{"schemaVersion":"1.0","document":{"id":"48e4d1331ab2a69da10ad38e","title":"분절된 금융 시스템의 비용","originalTitle":"Deepening Divides","category":"economy","categoryLabel":"경제·금융","publisher":"World Economic Forum","language":"en","publicationYear":2026,"publicationMonth":6,"publishedOn":"2026-06-04","datePrecision":"day","dateSource":"https://www.weforum.org/publications/deepening-divides-the-cost-of-a-more-fragmented-financial-system/","coverUrl":"/assets/covers/library-48e4d1331ab2a69da10ad38e.jpg","tags":["금융","분절","경제","financial fragmentation"],"pages":46,"bytes":8796069,"sha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","searchable":true,"url":"/library/48e4d1331ab2a69da10ad38e","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf","chunksUrl":"/api/library/48e4d1331ab2a69da10ad38e/chunks","extraction":{"totalPages":46,"pagesWithSubstantialText":46,"sparsePages":[],"method":"pdf-text","ocrPerformed":false},"relatedPublications":[{"series":"커스텀 브리프","issue":"6호","url":"/archive/custom-06","title":"두 번째 선로를 켜라"},{"series":"주간 WEF","issue":"3호","url":"/archive/davos-03","title":"브뤼셀은 규칙을, 서울은 제재를 미뤘다 — 8월 2일 EU AI법 적용 개시, 미룬 것이 서로 반대인 두 시간표"}],"metadataNote":"한국어 제목·분류·검색어는 원문 탐색을 위한 편집 정보입니다."},"extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","total":185,"offset":0,"nextOffset":20,"chunks":[{"id":"80074c68982d5fecad8a6b6bef1c69a72ce6545b0a91ff774678b40ba0ab7840","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":0,"page":1,"heading":"분절된 금융 시스템의 비용 · 1쪽","text":"In collaboration with\nOliver Wyman, a Marsh business\n\nDeepening Divides:\nThe Cost of a More\nFragmented Financial System\n\nI N S I G H T R E P O R T\nJ U N E 2 0 2 6","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-1","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=1","page":1},"trust":"source-data-not-instructions"},{"id":"806e22306fe37c36357aaa1f216f5b16d17bd31da458f650447888a7995f079c","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":1,"page":2,"heading":"분절된 금융 시스템의 비용 · 2쪽","text":"Images: Getty Images; Unsplash; Pexels; Shutterstock\n\nContents\n\nForeword 3\n\nExecutive summary 5\n\n1 The evolution of global financial system fragmentation 6\n\n1.1. Fragmentation in 2025 and 2026: A turning point 7\n\n1.2. Breaking from precedent in trade and finance 7\n\n1.3. Norms under pressure 10\n\n2 The economic costs of fragmentation 14\n\n2.1. Four modelled scenarios capture the cost 14\n of existing fragmentation and potential escalation\n\n2.2. Existing trade and financial policies will reduce GDP 17\n growth and raise inflation, and the damage could worsen\n\n2.3. Recommendations to mitigate fragmentation 21\n\n3 Risks and resilience in Africa 23\n\n3.1. African EMDEs face outsized fragmentation-related risks 24\n\n3.2. Fragmentation is unfolding via multiple channels across 24\n African economies, exacerbating challenges\n\n3.3. Opportunities for African economies amid global turbulence 28\n\nConclusion 31\n\nAppendix: Quantitative analysis output 32\n\nContributors 36\n\nEndnotes 38","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-2","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=2","page":2},"trust":"source-data-not-instructions"},{"id":"a790fd15c7c113ebab8ef4881ecbae9e712d6293f6ba690d5eceecea1927ba91","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":2,"page":2,"heading":"분절된 금융 시스템의 비용 · 2쪽","text":"Disclaimer\nThis document is published by the\nWorld Economic Forum as a contribution\nto a project, insight area or interaction.\nThe findings, interpretations and\nconclusions expressed herein are a result\nof a collaborative process facilitated and\nendorsed by the World Economic Forum\nbut whose results do not necessarily\nrepresent the views of the World Economic\nForum, nor the entirety of its Members,\nPartners or other stakeholders.\n© 2026 World Economic Forum. All rights\nreserved. No part of this publication may\nbe reproduced or transmitted in any form\nor by any means, including photocopying\nand recording, or by any information\nstorage and retrieval system.\n\nDeepening Divides: The Cost of a More Fragmented Financial System 2","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-2","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=2","page":2},"trust":"source-data-not-instructions"},{"id":"f0857525a3baaa94409028b594bdef39b11803f927035515a1efc5b21ac0b41b","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":3,"page":3,"heading":"분절된 금융 시스템의 비용 · 3쪽","text":"June 2026 Deepening Divides:\n The Cost of a More Fragmented Financial System\n\nForeword\n\nMatthew Blake Anders Nemeth\n Managing Director; Managing Partner and Global\n Head, Centre for Financial Head of Banking and Financial\n and Monetary Systems, Services, Oliver Wyman,\n World Economic Forum a Marsh business\n\nThe global financial system has never been partners. By March 2026, foreign central bank\n more interconnected, nor more exposed to holdings of US Treasuries at the New York Federal\n geopolitical rupture. Reserve dropped to their lowest levels since 2012.5","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-3","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=3","page":3},"trust":"source-data-not-instructions"},{"id":"90254bf8c401dd4203e7739dd0400cb9e6a141dedbcf0cde18277d83091b277e","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":4,"page":3,"heading":"분절된 금융 시스템의 비용 · 3쪽","text":"In 2025, global trade reached a record high.1 Cross- These developments and more challenged the border bank credit surpassed its pre-2008 global Principles to Safeguard the Global Financial financial crisis peak,2 remittances hit an all-time high in System from Fragmentation and the Rules of real terms3 and foreign holdings of US Treasuries rose Engagement for Responsible Economic Statecraft to new levels.4 This interconnectedness is decades proposed by this initiative, including independent in the making and has been a core engine of global fiscal and monetary policy-making, clearly defined growth. Cross-border capital flows, trade integration and impartially enforced laws and international and financial innovation have expanded opportunity coordination on issues of financial stability and and lifted hundreds of millions out of poverty. geoeconomic consensus. Additional factors not previously in focus, such as the integrity of Yet in recent years, political leaders around the government data, have also come under strain. world have prioritized national resilience and","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-3","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=3","page":3},"trust":"source-data-not-instructions"},{"id":"3a9c591a6529611891015cc11ab8973f0432941953a384e418cee8eeb394653d","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":5,"page":3,"heading":"분절된 금융 시스템의 비용 · 3쪽","text":"economic security over integration. The result is a The policy turbulence of 2025 was a stark reminder system that remains deeply connected in practice that the institutional architecture underpinning but increasingly contested in principle and at cross-border finance cannot be taken for granted. growing risk of fracture. Businesses and investors rely on these guardrails not only for efficiency but for confidence that In 2025 and 2026, the United States attempted to commitments will endure beyond electoral cycles fundamentally rewire the global trade and financial and despite geopolitical tensions. This allows them systems, deploying tariffs, sanctions, investment to conduct business across borders and provide restrictions and fiscal measures to advance functional capital markets worldwide. certain geopolitical and domestic priorities. These measures targeted China in particular, which proved Today, fragmentation and the expanded use more resilient than anticipated. of financial and trade levers as instruments of statecraft pose material and systemic risks to","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-3","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=3","page":3},"trust":"source-data-not-instructions"},{"id":"ca45f0e6416a175153c79dbedb3160405be98da6898063a118b8e42e1966e0cb","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":6,"page":3,"heading":"분절된 금융 시스템의 비용 · 3쪽","text":"While the tools deployed were not new or unique growth. New quantitative analysis in this report to the US, the scale, speed and breadth of suggests that today’s trade and financial policies their application were. Previous analysis by the are already costing the global economy roughly Navigating Global Financial System Fragmentation $300 billion, which is the size of the economies initiative assumed that even in a worst-case of Finland or Chile. The potential for a worst-case scenario, trade and financial linkages between scenario, one that costs the world more than $6 the US and its geopolitical allies would remain trillion, is also increasing; such a scenario surpasses untouched. In practice, tariffs were extended to the impact of the global financial crisis and is larger Europe, Canada, Japan, South Korea and other than the economies of Germany or Japan.\n\nDeepening Divides: The Cost of a More Fragmented Financial System 3","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-3","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=3","page":3},"trust":"source-data-not-instructions"},{"id":"420926c239e8e045625e336b22c119ef23a597b2f29ba2c9e0e49ffd2af3966b","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":7,"page":4,"heading":"분절된 금융 시스템의 비용 · 4쪽","text":"The effects are particularly acute in emerging can impose lasting costs on growth, investment markets and developing economies because, with and financial stability. National security and shallower domestic capital markets and greater resilience need not come at the cost of the stability, reliance on external trade and investment, they interoperability and trust on which economic are disproportionately exposed to fragmentation in progress relies. the global system. The perspectives from African business leaders and policy-makers outlined here To that end, the Navigating Global Financial System are instructive, offering practical insight into how Fragmentation initiative will continue to convene smaller, open economies navigate heightened more than 25 chief executives, chairpersons geoeconomic uncertainty while balancing resilience, and other global finance leaders to reassess growth and strategic autonomy. assumptions about the trajectory of fragmentation, examine regional dynamics and consider the","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-4","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=4","page":4},"trust":"source-data-not-instructions"},{"id":"92aabd0871980f6e6aeb28a7080fcb3bcd5614711293debd5325204a7208d07e","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":8,"page":4,"heading":"분절된 금융 시스템의 비용 · 4쪽","text":"Against this backdrop, it is incumbent upon private- implications for long-term prosperity. sector leaders to articulate the economic cost of fragmentation. Security and resilience are legitimate This insight report renews the private sector’s call policy objectives, but, without clear norms, to preserve the core elements of the global financial proportionality and predictability in the use of system that enable growth. The world’s long-term economic statecraft, even well-intended measures prosperity demands it.\n\nDeepening Divides: The Cost of a More Fragmented Financial System 4","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-4","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=4","page":4},"trust":"source-data-not-instructions"},{"id":"1aed49e197dcd183d9f3d154c29e24d20d7e115f9fddaa102b97479bbb0b4af9","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":9,"page":5,"heading":"분절된 금융 시스템의 비용 · 5쪽","text":"Executive summary\n This insight report revises estimates of\n fragmentation’s economic cost to account for\n recent geopolitical developments, and analyses\n concrete regional implications of global trends.","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-5","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=5","page":5},"trust":"source-data-not-instructions"},{"id":"b9e1b198d98db86dd82fd9cdbed83dd9e00e3dd42324cba51a34895e734d0dc3","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":10,"page":5,"heading":"분절된 금융 시스템의 비용 · 5쪽","text":"The period spanning 2025 and early 2026 marked fragmentation have changed in 2025 and 2026. a turning point in the acceleration of financial Accordingly, new quantitative analysis in this system fragmentation report incorporates updated assumptions to estimate that fragmentation is already reducing In 2025 and 2026, the global policy environment gross domestic product (GDP) growth by shifted significantly, with finance, trade and between $213 billion and $307 billion and raising economic policy becoming more intertwined. inflation by 0.2–0.3 percentage points (pp). The Countries not only raised barriers, but did so in impact of existing policy varies by bloc: the costs unanticipated ways that have increased risks for are more substantial in the West, where growth firms and countries across the globe. is set to be reduced by 0.3–0.4 pp, than they are in the East or Neutrals, each with more modest This period represents a turning point in the course reductions of approximately 0.1 pp, respectively.","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-5","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=5","page":5},"trust":"source-data-not-instructions"},{"id":"f761e060e6014d6ccb5a2e9aa9393b979c2f7aefce397a62d3278adc7b88cb81","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":11,"page":5,"heading":"분절된 금융 시스템의 비용 · 5쪽","text":"of fragmentation, as the United States set out to Further, the likelihood of scenarios in which fundamentally rewire the global financial and trade fragmentation might escalate has increased over systems using tariffs and other measures. China the same period. In a hypothetical worst-case was a major target of these efforts and retaliated, scenario, a full economic decoupling between leveraging its control over critical minerals supply East and West, the negative impact to worldwide chains to force a détente6 and redirecting its exports GDP could be up to $6.9 trillion. to reach a record trade surplus in 2025.7 The US$6.9 increased tariffs and enacted restrictions not only on Updated features of the analysis include both geopolitical adversaries but also on allied countries, qualitative assessments of how the year’strillion some of which responded by retaliating or by pushing fragmentation has impacted the global economy Potential lost GDP in an for diversification in their geoeconomic partnerships. and quantitative measures of how such policies","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-5","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=5","page":5},"trust":"source-data-not-instructions"},{"id":"f1aee64fbabfb92be76f798e400d5f3234b5865380d8604093912ebc1632dc21","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":12,"page":5,"heading":"분절된 금융 시스템의 비용 · 5쪽","text":"increasingly plausible have affected markets around the world. It worst-case escalation These changes and others have further fragmented addresses new real-world considerations, in fragmentation the global financial system by making it harder for including the impact of US tariffs on its allies, firms to operate across borders and for capital to countermeasures by those allies against the US, move freely. In addition to their current drag on updated tariff pass-through rates to consumers and economic growth, they sharply increase the likelihood restrictions on services trade that vary by industry. of economically damaging escalation. Regional manifestations of global trends Challenges to long-recognized norms – such as are evident in Africa central bank independence – as well as principles whose salience has only become clear in recent Emerging markets and developing economies years – including the reliability of government (EMDEs) are expected to experience the most data – emphasize the growing urgency to align on severe impacts of fragmentation through reduced","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-5","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=5","page":5},"trust":"source-data-not-instructions"},{"id":"2937f889e8208f1ab8ae12daf0cea26872c0ebc1bfe2217c8c42284f11338408","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":13,"page":5,"heading":"분절된 금융 시스템의 비용 · 5쪽","text":"guardrails around the use of economic statecraft. As access to capital, which will reshape the realities, leaders seek to safeguard the security and resilience risks and opportunities facing policy-makers, of their national economies, private-sector voices businesses and households on the ground. can articulate the importance of doing so in ways that minimize economic damage. The proposed Insights drawn from interviews with African Principles to Safeguard the Global Financial System policy-makers and leaders of Africa’s large from Fragmentation and the Rules of Engagement for financial institutions illustrate that while recent Responsible Economic Statecraft articulated here can developments exacerbate existing challenges, serve as a starting point for these efforts. they also present an opportunity to pursue new avenues of growth and regional collaboration. Current trade policy is already reducing growth, The experience of navigating the geoeconomic and the impact could increase to $6.9 trillion in turbulence of recent years offers valuable lessons","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-5","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=5","page":5},"trust":"source-data-not-instructions"},{"id":"a2353a5c3410cefbcb80faa495e261cd8a1ae5e4a64b7b7bdd3dbabf70a45cb1","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":14,"page":5,"heading":"분절된 금융 시스템의 비용 · 5쪽","text":"lost gross domestic product worldwide for leaders across the world.\n\nThe evolving geopolitical backdrop requires an\n understanding of how the economic costs of\n\nDeepening Divides: The Cost of a More Fragmented Financial System 5","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-5","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=5","page":5},"trust":"source-data-not-instructions"},{"id":"be8dd9c0bf887d4a707115149023f862398894315dd911ece29a4b3f25d23f8e","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":15,"page":6,"heading":"분절된 금융 시스템의 비용 · 6쪽","text":"1 The evolution of\n global financial\n system fragmentation\n Fragmentation accelerated in 2025,\n marking a shift towards a more divided\n global financial system.","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-6","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=6","page":6},"trust":"source-data-not-instructions"},{"id":"4d2bdf45147205acc4ec226cf5c489511f8a889ebeb855128dffaa552bfb13dc","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":16,"page":6,"heading":"분절된 금융 시스템의 비용 · 6쪽","text":"The global financial system – an interconnected For example, the full-scale Russian invasion of network of financial institutions, markets and Ukraine in 2022, and subsequent sanctions by the instruments that facilitate the flow of capital within Group of Seven (G7), a bloc of leading industrialized and across borders – has underpinned economic countries including the United States and Japan, growth for more than half a century. In the five fully severed direct ties between a sizeable economy decades since the 1970s and the end of the and international financial institutions and markets. gold standard-backed Bretton Woods system, Similarly, events such as the global financial crisis economic integration has driven an unprecedented and the COVID-19 pandemic destabilized the rise in prosperity, lifting swathes of humanity out system and eroded trust in financial institutions of poverty. The share of people living in extreme and regulators. These shocks triggered a rise in poverty declined from approximately 48% of the regulatory divergence among countries, which fuelled","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-6","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=6","page":6},"trust":"source-data-not-instructions"},{"id":"84dddde954904c10d206d1d80da8f7b4e0591f4ebc840095ee8c045907c077d6","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":17,"page":6,"heading":"분절된 금융 시스템의 비용 · 6쪽","text":"world’s population in 1970 to 10% in 2015.8 a shift towards regionalization. More countries have since taken actions in the name of security and While policy-makers embraced increasing integration resilience that further fragment financial markets. for decades, in the 21st century this trend was interrupted by events that spurred actors to develop At its 2025 Annual Meeting, the World Economic new ways to leverage the system to achieve Forum, in collaboration with Oliver Wyman, a Marsh geopolitical objectives. The 11 September 2001 business, published the Navigating Global Financial attacks on the United States proved to be an early System Fragmentation report. It modelled four catalyst where, amid worthy efforts to halt terrorist hypothetical scenarios and found that the potential financing, major powers began to use global economic costs of financial system fragmentation payment networks to limit certain actors’ access to were severe for financial institutions and the global international finance. While most countries supported economy, with EMDEs expected to sustain the","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-6","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=6","page":6},"trust":"source-data-not-instructions"},{"id":"b8494b28d2b402df0dbc44a32b323ebe7efbbaa517407c88939e8e6ff4db1a5a","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":18,"page":6,"heading":"분절된 금융 시스템의 비용 · 6쪽","text":"these efforts, the tools developed would go on to be heaviest economic consequences. used in a broader set of cases.\n\nDeepening Divides: The Cost of a More Fragmented Financial System 6","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-6","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=6","page":6},"trust":"source-data-not-instructions"},{"id":"de3016071ba2a8465be0df53e1bb5ce8f35f71e4caa50c8b24b42ef1d746998a","documentId":"48e4d1331ab2a69da10ad38e","documentSha256":"48e4d1331ab2a69da10ad38eb6e96ae92a49b2aa3d790e5f55e8fa09ad83d519","extractionVersion":"afa7042d7d396ea355f059146d3b6349ff55265ac4df474ecffd62eaadb803c4","ordinal":19,"page":7,"heading":"분절된 금융 시스템의 비용 · 7쪽","text":"1.1 Fragmentation in 2025 and 2026: A turning point\n\nCountries have long used economic statecraft Elsewhere, the European Union employs non-tariff\n measures to protect national security, economic measures (NTMs) that act as barriers to trade, such\n stability and resilience. For example, even since its as technical regulations and licensing rules, at a\n economic liberalization in the 1980s and exchange higher rate than the US across most sectors.10\n rate liberalization in the 2000s, the People’s\n Republic of China has continued to use tight capital While the use of restrictive measures and economic\n controls to manage outflows and limit foreign statecraft had already escalated in recent years,\n investment and still intervenes in foreign exchange 2025 and early 2026 represented a turning point:\n markets to constrain currency movement.9\n\nThe United States set out to rewire the global trade and financial systems with a wide\n range of tariffs and other measures seeking to reduce bilateral deficits and eliminate 1\n other countries’ barriers to US exports.11","citation":{"title":"분절된 금융 시스템의 비용","publisher":"World Economic Forum","url":"/library/48e4d1331ab2a69da10ad38e#page-7","pdfUrl":"/library/48e4d1331ab2a69da10ad38e/original.pdf#page=7","page":7},"trust":"source-data-not-instructions"}]}