Financial Globalization and the Restructuring of the Global Financial Architecture
Keywords:
Financial Globalization , Global Financial Architecture, Basel Criteria, G20 SummitsAbstract
After World War II, institutions such as the IMF and the World Bank, established through the Bretton Woods Agreement, played a significant role in financial globalization and governance. However, especially the crises in 1997 and 2008 revealed the inadequacies of the existing financial architecture. The process of reshaping the financial architecture began with the G-7 Cologne Summit in 1999, and following the 2008 crisis, the reconstruction of the global financial system has continued through the mediation of the G-20. In the reconstruction of the global financial system, reforming the Bretton Woods institutions-the IMF and the World Bank-holds an important place. These reforms are being carried out under the influence of factors such as a multipolar world order, the growing weight of Global South countries, technological developments, and climate change. This study examines the process of financial globalization and the reconstruction of the global financial architecture. Furthermore, it emphasizes the importance of structural factors such as reforming the IMF and the World Bank, increasing the participation of developing countries in the process, and ensuring a fair distribution of resources. In this context, the importance of a financial structure that can foresee crises and promote sustainable growth is considerable in the reconstruction of the global financial system.
In the reconstruction of the global financial system, reforming the Bretton Woods institutions-the IMF and the World Bank-holds an important place. These reforms are being carried out under the influence of factors such as a multipolar world order, the growing weight of Global South countries, technological developments, and climate change. This study examines the process of financial globalization and the reconstruction of the global financial architecture. Furthermore, it emphasizes the importance of structural factors such as reforming the IMF and the World Bank, increasing the participation of developing countries in the process, and ensuring a fair distribution of resources. In this context, the importance of a financial structure that can foresee crises and promote sustainable growth is considerable in the reconstruction of the global financial system.
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