Publications
【International Journal on Emerging Technologies】Asian Financial Development: The Rise of a New Financial System
Author (s):
Fedor I. Arzhaev, Zulfiya M. Bikmetova, Elvira N. Iamalova, Oksana N. Ignatieva and Aygul F. Samigullina
Abstract:
Today, the global financial system is inefficient in bridging the gap between the developed and developing countries. The dynamically developing countries, such as Asian states, are not satisfied with modern international financial institutions and are actively involved in regional integration, creating new international financial institutions. The newly formed financial institutions contribute to the formation of a different system of financial relations in Asia, which, in turn, is being transformed into the Asian financial system. These trends cannot avoid the impact of the global imbalances. The article demonstrates that the creation of these institutions in Asia is due to the fundamental flaws of the global financial system, and new international financial institutions can efficiently cope with these flaws. The major challenge of the article was to consolidate new financial trends in Asia and structure them into a system of interrelated processes in order to prove the emergence of the Asian financial system. The authors have shown that the developing economies in Asia are more consolidated and capable of conducting a single economic strategy in the long run. The main contribution of the article is the proof of the higher efficiency of Asian financial institutions and their single geo-economic strategy in the long run; this suggests that a new Asian financial system is being built.
Keywords:
Asia, global financial system, international financial institutions, fundamental flaws.
Citation:
Arzhaev, Fedor & Bikmetova, Zulfiya & Iamalova, Elvira & Ignatieva, Oksana & Samigullina, Aygul. (2020). Asian Financial Development: The Rise of a New Financial System. International Journal on Emerging Technologies 11(5). 252-260.