TY - JOUR AU - Teixeira Torres Filho, Ernani PY - 2014/07/01 Y2 - 2024/03/29 TI - The crisis of the contemporary global financial system JF - Brazilian Journal of Political Economy JA - BJPE VL - 34 IS - 3 SE - DO - 10.1590/0101-3157-2014-2362 UR - https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/281 SP - 433-450 AB - <p>&nbsp;The paper analyses the development of the contemporary global financial system as a consequence of markets as well as States strategies. This global financial system based on the flexible dollar has generated many financial bubbles since it started in the 80´s, of which the 2008 crisis is the latest and the largest, particularly because it affected the main banks in the core market of the system, the US. On the last decades, banks had changed their business strategies from traditional lending activities towards more speculative investments, similar to what hedge funds do.</p><p><strong>JEL Classification:</strong> E44; F65; G15; N20.</p> ER -