The Globalization of Credit Risk
Over the last twenty years, the globalized economic and financial system has changed to such an extent that central banks are on their way to becoming irrelevant. We are a long way from the supply-and-demand fundamentals of a merchandising economy, which characterized the multinationals in the 1960s and 1970s. As the credit crisis of July/August 2007 demonstrated, rather than central bankers and regulatory authorities, it is the global financial industry that holds the upper ground.
KeywordsInterest Rate Foreign Direct Investment Central Bank Credit Risk Credit Rating
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