLOBAL ECONOMY

2020 ◽  
Vol 10 (10) ◽  
pp. 2491-2498
Author(s):  
L.V. Abdrakhmanova ◽  
◽  
E.S. Shchigortsova ◽  
Keyword(s):  
Economic Activity ◽  
Global Economy ◽  
World Economy ◽  
Raw Materials ◽  
Global Scale ◽  
Retail Trade ◽  
Negative Consequences ◽  
Road Transportation ◽  
The World ◽  
Coronavirus Infection

The article analyzes the consequences of the spread of coronavirus infection on the world economy. The high degree of infection and the rapid spread of COVID-19 caused the quarantine of certain cities and regions of the world, and since March 2020, the borders between the countries have been completely closed. This situation, naturally, could not but affect the global economic activity. The crisis caused by the pandemic has led to the fact that the leaders of the countries were forced to first of all pay attention to health problems and seriously reduce funding in other sectors of the economy. The forced self-isolation regime of the population affected all spheres of life, without exception, large and medium, and, especially, small business suffered. The sectors of the economy most affected by the coronavirus pandemic include: air and road transportation, the leisure and entertainment industry, fitness and sports, tourism, hospitality, catering, the education system, the organization of conferences and exhibitions, the provision of personal services to the population, dentistry, retail trade in non-food products, the media and the production of printed materials, etc. Statistical data on the number of cases of new coronavirus infection by country (as well as those who recovered and died from it) are today not so much of a medical nature as evidence of a deepening global economic crisis. The decline in production volumes on a global scale entails a reduction in the global consumption of most types of industrial raw materials and energy carriers. According to analysts’ forecasts, the possibility of a quick return to the previous economic activity is not foreseen, negative processes may continue for the next several years. The COVID-19 pandemic is a serious test of the readiness of the world economy to effectively resolve global problems, overcome the negative consequences of the spread of the virus and focus on those positive opportunities, the development of which can lead to economic growth in the long term. One of these promising areas of economic development is the further digitalization of society, the development of new digital technologies.

Outlook for the World Economy: A Latin American Viewpoint

1987 ◽  
Vol 29 (4) ◽  
pp. 125-146
Author(s):  
Juan Guillermo Espinosa
Keyword(s):  
International Economic ◽  
Latin American ◽  
World Economy ◽  
External Debt ◽  
The State ◽  
Economic Situation ◽  
General Sense ◽  
The Past ◽  
The North ◽  
The World

The Term Which best sums up the current international economic situation is the word “crisis.” This crisis exists not only in the economies of the South, harassed over the past five years by external debt and the adjustment measures which it has spawned, but also in the economies of the North, often saddled with substantial deficits.Surrounding the state of crisis is a general sense of confusion as to the proper direction to take to deal with this crisis. The future appears opaque, which renders the choice of remedies even more difficult than would normally be the case under better circumstances.

scholarly journals Inwestycje zagraniczne we Francji w dobie globalizacji

2011 ◽  
Vol 7 ◽  
pp. 24-41
Author(s):  
Sławomir Dorocki
Keyword(s):  
Economic Growth ◽  
International Economic ◽  
World Economy ◽  
Foreign Capital ◽  
External Debt ◽  
Regional Differentiation ◽  
Foreign Direct Investments ◽  
Foreign Investments ◽  
The World

The turn of the 20th and 21st centuries brought an intensive increase of international economic connections that were a part of the process of globalization of the world economy. The result of these processes was opening of the countries’ economies which influenced the increase of the role of foreign investments as a factor of economic development of a country. Foreign direct investments (FDI) are nowadays one of the most sought-after forms of foreign capital flow. Foreign investments do not cause external debt. They influence the flow of technology, generate economic growth, contribute to the decrease in unemployment, introduce new management methods, create access to the new markets and generate production infrastructure. The following study presents a short characteristic of foreign investments in France. It analyses regional differentiation of foreign investments in France on the basis of their quantity and in reference to the number of workplaces generated by FDI. Finally, the article presents the factors that have influence on the localization of foreign investments.

scholarly journals The Institutional Provision and Regulation of the World Financial Architecture

2021 ◽  
Vol 5 (520) ◽  
pp. 317-327
Author(s):  
M. O. Zhytar ◽  
◽  
R. I. Shchur ◽  
Keyword(s):  
Financial Stability ◽  
World Economy ◽  
New World ◽  
Negative Impact ◽  
Financial Resources ◽  
Financial Architecture ◽  
The World ◽  
Strategic Goals ◽  
Main Factors ◽  
Algorithmic Transformation

The article explains the essence of institutional provision and characterizes the main aspects of regulation of the world financial architecture. It is defined that no other element of financial architecture has such powerful financial resources to realize the goal of financial stability and to assist developing countries, as well as countries with transition economies. The main directions of implementation of strategic goals for regulation of financial architecture are considered. The authors justify the need to timely improve the institutional provision for the process of regulating international financial relations in the context of increasing financial stability in the global economic environment and as an appropriate reflection on the conditions of transformational uncertainty and strategic imperatives of the development of the world financial architecture. The conceptual scheme of institutional provision for regulation of world financial architecture is presented and characterized. A new world financial architecture is proposed and its main advantages are analyzed. The need for algorithmic transformation of the liberal model of world financial architecture to a clearer regulation both the State-based and the superior one fulfilled on the grounds of regionalization is argued. It is concluded that the main factors of negative impact of global disparities on the world economy are as follows: imperfection of the financial mechanism, aggravation of a totality of contradictions between financial and real sectors of the economy, between national and international structures in the direction of implementation of the strategic State goals and strengthening of regionalism.

scholarly journals SYSTEM DETERMINANTS OF THE FORMATION OF THE NEO-FINANCIAL ORDER IN THE CONDITIONS OF NONEQUILIBRIUM DEVELOPMENT

2018 ◽  
pp. 20-39
Author(s):  
Natalia KRAVCHUK ◽  
Oleh LUTSYSHYN
Keyword(s):  
World Economy ◽  
New World ◽  
Resonance Effect ◽  
World Order ◽  
Modern World ◽  
Financial Instability ◽  
System Reform ◽  
Global Development ◽  
Financial Architecture ◽  
The World

Introduction. By monitoring the aggregate cumulative effects of the recent global financial turmoil, it becomes clear that the world financial order and the system of international economic relations are based on the “debris” of Bretton Woods agreements. This can be explained by the fact that there are no alternatives for the outdated agreements. The modern world economy continues to have a pronounced rental character. Thus, it can be argued that it is one of the root causes of the global development divergence, the income imbalances, and financial imbalances. Those, in turn, are causing global asymmetries and socio-economic inequalities. Consequently, the modern world economy can be defined as a financial economy (in its essence). Therefore, the consideration of fundamental global financial imbalances will lead to an understanding of the system determinants of the need to change the modern world financial order. The purpose of the study is to deepen the theoretical and methodological foundations of both identification and development of system determinants of global financial instability. As well as to substantiate and develop the concept of constructing neo-financial order in the conditions of nonequilibrium global development. Results. System determinants of global financial instability are revealed. The new systemic risks that provoke global financial crises in the era of the digital economy and digital finance are highlighted. In addition to that, the need for the global currency system reform and the global financial architecture reform were discussed. As well as the more recent need – the formation of a neo-financial world order (a new level based on absolute new principles and principles) was studied.The essential basis of modern crises is highlighted. Among which, first, contradictions between the laws of the functioning of the globally-centered economy, which is a systemic integrity. Second, the heterogeneity of the structure-functional construction of a geospatial, which operates on the principles of globalization diversion. Additionally, the nature of the crises spread, which resembles the spread of seismic waves with resonance effect, is substantiated.The events that have taken place in recent years, and which gave a powerful impetus to the processes of formation of qualitatively other geo-economic and geopolitical foundations for the reform of the global financial system have been characterized. Conclusions. The concept of construction of the world neo-finance order in the conditions of nonequilibrium global development is substantiated. The objective necessity of building a new world financial architecture was proven. The last should be based on qualitatively new principles, mechanisms, and nterconnections of global governance, and should challenge the creation of a new world financial order.

Yuan and Yen in Currency Architecture of Asia

2012 ◽  
pp. 41-50
Author(s):  
S. Nozdrev
Keyword(s):  
Foreign Trade ◽  
Financial Market ◽  
Economic Integration ◽  
Competitive Advantages ◽  
Third Place ◽  
Financial Architecture ◽  
The Third ◽  
Currency Market ◽  
The World

At present, the competitive advantages of Yen over Yuan still remain in the financial architecture of Asia, although the interdependence between the currency of Japan and other Asian currencies decreases. Regarding the scale of operations, Yen takes the third place on the world currency market after Dollar and Euro. In 2010, its share almost reached 19%, while only 0.9% is accounted for Yuan. At the same time, the enhancement of China's role on the global financial market, the remarkable share growth of China's foreign trade in Yuans, the activаtion of economic integration processes in Asia essentially increase the opportunities of the major currencies use diversification in the region.

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