Perspectives of East Asia’s Emerging Economies

Abstract

In article it is emphasized that in modern conditions the majority of problems facing the global economy is a global recession, high volatility of capital flows, over-investment loans. It is noted that East Asian politicians are concerned that the global monetary system is under control of the USA. It is proved that at the present time there is a necessity to smooth out the failures of the international financial markets that have emerged during the global financial and economic crisis. The conclusion is that if a developing economy wants to be successful in improving the international status of its currency to its widespread use as a means of exchange and a store of value across national borders, it should be able to issue securities and other financial instruments. Substantiates the idea that many of the problems resulting from a lack of global financial markets, could have been prevented if there was established a global central bank. Substantiates the idea that many of the problems resulting from a lack of global financial markets, could have been prevented if there was established a global central bank.