The systemic financial importance of emerging powers

The systemic financial importance of emerging powers

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Article ID: iaor20141674
Volume: 36
Issue: 1
Publication Date: Apr 2014
Journal: Journal of Policy Modeling
Authors: , ,
Keywords: finance & banking, politics, developing countries
Abstract:

Economic turmoil in advanced industrial economies since the 2008–9 crisis has intensified perceptions of rising global multipolarity. Several indices of the relative material capabilities of countries exist, yet few address a state's potential for financial influence abroad. We analyze indicators of a country's importance as a financial asset owner and participant in globalized financial markets, examining 180 countries during 1995–2010. The United States displays a high and stable systemic importance. An increase in the share of the BRICS countries, especially China, mirrors a strong decline in the global weight of Japan (still a senior financial power), and to a lesser extent, most other advanced industrial countries, with the exception of Germany.

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