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Reforms in the International Finance System - Essay Example
Finance & Accounting
Pages 15 (3765 words)
Name: Instructor: Course: Date: Reforms in the International Finance System Introduction The financial crisis or great recession as it is called in some quarters is probably the worst financial catastrophe after the Great Depression in the 1930s. The global financial crises typically led to the subsiding of many financial institutions all around the world, crumpling of stock and financial markets globally and bailouts of financial institutions by governments…
It, therefore, goes without saying that consumer wealth declined. It is estimated that declines in consumer wealth led to loss of millions of US dollars. This led to an acute global financial recession in 2008. Economies of individual countries, as well as that of the global economy, plummeted during the financial recession, as a result, declines in international trade and credit crunches in major financial institutions globally. This paper will examine the global financial recession of 2008, describing its causes, effects and reform proposals such as removing some virtual assets, lowering speculation in financial markets and creating a special financial institution to boost companies. The financial crisis took a major toll on the global financial position it is, therefore, imperative to institute reforms to deter its reoccurrence. The Start of the Financial Crisis The global financial crisis did not occur over night; rather it was a series of occurrences that led to the progression of the crisis, which impacted the entire world. The US National Bureau of Economic Research asserts that the financial crisis began in early to mid 2007. ...
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