Moscow, Russian Federation
Moscow, Russian Federation
JEL F15 Economic Integration
JEL F33 International Monetary Arrangements and Institutions
JEL G15 International Financial Markets
Due to instability in global financial markets and the rise of protectionism in both developed and developing countries, a debate has been ongoing in academic circles in recent years about the shift from globalization to regionalization. Most academic papers have focused on the reorganization of the global monetary and financial system, while issues related to changes in the global stock market have received scant attention. The purpose of this study is to examine the specifics of current changes in the global stock market in the context of the regionalization of the global monetary and financial system. Scenario and systemic analysis methods were used, as well as an unorthodox institutional approach, which made it possible to develop a scenario for the regionalization of the global monetary and financial system with the formation of currency blocs of countries of a confederal type with uniform standards for regulating stock markets. This study developed a conceptual framework for the transition from globalization to regionalization of the global economy. A concept for the functioning of the global stock market is formulated under conditions of the world’s division into regional blocs of countries. This concept proposes regulation of the global stock market in a new format – within the framework of regional confederations, implemented by a single mega-regulator – the confederation’s central bank. Proposals for regulating the global stock market, as well as inter-confederation trade relations, are developed to mitigate potential damage from sanctions or asset freezes. The results of this study can serve as a basis for developing scientific understanding of the relationship between the transformation of the global monetary and financial system and the global stock market under conditions of regionalization. Future research allows for a more detailed study of individual aspects of the impact of regionalization of the global monetary and financial system on the global stock market, as well as for considering alternative scenarios for the development of the global monetary and financial system.
regionalization, globalization, global stock market, global monetary and financial system, confederation, mega-regulator, cryptocurrency, sanctions, regional associations
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