- This was a function of financial-sector deregulation, globalization, and the dominant central-bank belief in not leaning against financial excess. Over this period, the growth of the financial economy has outpaced that of the non-financial economy. Despite the 2008 global financial crisis, the global financial system remains largely unchanged, with elevated leverage at the system level a source of systemic risk. The continued pressure on the pillars of globalization is likely to affect how the global financial system operates and evolves.
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