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The Globalization of Credit Risk

In: Financial Boom and Gloom

Author

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  • Dimitris N. Chorafas

    (New York Academy of Sciences)

Abstract

Over the last twenty years, the globalized economic and financial system has changed to such an extent that central banks are on their way to becoming irrelevant. We are a long way from the supply-and-demand fundamentals of a merchandising economy, which characterized the multinationals in the 1960s and 1970s. As the credit crisis of July/August 2007 demonstrated, rather than central bankers and regulatory authorities, it is the global financial industry that holds the upper ground.

Suggested Citation

  • Dimitris N. Chorafas, 2009. "The Globalization of Credit Risk," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Financial Boom and Gloom, chapter 3, pages 61-86, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-23583-0_3
    DOI: 10.1057/9780230235830_3
    as

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