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The Global Financial System The Global Financial System 20 th Annual Hyman P. Minsky Conference on the State of the US and World Economies
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The Global Financial SystemThe Global Financial System

Sep 12, 2021

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Page 1: The Global Financial SystemThe Global Financial System

The Global Financial SystemThe Global Financial System

20th Annual Hyman P. Minsky Conference on the State of the US and World Economies

Page 2: The Global Financial SystemThe Global Financial System

The Global Fi i lFinancial System

World Population

Page 3: The Global Financial SystemThe Global Financial System

Coordinating Bodies

CoordinatingBodiesThe Global

F lRegulatoryMechanisms Treaties and

Shadow Regulatory

System

Public Regulatory

System

Financial System

Mechanisms

Fiscal

Agreements

y

Fiscal Shelters

Financial Markets

Private Financial

Institutions

Public Financial

Institutions

Financial Players

Markets Corporations

CustomersWorld

Population

Page 4: The Global Financial SystemThe Global Financial System

Bank forBank forBank forCoordinatingB di Bank for

International Settlements

Bank for International Settlements

Bank for International Settlements

BodiesCoordinator

G20Financial

Enforcer

Coordinating G20 Stability

Board

gBodies

OECDIMFIMF

Page 5: The Global Financial SystemThe Global Financial System

Coordinating Bodies

Coordinating Bodies

RegulatoryMechanisms Treaties and

Shadow Regulatory

System

Public Regulatory

System

Mechanisms

Fiscal

Agreements

Fiscal Shelters

Financial Markets

Private Financial

Institutions

Public Financial

Institutions

Financial Players

Markets Corporations

Customers

World Population

Page 6: The Global Financial SystemThe Global Financial System

Public RegulatoryRegulatory System The Fed

European Financial Services

Public Regulator

EnforcerPublic

R l tCentral Bank

Services Authority

(UK)

SEC /Commodities and Futures

Exchange Commission

RegulatorySystemCommission

WTO (GATS)

National Financial

Regulatory Authorities

SystemAuthorities

Page 7: The Global Financial SystemThe Global Financial System

ShadowRegulatoryRegulatorySystem Credit

Intl Organization of Securities

Commissions

Rating Agencies

Shadow Regulator IntlAccounting Standards Intl

Shadow RegulatoryStandards

Board Federation of Accountants

l

RegulatorySystem

World Federation of

Exchanges

Intl Association of

Insurance Supervisors

System

Exchanges Supervisors

Page 8: The Global Financial SystemThe Global Financial System

Treaties and AgreementsAgreements Bilateral

Trade and Investment

T tiTreaties and Agreements

Treaties

Chiang Mai Initiative I t ti l

Treaties and Initiative International

Arbitration Tribunals

Agreements Export Credit

Agencies g

Page 9: The Global Financial SystemThe Global Financial System

Coordinating Bodies

Coordinating Bodies

RegulatoryMechanisms Treaties and

Shadow Regulatory

System

Public Regulatory

System

Mechanisms

Fiscal

Agreements

Fiscal Shelters

Financial Markets

Private Financial

Institutions

Public Financial

Institutions

Financial Players

Markets Corporations

Customers

World Population

Page 10: The Global Financial SystemThe Global Financial System

Private Financial Institutions

Financial InstrumentsVentureInstitutions

Private Financial Institution

Instruments

Insurance Companies

Venture Capital

Agencies

Enabling Institution

Banking

Companies Law

FirmsPrivate

FinancialBanking System

Hedge/Mutual/

Private Equity FundsAccounting

Fi

Financial Institutions

Pension Funds Structured

CreditCard

Companies

Firms

Funds Investment

Vehicles

Page 11: The Global Financial SystemThe Global Financial System

Public Financial InstitutionsInstitutions

Public Financial Institution

World Bank

Emerging Player National Central Banks

Regional Development

Banks

Public FinancialBanks Banks

VentureCapital

Agencies

Financial Institutions

South Bank

Sovereign Wealth Funds

Public Banks

Page 12: The Global Financial SystemThe Global Financial System

CorporationsCorporations participate in the workings of the global financial system by:

o Offering and trading shares through securities markets

o Issuing corporate debtsCorporationso Issuing corporate debts

o Making / receiving loans and payments

o Entering into mergers and acquisitions

Corporations g g q

o Investing and hedging through multiple financial vehicles and instruments

Page 13: The Global Financial SystemThe Global Financial System

Markets NASDAQ

Stock Exchange NYSEIndia

ChicagoNASDAQ

Commodity ExchangeIndia

Singapore

TokyoCommodity Exchange CME

GroupNYSE

EuronextMarketsg p

Sao Paolo

Dalian Commodity Exchange

MultiCommodity Exchange Inter-

Continental

LondonMarkets

Hong Shanghai

ContinentalExchange

Frankfurt

ParisKong

Page 14: The Global Financial SystemThe Global Financial System

Coordinating Bodies

CoordinatingBodies

RegulatoryMechanisms Treaties and

Shadow Regulatory

System

Public Regulatory

System

Mechanisms

Fiscal

Agreements

Fiscal Shelters

Financial Markets

Private Financial

Institutions

Public Financial

Institutions

Financial Players

Markets Corporations

Customers

World Population

Page 15: The Global Financial SystemThe Global Financial System

WorldWorld Population

Page 16: The Global Financial SystemThe Global Financial System

The Global Fi i lFinancial System

World Population