Global finance | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-06-15

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Global_financial_system


00:04:39 1 History of international financial architecture
00:04:51 1.1 Emergence of financial globalization: 1870–1914
00:10:33 1.1.1 Panic of 1907
00:12:11 1.1.2 Birth of the U.S. Federal Reserve System: 1913
00:14:05 1.2 Interwar period: 1915–1944
00:19:28 1.2.1 Smoot–Hawley tariff of 1930
00:21:20 1.2.2 Formal abandonment of the Gold Standard
00:24:01 1.2.3 Trade liberalization in the United States
00:26:00 1.3 Rise of the Bretton Woods financial order: 1945
00:31:03 1.3.1 General Agreement on Tariffs and Trade: 1947
00:33:15 1.4 Resurgence of financial globalization
00:33:26 1.4.1 Flexible exchange rate regimes: 1973-present
00:37:22 1.4.1.1 The post-Bretton Woods financial order: 1976
00:44:10 1.4.1.2 European Monetary System: 1979
00:46:53 1.4.2 Birth of the World Trade Organization: 1994
00:49:04 1.5 Financial integration and systemic crises: 1980-present
00:56:26 1.5.1 Birth of the European Economic and Monetary Union 1992
00:58:12 1.5.2 Global financial crisis
01:01:51 1.5.3 Eurozone crisis
01:04:43 2 Implications of globalized capital
01:04:55 2.1 Balance of payments
01:08:47 2.2 Unique financial risks
01:10:43 3 Participants
01:10:53 3.1 Economic actors
01:12:54 3.2 Regulatory bodies
01:16:38 3.3 Research organizations and other fora
01:17:55 4 Future of the global financial system
01:24:18 4.1 Reform efforts
01:31:17 5 See also



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SUMMARY
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The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic actors that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I, trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability, fostering record growth in global finance.
A series of currency devaluations and oil crises in the 1970s led most countries to float their currencies. The world economy became increasingly financially integrated in the 1980s and 1990s due to capital account liberalization and financial deregulation. A series of financial crises in Europe, Asia, and Latin America followed with contagious effects due to greater exposure to volatile capital flows. The global financial crisis, which originated in the United States in 2007, quickly propagated among other nations and is recognized as the catalyst for the worldwide Great Recession. A market adjustment to Greece's noncompliance with its monetary union in 2009 ignited a sovereign debt crisis among European nations known as the Eurozone crisis.
A country's decision to operate an open economy and globalize its financial capital carries monetary implications captured by the balance of payments. It also renders exposure to risks in international finance, such as political deterioration, regulatory changes, foreign exchange controls, and legal uncertainties for property rights and investments. Both individuals and groups may participate in ...