글로벌 금융위기의 원인과 국제적인 금융개혁의 동향 = Causes of Global Financial Crisis and International Financial Reform

다국어 초록 (Multilingual Abstract)

At present, worldwide financial reform is underway. For instance, on July 21, 2010, the U.S. President signed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (hereinafter the Dodd-Frank Act), which would clear away greed and abuses prevalent in the U.S. financial system before. Regulatory reform in one country is not sufficient to put the global crisis out. Rather, simultaneous reforms all around the world are certainly desirable to get rid of most problems arising from the global financial crisis. This paper will see a broader picture of the global financial crisis, and provide a deep understanding of the crisis, its causes and effects, and the international effort to restore global financial stability. Then, this paper will analyze the Dodd-Frank Act in detail based on the picture and understandings of the global financial crisis. Thus, this paper is quite different from other published papers just focusing on the Dodd-Frank Act per se. The global financial crisis has shown how all nations and peoples are closely interconnected to. A remarkable fact about the crisis is the international cooperation such as G-20 and international reforms it has evoked. This international cooperation is the most important reason why the world has escaped economic collapse so fast and easily. The global economic crisis having occurred since the summer of 2007 is a surprising event without an equivalent case in modern economic history. The world had experienced many economic downturns in the business cycle before, but has never experienced the current Great Recession triggered by near-collapse of the global financial system. The present crisis is also unique because its origin comes from the United States, which has been a strong source of world economy since the second World War. In addition, the crisis exposed the weaknesses of global economic and financial institutions including the IMF and the World Bank since they were completely powerless to remedy the crisis. Stagflation could be avoided only by coordinations by national governments taking active steps rewarding the very people who were responsible for the crisis. The United States which are the cornerstone of the global financial crisis has enacted comprehensive and remarkable reforms which would made fundamental changes to the post Great Fall financial systems established in 1930s. At this time, therefore, it is appropriate to examine the crisis, to determine what happened and why in the past, to analyze current financial regulatory reforms and to suggest future necessary steps to overcome the crisis completely. All these issues will be dealt from Chapter Ⅱ.

참고문헌 (Reference)

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