BTEC HND Unit 11 Research Project: Globalisation and Finance Effects

This research project, conducted as part of a BTEC HND in Business, Unit 11, investigates the multifaceted impact of globalization on the global financial system. The study begins with an introduction outlining the research background, aim, and objectives, followed by a detailed literature review that explores various facets of the global financial system, including its types, the effects of globalization, challenges faced, and strategies for sustainable growth. The research employs a clear methodology to analyze data and presents recommendations and reflections on the findings. Key themes include the evaluation of different global financial systems, the critical examination of globalization's impact on various financial systems, identification of challenges faced by the global financial system, and the recommendation of strategies for future sustainable growth. The project covers topics such as financial institutions, markets, services, and the influence of globalization on economic growth, employment, and trade. The report also addresses challenges like competition, security, regulatory compliance, and technological advancements while suggesting strategies such as technological integration, updated financial instruments, and adherence to global standards. The research is designed to contribute to the understanding of the global financial system and provide valuable insights into its future development.

Research Project on the Theme of
Globalisation

Table of Contents
Topic: “To examine the impact of globalization on the financial system”......................................3
INTRODUCTION...........................................................................................................................3
Aim..............................................................................................................................................3
Objectives:...................................................................................................................................3
LITERATURE REVIEW................................................................................................................4
RESEARCH METHODOLOGY.....................................................................................................8
DATA ANALYSIS..........................................................................................................................1
RECOMMENDATIONS AND REFLECTIONS.........................................................................11
Recommendations.....................................................................................................................11
Reflection.......................................................................................................................................12
CONCLUSION..............................................................................................................................12

Topic: “To examine the impact of globalization on the financial system”.
INTRODUCTION
Research background:
Global financial system functions at both national level as well as global level which
mainly comprise of various financial system, financial institution, financial market, financial
services, central bank. This study comprises of effective understanding about the global financial
system. This research effectively evaluates the types of global financial system in the economy.
The research helps in critically examining the impact of globalization on different financial
system. Use of various effective technology, products helps in achieving best results and
outcomes (Role of Finance in the development of an economy, 2017). This researcher will help in
effectively evaluating the problems faced by the global financial system and will find necessary
solution and recommend effective strategies for future sustainable growth of global financial
system.
This study helps in examining that financial system comprise of various elements which
mainly includes lenders, financial intermediaries, borrowers, financial market, financial
instruments, price discovery and money creation (Papadopoulos, 2019). Financial globalization
leads to impose positive impact on the developing countries and also leads to advancement of the
economy. This study gives in- depth understanding on the global financial system which leads to
long term economic growth and development.
Aim
“ To critically examine the global financial system and its impact on the economy”. A
study on UK economy.
Objectives:
 To evaluate various types of global financial system in the economy.
 To critically examine the impact of globalization on different financial system.
 To identify various challenges faced by the global financial system.
 To recommend various strategies for future sustainable growth of global financial system.
Research questions

 What are the various types of global financial system in the economy?
 What is the impact of globalization on different financial system?
 What are the challenges faced by the global financial system?
 What strategies would you recommend for future sustainable growth of global financial
system?
Rationale:
Globalization is a wide concept. It helps in increasing economic, social, political, cultural
and technological growth which leads to long term sustainable growth and efficiency of the
economy. This study will helps in effectively analysing the impact of globalization on the
financial system of the economy (Price, 2019). This is one of the current issue which helps in
critically examining the positive as well as negative impact of global financial system on the
economy. This study will help in examining the impact of globalization on the economic growth
and downturn.
This study will be conducted for academic research and it helps in widening the gap on
the current knowledge on the particular subject matter. This study is useful to fill the gaps on the
current subject matter (Nolan, 2019). This study will be beneficial for both academic as well as
personal interest to reach higher goals and objectives. This research will focus on critically
reviewing the viewpoints of various authors to bridge the gap and find efficient solution for
better economic growth. This researcher will conduct research methodology and will help in
evaluating the various different themes using various research methods, survey in an ethical and
timely manner. This helps in critically evaluating the global financial system which largely
influence the economy (Jones and Knaack, 2019). It has been critically examined that, financial
system helps in promoting economic savings in an effective and efficient manner to attain
common goals and objectives. It helps in in- depth understanding on the particular subject matter
which helps in stimulating the economy which eventually leads to long term sustainable growth
and development. This research study will effectively evaluate the various financial system,
financial services, financial institutions, financial market which largely influence the economy.
LITERATURE REVIEW
Theme 1: To evaluate various types of global financial system in the economy.

(Argimon and et.al., 2019) sought to determine the fact that, global financial system is
an effective legal framework which helps in facilitating international flows of capital which leads
to higher investment purpose and trade financing in various different borders of the world.
Global financial system mainly comprises of money, financial instruments, financial institution,
central banks, financial market. (Masciandaro, 2017) argued that, financial system is an effective
platform to track the financial activities which helps in evaluating the transactions of the lenders
and the borrowers. It helps in exchange of money between investors, borrowers and lenders.
(Battiston and et.al., 2016) sought to analyse the fact that, financial institution helps in
mobilizing the fund of investors by effectively by making investors invest in various financial
instruments. In addition, financial institution deals with monetary and financial transactions such
as investment, currency exchange, loan, deposits, etc. Financial institutions mainly comprises of
investment bank, commercial bank, insurance company, asset management company, credit
union and financial firms. (Argimon and et.al., 2019) sought to determine the fact that, In the
global economy their has been continuous flow of capital from one country to another which
created global financial system. However, with the development of global financial system ,
organizations have got benefit to expand their business operation as through this system their has
been reduction in trade barriers. Further, due to the growth of international transactions , the size
of global financial markets has been increased which in turn have developed more advanced
global finacial system that have eventually incresed the profitability of various organizations.
(Krugman, 2017) investigated that, there are large number of financial services which
mainly includes mutual funds, wealth management, advisory, insurance, securities, stocks,
banking, loans, merchant services, treasury service, shares, derivatives, bonds debentures,
treasury bills, bills of exchange, bills of discount, etc.
On the contrary, (Obstfeld, 2015) said that, financial market is a place which helps in
trading various financial securities for investment and trading purpose. It is an effective platform
through which all financial transactions can be carried out in a systematic manner. In addition to
this, financial market mainly comprise of capital market and money market. Capital market is
where securities are traded for the long term investment i.e., for more than 1 year. On the
contrary, money market is used for short term borrowing and lending i.e., for less than 1 year.
Theme 2: To critically examine the impact of globalization on different financial system.

(Asongu and De Moor, 2017) sought to determine the fact that, A financial system helps
in exchange of funds from one nationality to another which increases the performance of the
economy. It helps in enhancing the international flow of the financial capital for trade in finance
and investment. (Krugman, 2017) sought to analyse the fact that, global financial system helps
in developing the economy which eventually leads to sustainable growth and development. It
helps in globalizing the financial instruments to various different countries which leads to higher
capital and finance. (Rey, 2015) examined the fact that, there are various regulatory bodies who
regulates the activity of the various financial institution for smooth functioning of the economy.
Global financial system leads to greater stability by complying with various legal policies and
standards.
(Krugman, 2017) sought to analyse the fact that, global financial system impose
positive impact on the economic growth and development. Global financial system helps in
growth in employment opportunities which in turn enhances the international trade and economic
activity. (Mowforth and Munt, 2015) argued that, development of effective financial system
helps in economic growth. Effective and strong financial system leads to higher economic
growth for the economy by recovering the global crisis to the greater extent which leads to long
term sustainable growth and strong economy. Integration of various effective technological
development leads to increase in savings rate, inflow of foreign capital and optimum financial
resources for the economy. Global financial system helps in increasing the financial flow of
economy between various international borders.
(Wright, 2016) examined the fact that, an effective global financial system leads to
effective credibility, liquidity position, risk management services, growth of the economy,
effective infrastructure and growth, employment growth, trade development and growth of
various different sectors through global financial system. In addition, (Obstfeld, 2015)
investigated that, global financial system leads to smooth functioning of the financial market and
smooth flow of funds at various international borders. (Krugman, 2017) said that, global
financial system builds positive relationship between economic growth and financial market.
Theme 3: To identify various challenges faced by the global financial system.
(Asongu and De Moor, 2017) sought to determine the fact that, economy is changing at a
faster pace and increase in use of advanced technology leads to higher operational standards.

Optimizing the mobile experience, mobile payments is a major challenge for the business to
integrate advanced technology into the economy. Use of various multiple channels to reach large
number of customers is also another major challenge for the business. (Cornelissen, 2017)
examined the fact that, security and authentication to protect personal and private information of
the customers impose major challenge on the financial institutions. (Argimon and et.al., 2019)
sought to analyse the fact that, increase in number of growing competition and digital
transformational impose major challenge on the financial system of the economy.
(Mowforth and Munt, 2015) investigated that, change in various economic and political
shifts creates risk to smoothly function in the global financial market. (Rey, 2015 argued that,
regulatory compliance is the major concern for the financial system. Non- compliance with any
legal laws, standards and policies impose major risk on the financial system which leads to heavy
penalties and financial crisis. In addition to this, (Masciandaro, 2017) said that, it is difficult and
very challenging to the global financial system to network and manage relationship with various
financial institutions and customers. On the contrary, (Wright, 2016) sought to determine the
fact that, dynamic foreign exchange rate, implications of new regulations, diverse economic
environment, risk management challenges, political and economic factors, inflation, cultural
norms, emerging economies, financials crisis, global crisis, fiscal policies, fluctuations in
exchange rate are some of the major challenges faced by the global financial system.
Theme 4: To recommend various strategies for future sustainable growth of global financial
system.
(Battiston and et.al., 2016.) sought to determine the fact that, the global financial system
must effectively comply with various legal norms, standards, policies, laws and legislations for
smooth functioning of various financial institutions and trade of funds from economy to another.
(Rey, 2015) examined the fact that, integration of advanced digital technology helps in making
financial transaction much convenient and easier. Cornelissen, 2017) sought to analyse the fact
that, It is recommended that, integration of advanced technology like cloud computing,
information technology, blockchain, automated technology, artificial intelligence e- wallet,
mobile technology, internet of things, digital technology, information communication technology
to effectively transmit information and maintain strong relationship between customers and
various financial institutions. It helps in easy transaction of various financial instruments.

(Asongu and De Moor, 2017) investigated that, financial instruments must be timely
updated with more benefits and returns to reduce competition in the market. It must focus on
giving personalized services to the customers to generate higher capital and deliver effective
return to the investors. It will lead to higher customer satisfaction and retention. Retention of
rich clientele leads to higher growth of the global financial system. In addition to this, (Krugman,
2017) argued that, integration of advanced technology leads to better securitization of the
personal information of the customers. It leads to higher protection and growth of the various
financial institution. It helps in providing effective customer services to the customers in an
effective and efficient manner. On the contrary, (Argimon and et.al., 2019) argued that,
economy exchange rate, inflation rate, fiscal policy must be kept in adherence with the global
financial system to lead higher economy standards.
RESEARCH METHODOLOGY
Research methodology is an effective approach which helps researcher in making
effective and systematic plan to achieve common goals and objectives in a systematic manner.
Research methods: Research methods gives in- depth analysis on a particular subject
matter and fill the gaps on the current knowledge based on the particular area of study. It can be
further classified into quantitative and qualitative research methods. Quantitative research
methods focuses on dealing with various numbers, statistical data, computable techniques and
mathematical techniques for critically examining the subject matter (Organizing Your Social
Sciences Research Paper: Quantitative Methods, 2019). It can be done through online polls,
questionnaire, online surveys, interview, etc. Qualitative research methods is an effective way to
gain in - depth information on the particular subject matter through open ended communication,
grounded theory, case study, archival records, etc.
The researcher of the study has opt for qualitative research method for in – depth
analysis and critically examine the impact of global financial system.
Research philosophy:Research philosophy is an effective method which helps in
analysing the way in which data should be collected, analysed and used to attain common goals
and objectives of the research study (Jones and Knaack, 2019). It helps in in- depth analysis and
understanding to fill the gaps on the current knowledge. The Research philosophy can be further
classified into positivism, interpretivism and pragmatism. Positivism research philosophy takes
into consideration only factual facts. This impose limitation on the researcher for data collection.

Interpretivism research philosophy based on interpretation and integrates human interest while
carrying out the study to attain in- depth knowledge on the particular area of study.
The researcher of the study has opt for Interpretivism research philosophy which will
help researcher critically examine the global financial system and its impact on the economy.
Research approach: Research approach is a procedure which helps in detailed analysis
and interpretation for the particular area of study. Research approach can be classified into
inductive, deductive and abductive research approach. Deductive research approach focuses on
developing a hypothesis by designing an effective research strategy. It helps in giving proper
reasoning of the generalized concept (The Selection of a Research Approach, 2019). It helps in
determining the casual relationship between variables and concepts. It helps in measuring
quantitative for in- depth analysis. Inductive research approach is based on observation and
learning from experience. No hypothesis and theories are applicable in this approach. It is based
on observation and test.
The researcher of this study has opt for inductive research approach which will help in
effectively evaluating various types of global financial system in the economy.
Research design: Research design is an effective framework to systematize the research
study to fill the gaps and attain in- depth knowledge on the particular subject matter. It helps in
effectively handling the research problem in a logical and systematic manner. Research design
can be further categorized into descriptive, exploratory, experimental, correlational and
diagnostic research design. Descriptive research design gives in- depth understanding and
analysis in the particular subject matter. It helps in effectively evaluating the data with proper
justification. Exploratory research design gives detailed analysis of the subject matter to give
proper solution to the research problems.
The researcher of this study has opt for descriptive research design to critically examine
the impact of globalization on different financial system (Curtis, 2019).
Data collection: Data collection is an effective and strategic process to collect the
relevant and reliable information from various sources. This helps in finding relevant solution to
the problem and effectively evaluate the outcomes. Data collection can be further categorized
into primary and secondary source. Primary source of data collection is collected for the first
type. This is a data which has never been published before. For example, questionnaire, survey,

personal interview, etc. Secondary source of data collection means the data which has already
been collected by someone else and can be used for further research and in- depth understanding
and investigation. For example, reports, government database, newspaper, blogs, manuals, etc.
The researcher of this study has opt for both primary and secondary source of data
collection which helps in effectively identifying and examine the global financial system and its
impact on the economy. It also helps in critically evaluating the challenges faced by the global
financial system with specific recommendations.
Sampling: Sampling is an effective process which helps in selecting the sample from the
large number of population effectively. There are different types of sampling can be further
which mainly includes, probability sampling, i.e., random, systematic, multistage, stratified and
non- probability sampling i.e., snowball, purposive, convenience sampling. Random sampling is
an effective way of randomly selecting samples from the large number of population.
The researcher of this study has opt for 20 employees of the global financial system to get
in- depth analysis and understanding on the particular subject matter.
Data analysis: Data analysis is an effective framework which helps ion inspecting,
analysing, transforming, modifying and evaluating the data collected to accomplish the desired
objectives of the study. It helps in strategic decision by delivering useful information. SPSS tool
is used in case of quantitative research methods for more in- depth data analysis. Thematic
analysis is used in case of qualitative research to examine, pinpoint and record patterns to
achieve desired results and outcomes (Thematic Analysis: Striving to Meet the Trustworthiness
Criteria, 2017).
The researcher of this study has opt for qualitative method of research where thematic
analysis will be used to gain insight on the global financial system of the economy.
Ethical consideration and Research limitation: The researcher of this study has used
information from valid, reliable and accurate sources. It gives true fact about the results and
helps in filling the gaps on the particular subject matter (Draghi, 2019). The only limitation while
conducting the research was time constraints, which was strategically taken care of which helps
in completion of task in a systematic manner.

DATA ANALYSIS
Questionnaire
QUESTIONNAIRE
Name of company:
Name of employee:
Designation:
Gender:
Age:
1. Are you aware about the existence of different types of global financial system?
 Yes
 No
2. Is use of global financial system helpful for the companies?
 Yes
 No
3. Which is the best global financial system?
 Capital market
 Stock market
 Financial institutions
 Derivative market
4. Impact of the globalization on the different type of financial system?
 Positive
 Negative
5. Is there any challenge faced by the global financial institute because of globalization?
 Yes
 No
6. Which among the following is the major challenge faced by global financial institute due to
globalization?
 Cross border transaction
 Instability of exchange rate
 Income inequality
1

 Changes in technology
7. Does the use of global financial system helpful in increasing the profitability?
 Yes
 No
8. Does global financial system helpful in financial disclosure?
 Yes
 No
9. Do the use of global system for finance provides accurate information to users and
stakeholders of the company or not?
 Yes
 No
10. Does the globalization helps the company in increasing the international stakeholders
interest in the company or not?
 Yes
 No
Theme 1: Existence of different types of global financial system
PARTICULARS RESPONDENTS
Yes 15
No 5
2
Yes No
0
2
4
6
8
10
12
14
16

Interpretation-with the help of the above data collected it can be analyzed that out of 20
respondents 15 people say that yes they have knowledge about the different types of the global
financial systems. Out of 20, the remaining 5 employees do not have much knowledge about the
global financial systems. The 15 employees having knowledge about the system knows that the
global financial system is the system for the whole world which facilitates the flow of all the
financial and money requirements of all the companies for the purpose of trade financing and the
different options of investment.
Theme 2: Global financial system helpful for the companies
PARTICULARS RESPONDENTS
Yes 12
No 8
Interpretation-with the analysis of the above table and the chart it can be evaluated that out of
20, 12 people agrees to the fact that yes the global financial system are helpful for the
companies. On the contrary, 8 people have the feeling that global financial system are not helpful
for the companies. This is because of the reason that different sources of raising funds from
different global sources are least trusted by the people. But those people who favor the system
says that the global finance system provides a way for financial growth and it improves the
financial performance also of the companies.
3
Yes No
0
2
4
6
8
10
12
14

Theme 3: Best global financial system
PARTICULARS RESPONDENTS
Capital market 5
Stock market 10
Financial institutions 3
Derivative market 2
Interpretation-with the thorough evaluation of the above table and data it can be interpreted that
out of the four options given for best global financial system the maximum people that is 10 out
of 20 says that stock market is the best global financial system. They agrees to this because of
the reason that here the money can be invested in diversified companies shares and this helps the
person as if one company suffers loss it may possible that another company makes profit. On the
other hand 5 people feels that capital market is good whereas 3 people feel that financial
institutions are good and rest 2 people feel that derivative market is a better option.
Theme 4: Impact of the globalization on the different type of financial system
PARTICULARS RESPONDENTS
4
Capital market
Stock market
Financial institutions
Derivative market
0
2
4
6
8
10
12

Positive 13
Negative 7
Interpretation-with the study and analysis of the data collected above and the chart made for the
interpretation it can be summarized that 13 people feels that there is a positive impact of
globalization on different types of financial system. On the other hand 7 people feels that there is
a negative impact of globalization on the financial system. This is because of the reason that
these people feels that if they borrow or invest in foreign countries then they will suffer huge
losses because of the reason that there is a lot of financial instability and frequent changes in the
exchange rate of the currency.
Theme 5: Is there any challenge faced by the global financial institute because of
globalization
PARTICULARS RESPONDENTS
Yes 16
No 4
5
Yes No
0
2
4
6
8
10
12
14

Interpretation-with the thorough and in depth study of the above data it can be concluded that
out of 20 people, 16 people feels that yes there are many challenges faced by the people and
companies if they go for global financial system. 4 people out of 20 feels that global financial
institute does not pose or face any problem due to globalization. This is because of the reason
that the globalization encourages more and more people to produce and sell at the global level
and this also increases the competition and because of this increased competition majority of
people feel that there are many challenges faced by the people and companies if they go for
global financial system.
Theme 6: Among the following is the major challenge faced by global financial institute due
to globalization
PARTICULARS RESPONDENTS
Cross border transaction 3
Instability of exchange rate 10
Income inequality 4
Changes in technology 3
6
Yes No
0
2
4
6
8
10
12
14
16
18

Interpretation- this part deals with the major challenges faced by the global financial institute
due to globalization. With the analysis and evaluation of the data it can be summarized that out
of the four challenges the most popular challenge is the instability of the exchange rate. This is
the major challenge because the exchange rate is the major determinant of the money exchanged
between two countries who have different currencies. On the other hand, according to 3 people
cross border transaction is a challenge whereas 4 people feels that income inequality is the
challenge along with 3 people estimating that change sin technology is a challenge.
Theme 7: Use of global financial system helpful in increasing the profitability
PARTICULARS RESPONDENTS
Yes 10
No 10
7
Cross border transaction
Instability of exchange rate
Income inequality
Changes in technology
0
2
4
6
8
10
12

Interpretation- with the analysis of the data collected relating to the profitability of the company
if it goes for global financial system. With the analysis of the data it was finalized that the
sample of 20 people feels equal that yes the financial system is helpful in increasing the
profitability and also 10 people no financial system is not helpful in increasing the profitability
of the company. The optimistic people feels this because of the reason that if the company uses
global financial system then it can raise more money and can invest also more. On the other hand
the people not favoring the fact that it increases the profitability is that because of great
fluctuations in the exchange rate of the currency.
Theme 8: Global financial system helpful in financial disclosure
PARTICULARS RESPONDENTS
Yes 11
No 9
8
Yes No
0
2
4
6
8
10
12

Interpretation- with the analysis of the above collected data it can be interpreted that 11 people
out of 20 people feels that yes the global financial system is helpful in the disclosure of all the
financial information. This is because of the reason that if the person has to use the financial
system at the global level than it has to disclose all its financial data to the global financial
institutes and systems. On the contrary, 9 people feels that global financial system is not capable
enough in disclosing the financial information and the financial data of the company.
Theme 9: Use of global system for finance provides accurate information to users and
stakeholders of the company or not
PARTICULARS RESPONDENTS
Yes 12
No 8
9
Yes No
0
2
4
6
8
10
12

Interpretation- the above collected data helped the researcher in concluding that maximum
people out of 20 that is 12 people feel that yes finance system at the global level is able to
provide accurate and correct information financial in nature to all its stakeholders. In contrast 8
people feels that the global system do not provide correct and authentic information to the
stakeholders of the company. The stakeholders consists of all the persons or entities which are
some or the other way related to the company. The example of stakeholder are like employees,
investors, governments, banks and financial institutions and many other key people.
Theme 10: Globalization helps the company in increasing the international stakeholders
interest in the company or not
PARTICULARS RESPONDENTS
Yes 16
No 4
10
Yes No
0
2
4
6
8
10
12
14

Interpretation- with the analysis and evaluation of the above data t can be interpreted that the
globalization helps the company in increasing the international stakeholders interest in the
company. Out of 20 people, 16 people feels that yes the the globalization helps the company in
increasing the international stakeholders interest in the company. This is because of the reason
that people feel that if the company will go for globalization and use the financial system then it
will develop interest in the foreign person and stakeholder to invest in that company. On the
other hand 4 people feels that it does not bring the foreign or international stakeholders into the
domestic country's company.
RECOMMENDATIONS AND REFLECTIONS
Recommendations
From the above research the researcher studied and analyzed so many different findings
which are helpful and important for the company. After the research, the researcher found out
many suggestion regarding the best course of action which can be taken in particular situations.
It also has provided some recommendations to the organization for improvising the global
financial system and its impact on the economy. The major recommendation is to improve the
knowledge of the people relating to the benefits of the global financial system so that people are
encouraged to use the global financial system if they need money. Another thing the person can
do is to grab in depth knowledge regarding all the sources of global financial system and their
11
Yes No
0
2
4
6
8
10
12
14
16
18

limitations and benefits of using those sources to borrow or invest the funds across the
geographical boundaries.
Reflection
With the in depth study of the research it was finalized that yes the global financial
system affects the economy. With the help of this study and research I learnt how to form an aim
and objectives to complete the research .After making the aims and objectives I further carried
out doing the literature review in order to critically examine the impact of globalization on
different financial system. Further the literature review continued to evaluate various types of
global financial system in the economy along with the identification of various challenges which
the company and economy faces by the global financial systems.
Further I also used some of the research methods, research approach, research
philosophy, sampling of the data and I also address the issues and problems of how critical
reflection of the reflexivity which may incorporated in the research design in descriptive ways.
Also, I collected the data from the employees with the help of questionnaire. A questionnaire is a
detailed document which have some questions on it either open ended questions or close ended
questions which are asked by the employees of the different types of company dealing with
global financial systems.
CONCLUSION
With the study of the research it can be summarized that financial system is a process or
system through which the funds or money is exchanged between the business to its customers,
employees or the other stakeholders. This financial system can be present at both at the national
and the global level. The report highlighted the aims and objectives of the research. Further it
outlined the detailed literature review outlining the views of different authors on the whole topic
of the global financial system and its impact on the economy.
Further it also outlined the different components of the research methodology like
research methods, research approach, research philosophy, sampling of the data and many more
other types used in the research. After that the data collected was analysed and then some
interpretation were drawn out of the analysed data. At last there were some recommendation
made and the whole learning from the research was summarized in the form of a reflection.
12

REFERENCES
Books and journals
Argimon, I and et.al., 2019. Financial institutions’ business models and the global transmission
of monetary policy. Journal of International Money and Finance. 90. pp.99-117.
Asongu, S.A. and De Moor, L., 2017. Financial globalisation dynamic thresholds for financial
development: evidence from Africa. The European Journal of Development Research.
29(1). pp.192-212.
Obstfeld, M., 2015. Trilemmas and trade-offs: living with financial globalisation.
Cornelissen, S., 2017. The global tourism system: Governance, development and lessons
from South Africa. Routledge.
Krugman, P., 2017. Crises: The price of globalisation?. In Economics of Globalisation (pp.
31-50). Routledge.
Rey, H., 2015. Dilemma not trilemma: the global financial cycle and monetary policy
independence (No. w21162). National Bureau of Economic Research.
Masciandaro, D. ed., 2017. Global financial crime: terrorism, money laundering and
offshore centres. Taylor & Francis.
Battiston, S and et.al., 2016. Complexity theory and financial
regulation. Science, 351(6275), pp.818-819.
Mowforth, M. and Munt, I., 2015. Tourism and sustainability: Development, globalisation
and new tourism in the third world. Routledge.
Wright, S., 2016. Language policy and language planning: From nationalism to
globalisation. Springer.
Krugman, P., 2017. Crises: The price of globalisation?. In Economics of Globalisation (pp.
31-50). Routledge.
Curtis, S., 2019. Global Cities as Market Civilisation. Global Society, pp.1-25.
Draghi, M., 2019. Mario Draghi: Sovereignty in a globalised world.
Jones, E. and Knaack, P., 2019. Global Financial Regulation: Shortcomings and Reform
Options. Global Policy. 10(2). pp.193-206.
Jordà, Ò and et.al., 2019. Global financial cycles and risk premiums. IMF Economic
Review, 67(1), pp.109-150.
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