Financial Crisis, Globalisation and Development in Africa

This study unites two streams of research by simultaneously focusing on the impact of financial globalisation on financial development and pre- and post-crisis dynamics of the investigated relationship. The empirical evidence is based on 53 African countries for the period 2004–2011 and Generalised Method of Moments. The following findings are established. First, whereas marginal effects from financial globalisation are positive on financial dynamics of activity and size, corresponding net effects (positive thresholds) are negative (within range). Second, while decreasing financial globalisation returns are apparent for financial dynamics of depth and efficiency, corresponding net effects (negative thresholds) are positive (not within range). Third, financial development dynamics are more weakly stationary and strongly convergent in the pre-crisis period. Fourth, the net effect from the: pre-crisis period is lower on money supply and banking system efficiency; post-crisis period is positive on financial system efficiency and pre-crisis period is positive on financial size. JEL Codes: F02, F21, F30, F40, O10

DEVELOPMENT OF DERIVATIVE TRADE IN THE SECURITIES MARKET OF UZBEKISTAN

Revealing the role and poistion in financial globalisation and to further improve the economy of derivative trade system in valued paper markets in the country. Based on the world stock exchange information and the valued paper market derivative trade indexes, the paper is devoted to demonstrate the efficacy of derivatives and providing financial system stability by arranging the financial instruments

Globalisation, Economic Growth and Income Inequality in Nigeria

This article examines the link between globalisation, economic growth and income inequality in Nigeria using annual secondary data over the period 1981–2018. Specifically, it attempts to examine the following questions: (a) What is the direction of causation among globalisation, economic growth and inequality? (b) What is the impact of globalisation and economic growth on inequality? (iii) Do trade globalisation and financial globalisation have differential impacts on inequality in Nigeria? The article used both vector error correction modelling (VECM) and auto-regressive distributed lag (ARDL) techniques. The VECM results show a unidirectional causality from inequality and globalisation to economic growth in the long run, whereas a unidirectional causation was observed from inequality to economic growth in the short run. The ARDL estimate shows that globalisation and economic growth are significant determinants of inequality in Nigeria. Furthermore, it is observed that trade and financial globalisation influenced income inequality differently. In the light of these findings, the article recommends that the foreign direct investment should be channelled towards empowering the poor, and the dividends of economic growth should be evenly distributed to reduce the income inequality gap.

Problems of Formation of a Multipolar Financial System under the Centralisation of Global Capital

Topic. The active transnationalisation of the U.S. business after the end of the Second World War became possible thanks to the creation of the American-centric framework of the world monetary and financial system. The U. S. and the United Kingdom have become leaders in financial globalisation by monopolising global financial intermediation and creating institutional barriers to other countries’ access to international liquidity. With formal non-interference in the internal affairs of sovereign states, they made the latter dependent on the activities of informal institutions (American rating agencies, Anglo-Saxon offshore centres, Anglo-American law, etc.) that determine the rules of access of sovereign countries to world financial resources. Such a state of affairs is a significant obstacle to the establishment of a multipolar monetary and financial system.Purpose. The purpose of author’s research was the identification of the institutional features of the centralisation of global capital at the present stage of development of financial globalisation processes and identification of China’s potential, as a leader of the global economy, in creating a systemic counterweight to Anglo-Saxon domination in the global monetary and financial system.Methodology. The author based his study on a dialectical approach, the systemic, institutional approaches, and the method of comparative analysis.Results. The active inclusion of China in the global value chain has led to a complex change in the global balance of power mirrored by weakening US international influence. However, the increasing influence of China in the global economy has not yet been adequately reflected in the system of international economic and financial institutions, in which the dominant positions continue to belong to Western countries.Conclusion. The institutional reforms undertaken by the G‑20’ aimed at bringing the world economy back to the path of healthy, sustainable, balanced and inclusive growth are not quite adequate since they practically do not take into account the increased economic and financial role of the most dynamically developing countries. Such disregard for the interests and importance of developing countries (BRICS, EAEU) requires the elaboration of alternative approaches to regulating the global monetary and financial system at the regional and interregional levels.