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Need for International Regulation

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In the later part of this decade, the GFS has encountered an unprecedented events that has eroded credit, severely reduces liquidity and changed the landscape of the global financial market place. The current U.S subprime mortgage crisis has raised serious question about the management and oversight of the GFS.The world has experienced a series of financial crises in recent years, each unfolding in one country with knock-on effects elsewhere around the globe (contagion). The Asian Financial Crisis of the late 1990s and the recent United States Subprime Mortgage Crisis demonstrates failure to regulate and manage systemic risk in the global financial system(GFS). Globalisation means banks are not just national but international, competition is no longer local but global and as a result national regulation and oversight is inadequate. Oliver Fomunung (talk) 13:43, 1 July 2009 (UTC)[reply]

Aims and article structure

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I am still winding down some real life stuff and personal matters, including the passing of my mother just last week, but I intend to do some major rewriting of this article to bring it up to standards and, hopefully, to GA status. My usual modus operandi is to find a derelict article and work up a full replacement (usually off-site) and then implement the edits. However, since some people are responding to the articles for improvement notice and jumping in with edits, I thought it best to outline my thoughts for feedback purposes.

What I want to do in this article is to avoid a fixation on the international monetary system. The international monetary system (for which we have a separate article) is but one component or dimension of the global financial system. Most academic financial literature and textbooks that I have place heavy emphasis on the monetary system and exchange rates when mentioning the global financial system in passing. However, the system has a number of dimensions and one must step beyond the topic of monetary systems to understand and explain them.

So, I have spent the past several evenings examining most of the sources I have access to and have come up with a rough outline of what I think the article structure should be. I'm not implying that these would need to be the exact section headings, but rather the pivotal events and subtopics of the global financial system.

  • Lead
  • History of international financial architecture
    • Emergence of financial globalization: 1875-1914
      • Panic of 1907
      • Birth of the U.S. Federal Reserve System
    • Interwar period: 1915-1944
      • Need to revisit this section and better bridge the gap between London's foreign exchange market turmoil and the early 1930s.
      • Smoot-Hawley tariff of 1930
      • Formal abandonment of the Gold Standard
      • Trade liberalization in the U.S.
    • Rise of the Bretton Woods financial order: 1945
      • General Agreement on Tariffs and Trade: 1947
    • Resurgence of financial globalization
      • Flexible exchange rate regimes: 1973-Present
        • The post-Bretton Woods financial order: 1976
        • European Monetary System: 1979
      • Birth of the World Trade Organization: 1994
    • Financial integration and systemic crises: 1980-present
      • Birth of the European Monetary Union
      • Global financial crisis
      • Eurozone crisis
  • Implications of globalized capital
    • Balance of payments
    • Unique financial risks
  • Participants
    • Economic actors
    • Regulatory bodies
    • Research organizations and other fora
  • Future of the global financial system
    • Reform efforts

This is not yet as refined as I wish it to be. I have been a little busy today. There are perhaps some other noteworthy things to insert that have so far eluded my thoughts. However, it encompasses what I think are the most important things to know when learning about financial systems in a global context, and contains them in a structure and order that is attenuated and cohesive. Feedback welcome. John Shandy` • talk 22:51, 29 June 2013 (UTC)[reply]

Thank you, John Shandy`. Looks like you have it well in-hand. Meclee (talk) 17:28, 30 June 2013 (UTC)[reply]
I have just added two new sections to the article: Smoot-Hawley tariff of 1930 and Formal abandonment of the Gold Standard. I welcome any copyedits. I will continue to update my list as I make my way through the article. As for the definition section, we may not need it by the time I finish rewriting the rest of the article and write a full lead. For now, I will leave it in place. John Shandy` • talk 06:41, 13 July 2013 (UTC)[reply]

I am quite unsure about how best to write the Participants section (presently the "System components" section in the live article). There's not much in the way of sources that speak of the global financial system in such a dimension. I'm expecting that the section will largely be primary sources (despite that they may be secondary sources in other sections). I'm also not sure on the best way to approach it. Ideally, I would choose prose. But, a series of multi-column bulleted lists would be just as logical and simple (and in some cases, may look better than thinned, terse paragraphs of prose. I'm open to ideas. John Shandy` • talk 01:50, 21 September 2013 (UTC)[reply]

Sorry to take so long to reply. I'm thinking that a list-class article could be compiled and linked here. Does that sound appropriate? Also, just ran across this that may be of interest: Global Financial Stability Report, Transition Challenges to Stability, October 2013. Regards, Meclee (talk) 19:02, 9 October 2013 (UTC)[reply]
Thanks, I'll look at the report. I'm not sure a full list article is necessary. I will make an attempt at something in-between. I've been pretty busy at work lately. I'll hopefully make some more contributions this weekend. John Shandy` • talk 02:13, 10 October 2013 (UTC)[reply]
I've still got this article at the top of my Wikipedia priorities. I've just grown increasingly busy at work lately and am working 7 days a week until about mid- or late November. John Shandy` • talk 11:37, 26 October 2013 (UTC)[reply]

Making good progress I think. I've just brought in a new and comprehensive lead. I took a first and second pass at a lead, but they were just way too long, so it was quite a challenge to trim this one down to its current size, and it still needs coverage of the final section of the article once I finish with the future and reform efforts content. I'm at home recovering from surgery, so it seemed a good opportunity to do some wiki work. Please feel free to offer suggestions or point out concerns. John Shandy` • talk 03:19, 5 January 2014 (UTC)[reply]

My real life workload has been particularly high as of late, but I'm still keeping my eye on this article and doing some work for it off-wiki. John Shandy` • talk 02:38, 24 January 2014 (UTC)[reply]

Peer review

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Should we subject this article to peer review? Lbertolotti (talk) 15:16, 12 August 2015 (UTC)[reply]

I don't understand. Should we peer review the Podesta Group's article or the Wikipedia Global financial system article? The later has been peer reviewed, just not formally. If you think it needs a peer review, perhaps you could start one. 74.192.61.128 (talk) 18:13, 12 August 2015 (UTC)[reply]
Lbertolotti (talk · contribs), I certainly think so. It's long been my intent to request a peer review for this article as the next stage of improving it further, but I've been pretty hammered by my lopsided work/life balance lately. More input/suggestions would help steer it in the right direction toward an eventual FA review. To the IP's comment, the below podesta article is just showing up on the talk page because of a past thread in which a citation was posted. I'll clean up the old thread to make it not list it at the bottom of the whole talk page. John Shandy` • talk 22:59, 5 October 2015 (UTC)[reply]
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