| Abstract | Globalization has made Western economies and financial systems dominant
worldwide. The financial sector has changed considerably due to the
advent of new intermediaries and financial instruments and the growing
globalization of financial markets. Nevertheless, the recent global financial
crisis (GFC) has demonstrated the need to transform the global financial
market along the Western- centric line. Several challenges developing
regions encounter in this regard. These are deteriorating financial market
imbalances, inflows of foreign direct investment (FDI), and increased
exposure to financial volatility.
This book is a product of the current uncertainty that has been affecting
the global financial markets over the past few decades. Those in charge
of global capital flows continually face two closely related forces: the rapid
transfer of financial power to Asia and the abrupt fluctuations in global
capital flows.
These tendencies are not simple statistics; they represent profound
changes in the world economy that significantly affect business, politics,
and society. The emergence of Asian financial hubs, the maturation of
international financial markets, and their growing impact on international
transactions have become so important that they are being closely monitored.
However, the driving force behind writing the book is growth
rather than crisis. The global financial system is caught in an endless
cycle of instability, and the impact of major players and institutions on it is becoming increasingly influential. The world’s major financial centers,
which are responsible for distributing international capital, are also contributing
to systemic problems.
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