Structural Change and Competitive Dynamics in Global Financial Markets : The Catalytic Role of Two Crises

This book examines how major shocks—the 2008 Global Financial Crisis and the COVID-19 pandemic—accelerated long-running shifts in international finance, from the rise of Asia’s capital markets to tighter banking regulation and the rebalancing of global capital flows.

This book examines how major shocks—the 2008 Global Financial Crisis and the COVID-19 pandemic—accelerated long-running shifts in international finance, from the rise of Asia’s capital markets to tighter banking regulation and the rebalancing of global capital flows. Bringing together comparative evidence on international financial centres, external balance sheets, and market microstructure, the book traces changes in equity and fixed-income issuance, the expansion of corporate bond finance, and currency trading dynamics since 2000. Chapters survey the evolution of the Basel Capital Accord (Basel I–III) and the debate around the so-called “Basel IV” output-floor reforms; analyze asymmetric resilience and global imbalances; and assess BIS-based trends in FX turnover and instrument composition, including the growing role of swaps and the renminbi. Across regions, the book highlights how regulatory convergence, market depth, breadth, and volatility have reshaped competitive positioning between established Western hubs and emerging Asian centres. Written for scholars and advanced students of international finance, macro-finance, and global capital markets, as well as policy practitioners, the book offers an empirically grounded synthesis that connects structural change to crises-driven policy responses and the organisation of global markets. It provides updated datasets through 2023 and integrated analysis across banking regulation, foreign exchange, and corporate debt, offering measured insights without overstating novelty or reach.