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Topic: Global financial system

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	FRB: Speech, Greenspan -- Risk management in the global financial system -- Febraury 27, 1998 (Site not responding. Last check: 2007-10-19)
		This burgeoning global system has been demonstrated to be a highly efficient structure that has significantly facilitated cross-border trade in goods and services and, accordingly, has made a substantial contribution to standards of living worldwide.
		With respect to private financial institutions, risks that are incurred reflect fundamentally the institutions' attitude toward risk and their internal risk management procedures.
		In this rapidly expanding international financial system, the primary protection from adverse financial disturbances is effective counterparty surveillance and, hence, government regulation and supervision should seek to produce an environment in which counterparties can most effectively oversee the credit risks of potential transactions.
	www.federalreserve.gov /boarddocs/speeches/1998/19980227.htm (3878 words)

	Global financial system - Wikipedia, the free encyclopedia
		The global financial system (GFS) refers to those financial institutions and regulations that act on the international level, as opposed to those that act on a national or regional level.
		The first modern bank was Bank of Barcelona (1401); the first global financiers the Fuggers (1487) in Germany; the first stock company in England (Russia Company 1553); the first foreign exchange market (The Royal Exchange 1566, England); the first stock exchange the Amsterdam Stock Exchange.
		Milestones in the history of financial institutions are the Gold Standard (1871–1932), the founding of IMF, World Bank at Bretton Woods, and the abolishment of fixed exchange rates in 1973.
	en.wikipedia.org /wiki/Global_financial_system (469 words)

	Dealing with Debt: How to Reform the Global Financial System - Social and Economic Policy - Global Policy Forum (Site not responding. Last check: 2007-10-19)
		At the center of the failures of the global financial system is the global reserve system.
		The global financial system ought to channel global savings to the poorest countries so they can use it to invest and grow; instead, it is channeling global savings to the richest country, so that its citizens, whose living standard is already beyond the wildest dreams of those in the developing world, can consume even more.
		The global financial crisis and the way it was mismanaged by the IMF imposed enormous costs on East Asia, while in the United States, the lower commodity prices decreased inflationary pressures, led to lower interest rates, and fed the late 1990s boom.
	www.globalpolicy.org /socecon/bwi-wto/imf/2003/sp03reform.htm (3814 words)

	Encyclopedia: Global financial system (Site not responding. Last check: 2007-10-19)
		The Global Financial System refers to those financial institutions and regulations that act on the international level, as opposed to those that act on a national or regional level.
		Financial economics is the branch of economics concerned with the workings of financial markets, such as the stock market, and the financing of companies.
		Globalization (or globalisation) is a term used to describe the changes in societies and the world economy that are the result of dramatically increased international trade and cultural exchange.
	www.nationmaster.com /encyclopedia/Global-financial-system (2411 words)

	RR-1879: "BUILDING A GLOBAL FINANCIAL SYSTEM FOR THE 21st CENTURY"
		The Clinton Administration wants a strong global agreement here becausewe believe the whole world stands to gain from a global, efficient capital market -andbecause that potential will only fully be realized when domestic and foreign providers areable to compete with one another in important markets -wherever they are.
		It goes without saying that we believe that countries willonly enjoy the benefits of a truly global capital market if our firms are given greateraccess to their markets -and they in turn, gain access to US lowest-cost services and highquality expertise.
		An agreementin the financial sector would send a powerful message that this progress would continue.And it would take us an important step forward to the strong and transparent globalfinancial system on which the world’s future prosperity will depend.
	www.ustreas.gov /press/releases/rr1879.htm (2450 words)

	Global financial system -- Facts, Info, and Encyclopedia article (Site not responding. Last check: 2007-10-19)
		The Global Financial System refers to those (An institution (public or private) that collects funds (from the public or other institutions) and invests them in financial assets) financial institutions and regulations that act on the international level, as opposed to those that act on a national or regional level.
		The main players are the global institutions, such as (A United Nations agency to promote trade by increasing the exchange stability of the major currencies) IMF and (A United Nations agency created to assist developing nations by loans guaranteed by member governments) World Bank, national agencies and government departments, e.g.
		Milestones in the history of financial institutions are the (A paragon of excellence) Gold Standard (1871-1932), the founding of IMF, World Bank at (additional info and facts about Bretton Woods) Bretton Woods, and the abolishment of fixed exchange rates in 1973.
	www.absoluteastronomy.com /encyclopedia/g/gl/global_financial_system.htm (762 words)

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		The upshot of all this is that most of the risks and the negative consequences of financial instability have been borne by the middle-income countries, currently the weakest players within the system.
		Thus the global financial system has worked in such a way that, in the aggregate, the net flow of private capital, excluding FDI, has been from poor, capital-scarce developing countries to rich and capital-abundant ones.
		The bottom line is that the international financial system should support the integration of developing countries into the global economy in a manner that promotes development.
	www.southcentre.org /info/southbulletin/bulletin74/bulletin74-05.htm (1505 words)

	REFORMING THE INTERNATIONAL FINANCIAL ARCHITECTURE: (Site not responding. Last check: 2007-10-19)
		Given the depth of international financial turbulence in the 1990s, we should be quite impressed with the underlying strength of the international financial architecture.
		As the spiral of financial crises continued throughout 1998 and into early 1999, however, a second wave of assessments began to acknowledge ― without playing down the severe problems within crisis countries ― the crucial role played by international capital markets in the transmission of crisis from one country to another.
		Safeguarding Prosperity in a Global Financial System: the future international financial architecture, Council on Foreign Relations Task Force, co-chaired by Carla Hills and Peter Peterson (Washington: Institute for International Economics, 1999), p.
	www.isanet.org /archive/germain.html (8908 words)

	Blocking the Terrorists' Funds: The Global Financial System Provides Hiding Places for Dirty Money - Global Policy ... (Site not responding. Last check: 2007-10-19)
		The use of it to fund global terrorism is, of course, an aspect of globalisation that was not emphasised by those who sang its praises only a short while ago.
		Unfortunately, the framework we have built for international economic activity has promoted both: globalisation provides criminals with a complex and opaque international financial system, where few questions are asked about the origin of money.
		A credible international financial structure - one that attains the respect of businesses, governments and citizens alike and that provides the right incentives for economic activity - would provide the groundwork for a more peaceful world development that would be in the interests of all.
	www.globalpolicy.org /nations/launder/general/2001/1207sti.htm (851 words)

	Asia Times Online :: The Complete Henry C K Liu
		The financial crisis brought to the world's attention by the subprime time-bomb is no longer one of liquidity, but of deteriorating creditworthiness throughout the global system.
		The downward spiral will continue as long as the masters of the global financial system continue to be guided by fantasies such as the "free market", a dream world (though a nightmare for most) in which wealth can materialize from falling wages.
		Now, belatedly, financial wizards are slowly realizing that their earlier departure from reason has fueled a phenomenon that is poised to cause severe damage to the global finance system.
	www.atimes.com /atimes/others/Henry.html (4201 words)

	UNI : CNB-CUT and UNI work together to change the global financial system
		Jennings spoke of the need for financial workers unions to play a more prominent role in the debate on the future direction of the global financial system.
		The system was inherently unstable with hot money flowing from place to place with only a fraction being devoted to real investment.
		The global financial system was holding back economic development in many impoverished nations of the world.
	www.union-network.org /uniamericas.nsf/bb7bb6899836a6d9c12569e5002765fc/3c472a1dc387b1c8c1256d640026309d?OpenDocument (370 words)

	The Global Financial System: Status Report--Address by Shigemitsu Sugisaki
		In discussing the status of the global financial system, the main question I will address is whether the world’s financial system is developing in such a way as to serve an increasingly integrated global economy, or giving rise to such problems that it needs to be changed.
		Besides financial markets, the Asian events are likely to slow foreign trade and economic growth in the short term, in particular in Japan, and to a more limited extent in Canada and the United States, to mention a few.
		Globalization of financial markets inevitably has to follow globalization of trade if the world economy is to reap the full benefits of increased integration.
	www.imf.org /external/np/speeches/1997/111897.htm (3170 words)

	summers on corruption 020300 (Site not responding. Last check: 2007-10-19)
		In the financial sector especially, integration and technology can bring new life to old vices: be it a company's desire to evade the taxes it owes; a criminal's desire to launder the proceeds of his crime; or the corrupt official's willingness to bend or break the rules.
		It distorts the economy and the financial system in the jurisdictions that benefit, encouraging non-transparency and a culture of deception.
		Lack of competition in the financial sector and bribery of financial regulators and supervisors adversely affects the allocation of private capital, permits money laundering to flourish, as well as increasing the vulnerability of financial systems to crises.
	www.useu.be /ISSUES/summ0203.html (1560 words)

	A Global Representative System of Marine Protected Areas (Site not responding. Last check: 2007-10-19)
		The region is the global centre of diversity for coral reefs.
		The region is the global centre of diversity for marine invertebrates, including mollusks and crustaceans (Briggs 1974).
		The region is of global importance for marine biodiversity conservation as it is the global centre of diversity for many marine ecosystems and groups of species.
	www.deh.gov.au /coasts/mpa/nrsmpa/global/volume3/chapter13.html (10694 words)

	Global Financial System: It Was Bankrupt Before Sept. 11
		Among the big financial companies, the hardest hit appears to be Cantor Fitzgerald, one of the leading traders of government bonds in the world.
		Another imminent threat to the global financial system is posed by the demolition of the Clearinghouse Interbank Payment System (CHIPS), the private telecommunications system operated by the New York Clearinghouse Association for banks in the New York area.
		Its computer system is used to settle the payments of both domestic and international inter-bank obligations.
	www.larouchepub.com /other/2001/2836fin_emergency.html (1506 words)

	Committee on the Global Financial System
		The Committee on the Global Financial System (CGFS), which is chaired by Donald L Kohn, Vice Chairman of the Board of Governors of the Federal Reserve System, monitors developments in global financial markets for the central bank Governors of the G10 countries.
		The Committee has a mandate to identify and assess potential sources of stress in global financial markets, to further the understanding of the structural underpinnings of financial markets, and to promote improvements to the functioning and stability of these markets.
		Its initial focus was on the monetary policy implications of the rapid growth of off-shore deposit and lending markets, but attention increasingly shifted to financial stability questions and to broader issues related to structural change in the financial system.
	www.bis.org /cgfs (193 words)

	Financial sector foreign direct investment key to bringing emerging economies into global financial system, says CGFS
		The Committee on the Global Financial System (CGFS) is today releasing a report entitled Foreign direct investment in the financial sector of emerging market economies.
		The report shows that the surge in financial sector foreign direct investment over the past decade has been instrumental in integrating emerging economies into the global financial system.
		The Committee on the Global Financial System is a central bank forum established in 1971 by the Governors of the G10 central banks to monitor and examine broad issues relating to financial markets and systems.
	www.bis.org /press/p040330a.htm (307 words)

	The Insider \| Who controls the world's financial system?
		The modern legal system also enables money lenders to repossess people's property, for instance somebody's home, if they is unable to repay a loan within the agreed time limit.
		In April 2002 a number of big financial companies merged to form one of the world's largest investment corporations, and on 27 September 2002 the new company was named "Isis" after the ancient Egyptian goddess.
		The wholesale support of usury by the legal system and the obedient acceptance of usury by the general public is exemplified by an article on the Consumers League of New Jersey website entitled "The Civil Usury Law is the Cornerstone of Consumer Protection".
	www.theinsider.org /reports/financial-system (1643 words)

	World Economic Forum Knowledge Navigator - Toward a More Stable Global Financial System (Site not responding. Last check: 2007-10-19)
		He spoke of three schools of thought: first, the mismanagement school which looks for explanations within the economic system; second, the overborrowing and overlending school; third, the global financial fragility school.
		He noted that over the past the financial system has gone through a crisis on a cyclical basis of 20 to 30 years and that there is not much new in the discussions.
		As these factors interact there will be an increase in capital flight risk, the monetary system will even be less powerful and there will be a larger number of currency board and unions which will lead to a greater rigidity of the system.
	www.weforum.org /site/knowledgenavigator.nsf/Content/_S100?open (609 words)

	Strengthening the Global Financial System (Site not responding. Last check: 2007-10-19)
		The institutions and systems we have were created, in the main, for the old world of national economies.
		There are those who say that the world's financial system works as well as it can and would work less well with more involvement by national and international public institutions.
		The challenge we face is to build the operational rules and institutional architecture we need for the global financial system of the twenty-first century.
	www.southcentre.org /papers/brown/brown-02.htm (547 words)

	Vanguard - Business : Committee on the Global Financial System releases report on stress testing (Site not responding. Last check: 2007-10-19)
		The Committee on the Global Financial System (CGFS) has released a report entitled "stress testing at major financial institutions: survey results and practice".
		The report summarises the findings of a working group of the CGFS that was established to review what financial institutions perceived to be the main risk scenarios for them based on the stress tests they were running, and to examine how stress test practices have evolved over the past few years.
		The Committee on the Global Financial System is a central bank forum established by the Governors of the G10 central banks.
	www.vanguardngr.com /articles/2002/business/b226012005.html (458 words)

	Safeguarding Prosperity in a Global Financial System: The Future International Financial Architecture - Council on ...
		In extreme cases, the IMF should also require as a condition for its own emergency assistance that debtors be engaged in serious and fair discussions on debt rescheduling with their private creditors.
		Strengthening the international financial architecture in this and complementary ways would advance U.S. national interests, since the economy is now connected much more closely to the rest of the world than it was twenty or thirty years ago.
		John G. Heimann is chairman of the Financial Stability Institute, a subsidiary of the Bank of International Settlements.
	www.cfr.org /publication.html?id=3233 (1583 words)

	SSRN-Over-the-Counter Derivatives and Systemic Risk to the Global Financial System by Michael Darby
		This paper examines the concept of systemic risk -- that failure of one firm will lead to the failure of a large number of other firms or indeed the collapse of the international financial system.
		The key conclusion is that systemic risk has been reduced by the development of the OTC derivatives market due to shifting economic risks to those better able either to bear the risk or, in many cases, cancel it against offsetting risks.
		The implications of the Basle II capital proposals for systemic risk are analyzed and shown to increase this risk due to encouraging transactions which increase portfolio risks of the dealers and discouraging transactions which decrease their portfolio risk.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=226501 (506 words)

	The Chastening: Inside the Crisis That Rocked the Global Financial System and Humbled the IMF
		The breathtaking behind-the-scenes story of the nearly disastrous global financial crisis of the late 1990s and how the International Monetary Fund tried-and failed-to stop it.
		Its disquieting conclusion: at a time when massive flows of money traverse borders and oceans, the IMF is often woefully ill-equipped to safeguard the global economy or to combat virulent new strains of investor panics.
		But the reality, as Washington Post economics correspondent Paul Blustein shows, is that as markets were sinking and defaults looming, the guardians of global financial stability were often scrambling, floundering, improvising, feuding among themselves and striking messy compromises.
	www.zooscape.com /cgi-bin/maitred/WhitePulp/isbn1891620819 (556 words)

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