The global financial crisis and its implications for global financial governance

Abstract

This thesis explores how the global financial crisis (GFC) has impacted on the distribution of power within the international financial architecture (IFA). In order for us to be able to study the effects of economic power there must be some way in which we measure it or identify its presence. Traditionally this has been done by measuring national gross domestic product (GDP) as the best indicator of market size. In light of the shifts in global economic power - evidenced through the rise of the emerging powers, and exacerbated by the global financial crisis, this study seeks to assess whether the global financial crisis has affected the relevance of market size, liquidity and the current account as economic power indicators in the international financial architecture.