The Globalization of Credit Risk

  • Dimitris N. Chorafas
Part of the Palgrave Macmillan Studies in Banking and Financial Institutions book series (SBFI)


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.


Interest Rate Foreign Direct Investment Central Bank Credit Risk Credit Rating 
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  1. 9.
    Merrill Lynch, Investors’ Strategic Update, 19 February 2008.Google Scholar
  2. 10.
    European Central Bank, Monthly Bulletin, January 2008. China is in 5th position after the US, South Korea, Japan, and Germany. India, by contrast, is in 24th position behind Mexico, Argentina, and TurkeyGoogle Scholar

Copyright information

© Dimitris N. Chorafas 2009

Authors and Affiliations

  • Dimitris N. Chorafas
    • 1
  1. 1.New York Academy of SciencesUSA

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