The Restructuring of the Financial System in the 21st century

Handbook of Research on Corporate Restructuring and Globalization Pub Date : 1900-01-01 DOI:10.4018/978-1-5225-8906-8.CH002

E. T. Pereira

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Abstract

The financial system on the first decades of the 21st century followed the trend of the last decades of the 20th century with corporate restructuring and international financial markets integration and delocalization being oriented by profits and mergers and acquisitions. The global economy and financial structure changes, in the current century, derived from financial innovations, market deregulation, globalization, technology, market structure changes, regulatory reforms, and (re)formulation of central banks' monetary policy. Currently, the financial system is interconnected, interactive, interdependent, and became over-leveraged. The present chapter focuses on the analysis of the evolution of the financial system and the main determinants of global financial markets restructuring on last decades to explain the relevant changes verified in the financial system in the 21st century. After a literature review, an evaluative and descriptive macro analysis of the financial system is presented to study the process of restructuring of the financial system in the main developed economies.

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21世纪金融体系的重构

21世纪头几十年的金融体系延续了20世纪最后几十年的趋势，以利润和并购为导向的企业重组和国际金融市场整合和本土化。在本世纪，全球经济和金融结构的变化源于金融创新、市场放松管制、全球化、技术、市场结构变化、监管改革以及央行货币政策的(重新)制定。当前，金融体系相互联系、相互作用、相互依赖，杠杆率过高。本章重点分析了过去几十年金融体系的演变和全球金融市场重组的主要决定因素，以解释21世纪金融体系中验证的相关变化。在文献综述之后，对金融体系进行了评价性和描述性的宏观分析，以研究主要发达经济体金融体系重组的过程。

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Handbook of Research on Corporate Restructuring and Globalization

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