A new configuration in the financial system
DOI:
https://doi.org/10.4013/pe.2015.111.02Abstract
The financial crises that have shaken global markets in recent decades had their origins in financial liberalization programs advocated since the 1970s to developing countries. It was observed that after these crises the shaken economies were rescued by international institutions, which imposed stringent conditionalities to be followed for the rescue loans to happen. Looking for alternative means to overcome economic adversity, as well as to gain a greater voice in the global governance, developing nations have approached diplomatically, economically and politically by the reformulation of financial institutions, the creation of others and a bigger economic momentum of the existing ones. The article argues that a greater regional integration has occurred since the 2007 crisis and that the consubstantiation of this process is beneficial not only for the countries involved, but to the entire international financial system.
Keywords: regional integration, financial crisis, institutions.
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