Template-Type: ReDIF-Article 1.0

Author-Name: Janos Muller
Author-Workplace-Name: Hungarian Banking Association, Asian Financial Cooperation Association (AFCA)
Author-Email: mullerj1@t-online.hu
Author-Person:

Author-Name: Adam Kerenyi
Author-Workplace-Name: Centre for Economic and Regional Studies
Author-Email: kerenyi.adam@krtk.hun-ren.hu
Author-Person:

Title: The Challenges of Fragmentation of the International Financial System - Towards a Brave New World Order?

Abstract: The emerging new world order will be subject to a number of strong and unexpected
effects, transforming and fragmenting the international financial system. The
multilateral world economy has come under the influence of a multipolar power
structure, triggering geopolitical tensions, which has led to the creation of economic
and financial blocs, and the struggle to strengthen power positions. Financial
fragmentation poses risks to international financial and monetary stability. Reducing
negative impacts requires international cooperation, but the regulatory activities of
international financial institutions are constrained by power blocs. This paper seeks
to answer the question of how the fragmented world order affects the international
monetary system, flows of capital, monetary policies and financial stability.

Classification-JEL: E3, E5, G1, F02, F12, F65
Keywords: world order, fragmentation, deglobalisation, integration, central bank digital currency, financial stability
Pages: 131-155
Volume: 23
Issue: 2
Year: 2024
File-URL: https://en-hitelintezetiszemle.mnb.hu/letoltes/fer-23-2-e1-muller-kerenyi.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:23:y:2024:i:2:p:131-155