Transformation of Global Finances

DOI: 10.20542/0131-2227-2010-7-3-22
M. Petrov, MGIMO University, 76, Vernadskogo Prosp., Moscow, 119454, Russian Federation (

D. Plisetskii, Institute of Economics, Russian Academy of Sciences, 32, Nakhimovskii Prosp., Moscow, 117218, Russian Federation (

Abstract. An outstanding feature of the world economy development at the beginning of Millennium is an accelerated growth of countries with developing and transition economies. Expansion of domestic demand, abrupt export buildup facilitated a significant GDP increase in these states, which in its turn gave a strong impulse to domestic capital markets development. The global crisis became a serious test for most of developing and post-socialist countries, in which case the meaningful drop in outside financing was one of its most painful consequences. Nevertheless, the sequential strengthening of states with emerging markets will be one of the key tendencies in the world financial system restructuring during the post-crisis period. 

Keywords: developing and transition economy countries, developing markets, national capital markets, integration in world finances, international capital flow, cross-border financial flows, capital import, FDI, portfolio investments, capital outflow, international reserves, global crisis, internationalization of currency, international financial center 

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For citation:
Petrov M., Plissetskii D. Transformation of Global Finances. World Eonomy and International Relations, 2010, no. 7, pp. 3-22.

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