RETRACTED The global banking system: transformation under the conditions of globalization

About the author:

Margarita Y. Vasina, PhD student at the Department of State Regulation of Economy at the Faculty of the Government Economy of the International Institute of Public Service and Management of Russian Presidential Academy of National Economy and Public Administration (Moscow)

Abstract:

The current article dwells upon an analysis of the world’s bank system as the main link in the chain of world’s economy in the environment where globalization gathers pace. The phenomenon of unbalanced development of the world financial processes is studied, and the main challenges faced by the global community are defined. The article also presents overview of primary bank capital flows distribution in the modern world. The role of BRICS group in respect of overcoming global economy gaps is defined. Coping with global economy gaps is the main stage for transitioning to the whole new level of global economy, ultimate global cooperation.

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