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Article

Global Economy: New Risks and Leadership Problems

1
Saint-Petersburg State University, 62, Chaikovskogo Street, 191123 St Petersburg, Russia
2
Emperor Alexander I St Petersburg State Transport University, 9, Moskovsky Pr., 190031 St Petersburg, Russia
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Author to whom correspondence should be addressed.
Int. J. Financial Stud. 2020, 8(1), 7; https://doi.org/10.3390/ijfs8010007
Received: 18 December 2019 / Revised: 13 January 2020 / Accepted: 22 January 2020 / Published: 4 February 2020
(This article belongs to the Special Issue Advances in Behavioural Finance and Economics)
After the global crisis of 2008–2009, the world economy entered the era of restructuring. This article focuses on the risks that a new leader will face in the process of shaping the world economy. The methods employed in the research include big data processing of continuous change and the results of the symmetric macroeconomic analysis based on the statistics collected by the International Monetary Fund (IMF), The Word Bank (WB), Bank for International Settlements (BIS), Central banks and Treasuries. The study results proved that the recessionary processes, their depth and global nature, are caused by a combination of world financial system crises and general civilization problems. These new systemic risks for the world economy might result in new global crises that will limit the resources of international financial institutions for sustainable development. Besides, for most banks these crises will mean shifting a big share of derivatives to the off-balance liabilities, using Special Purpose Vehicle (SPV) in deals, followed by an increase in state and corporate debts, trade wars, a slowdown of economic development in China, and widening contradictions between global and national finances. Regular research and systematization have developed certain guidelines for the global economic restructuring process. First of all, it is recommended on the base of interstate compromises to focus on international agreements to ensure a solid foundation for global finance. On the basis of the comparative analysis carried out for the USA, China and other counties, it was made clear that no one leader in world economy in 21st century views the world reserve as based on the currency of one country only. Instead, there will be a slow transition to using Special Drawing Rights (SDR) with a basket from 15–20 currencies G20. View Full-Text
Keywords: world economy; nature of global crises; risks of the financial markets; leadership problem world economy; nature of global crises; risks of the financial markets; leadership problem
MDPI and ACS Style

Shavshukov, V.M.; Zhuravleva, N.A. Global Economy: New Risks and Leadership Problems. Int. J. Financial Stud. 2020, 8, 7. https://doi.org/10.3390/ijfs8010007

AMA Style

Shavshukov VM, Zhuravleva NA. Global Economy: New Risks and Leadership Problems. International Journal of Financial Studies. 2020; 8(1):7. https://doi.org/10.3390/ijfs8010007

Chicago/Turabian Style

Shavshukov, Viacheslav M.; Zhuravleva, Natalia A. 2020. "Global Economy: New Risks and Leadership Problems" Int. J. Financial Stud. 8, no. 1: 7. https://doi.org/10.3390/ijfs8010007

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