Preprint Article Version 1 This version is not peer-reviewed

Restructuring of the Global Economy

Version 1 : Received: 20 January 2020 / Approved: 21 January 2020 / Online: 21 January 2020 (10:06:40 CET)

A peer-reviewed article of this Preprint also exists.

Shavshukov, V.M.; Zhuravleva, N.A. Global Economy: New Risks and Leadership Problems. Int. J. Financial Stud. 2020, 8, 7. Shavshukov, V.M.; Zhuravleva, N.A. Global Economy: New Risks and Leadership Problems. Int. J. Financial Stud. 2020, 8, 7.

Journal reference: Int. J. Financial Stud. 2020, 8, 7
DOI: 10.3390/ijfs8010007

Abstract

The World economy after global crisis of 2008–2009 entered a restructuring era. It defines relevance of researches of its directions and patterns. The principles of determinism and systemic analysis are methodological basis of article. In research were used the methods of processing Big Date, as of continuous changes and the symmetric analysis of macroeconomic indicators according to databases of the IMF, WB, BIS, the Central banks and treasuries. As a result of the research it is proved that depth and globalism of recessionary processes are caused by a combination of crisis of world financial system and civilization problems. Intrinsic signs of risks in the modern economy caused by the duality of the nature of global crises have been identified. There are analyzes: the deficit of resources of the international financial institutions, a negative role of a fixed rate of Yuan, a big share of derivatives and off-balance obligations of banks, use of SPV in structures of deals, growth of debt obligations, trade wars, slowdown in the growth of the Chinese economy, aggravation of contradictions between global and national finances. The thesis is reasonable that deglobalization and dedollarization deepened this conflict, started the rollback mechanism from achievements of globalization, led to tariff wars. By means of a systematization it is proved the key directions of the restructuring of global economy: legal basis, leadership and reserve currency. On the basis of SWOT-analysis of the USA and China it was concluded that the question of leadership of one country should be excluded, but slow transition to use SDR (with a basket from 15–20 currencies) as a reserve.

Subject Areas

World economy restructuring; nature of global crises; risks of the financial markets; leadership problem

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