Transformation of the global debt market under the influence of financial bubbles

Abstract

In a context of interaction of the real and financial markets credit crisis appears 2007 - 2008 as a symptom of process of the more general nature. The world financial system gradually evolves, replacing bank intermediary (intermediation) on market institutes and products. Thanking securitization actives and to huge scales of use of derivative tools, especially the swaps, repeatedly increased the sizes made (notional) a debt, trade in the structured financial products has sharply extended. In these modern forms has received a powerful impulse process of replacement of old debts on new acceleration of growth of global debts became which direct consequence. All it, for lack of an objective measure of value, for example, the gold standard, has strengthened riskiness of a financial system, and its stability in the increasing measure is based only upon trust of investors to institutes and tools of the financial market.