Publications - Working Papers IER SAS

Current development in the environment of global crisis supports tendency towards growing importance of alternative (non-leverage) money sources, from strong and stable financial associates such as sovereign funds, in particular on the level of transnational corporations. Acquisitions of sovereign funds indicate the layout of economic power in the post-crisis period and they are important stimulus for the revival of economic activity in the globalized economy. This process is about certain changeover of leading roles in the world in favour and framework of regional structure of free investment funds what is seen just in the regional structure of sovereign funds. Developed countries (USA, Europe) are focused on the financial rehabilitation of already created and mutually related problems in the bank sector and fiscal sector, while sovereign funds successfully fulfils national investment strategies of states of their origin. Financial crisis has shown the necessity of creating a new world financial architecture, in spite of the fact that the transatlantic agreement on financial sector regulation and structure of a new world financial architecture is not in sight.

KEYWORDS
financial crisis, indebtedness of subjects, debts, change of consumption structure, new world financial architecture, sovereign funds, regulation of financial markets, compressing of risk factors in time