Publications - Working Papers IER SAS

Transformation of world financial architecture (selected context with polarization of wealth in globalized world) Financial crisis has helped to uncover deep differentiation between real and virtual economies and indicates the demand for another point of view on structure of following consumption in society. All subjects of society are indebted. The only one outstanding subject manipulating with real cash finance are sovereign funds which have begun to expand after the year 2000. They present conspicuous economic power, which has the ability to influence not only the direction of investments in global economy but also the structure of world financial architecture. Regulation frameworks of financial markets will meet their purposes only if already arranged and legitimate rules are consistently applied. But also when prevention from consequences resulting from risk factors’ compressing in time is successful in scope of each individual economy and fiscal policy (maturity of big amount of company bonds, stretched credit cards market, differential debt service of selected countries, potential collapse of prime loan market – institutional debtors, e.g. developers).