Dmytro Lukyanenko, Anatoliy Poruchnyk, Yaroslava Stolyarchuk
Global financial imbalances and their macroeconomic consequences
Journal of European Economy, Volume 9, Issue 1, March 2010, pp.72-90
|JEL: G15, F34||Full text (PDF)|
In this paper authors explicated the essence of global financial imbalances, assessed their level and implications for global financial stability and disclosed the causes that led them to reach the hypertrophied level under current conditions. Researchers focused on investigating the nature of the first global economic crisis of 2007–2009, as well as the causes of the chain reaction in its spread to the sectoral and territorial dimensions of the world economy. It was proved that financial globalism creates structural conditions for accumulation of financial imbalances in the world economy, due to the fact that macroeconomic policy of nations is unable to resist against them, but only adapt to fluctuations in global financial conditions set by the world financial centers.