Влијанието на секјуритизацијата врз финансискиот систем на развиените и транзиционите економии во услови на глобална финансиска криза

Abstract

The perdurable period of housing market expansion in the USA based upon mortgage securisation process is a prerequisite for the occurrence of new, structured products. New loan funds increase was provided with the transformation of highly hazardous mortgages into complex derivational securities and their sale. However the relaxed policy of the Federal Reserves System caused extensive liquidity and nonselectiveness during credit approval and marked the commencement of global liquidity crisis. The subject of this dissertation encompases the following issues: developmental stages of the global financial crisis, state interventions for coping with crisis effects and regulatory policies for overcoming the crisis effects. During 2008, the financial crisis has been established to have affected the rest of the world which instigated considerable negative impacts upon financial markets which reflected repetitive episodes of financial instability as well as the crash of Bretton Wood’s fixed exchange rates which enhanced the imbalance of foreign payments. In this perspective the economic policy creators in developed and transitional economies have the responsibility to strengthen the financial regulative within the financial domain and corporative management, along with expansion of the field of unregulated financial institutions and provision of much needed international dimension. The world economy now needs to implement a new paradigm to replace the old, which was based upon the fact that financial markets aim at equilibrium state, which poses a fictitious argument, thus tracing the current issues down to the fact that the international financial system initiated its development on the grounds of this new paradigm.