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Has the global financial crisis produced a New World Order?

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  • Richard A. Iley
  • Mervyn K. Lewis

Abstract

Described by Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve System, as the worst financial crisis in global history, the economic impact of the global financial crisis would have been much worse had it not been for Asia (excluding Japan). In broad terms, the crisis has accelerated the secular emergence of Asia, whereas the US recovery is weak by historical standards and problems in Europe continue. What accounts for this two-tier pattern of world growth? Does this juxtaposition signal a permanent re-ordering of world business – in other words, a New World Order?

Suggested Citation

  • Richard A. Iley & Mervyn K. Lewis, 2011. "Has the global financial crisis produced a New World Order?," Accounting Forum, Taylor & Francis Journals, vol. 35(2), pages 90-103, June.
    • Handle: RePEc:taf:accfor:v:35:y:2011:i:2:p:90-103
    DOI: 10.1016/j.accfor.2011.03.001
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    Cited by:

    1. Kashif Abbass & Abdul Aziz Khan Niazi & Abdul Basit & Tehmina Fiaz Qazi & Huaming Song & Halima Begum, 2021. "Uncovering Effects of Hot Potatoes in Banking System: Arresting Die-Hard Issues," SAGE Open, , vol. 11(4), pages 21582440211, December.
    2. Narendar Rao & K. Reddy, 2015. "The impact of the global financial crisis on cross-border mergers and acquisitions: a continental and industry analysis," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 5(2), pages 309-341, December.
    3. de Mendonça, Helder Ferreira & Nascimento, Natalia Cunha, 2020. "Monetary policy efficiency and macroeconomic stability: Do financial openness and economic globalization matter?," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
    4. Reddy, Kotapati Srinivasa, 2015. "The impact of the global financial crisis on border-crossing mergers and acquisitions: A continental/industry analysis," MPRA Paper 63563, University Library of Munich, Germany, revised 2015.

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