Chapter 19: Global financial architecture
Abstract
The complex set of institutions, agreements, models, policies, and processes that enable international financial ties and global economic stability is the global financial architecture (GFA). The GFA emerged after World War II, and its principal objective was to address globalization's interdependence. The International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO) constitute the GFA. The GFA has altered due to global financial crises, economic power shifts, new technology, and international politics. This architecture helps governments collaborate, handle money, prevent systemic problems, and grow. Critics argue that the GFA increases inequality, favors particular ...
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