{"schemaVersion":"1.0","document":{"id":"cdec346c28083f1d9316a9a5","title":"글로벌 금융 시스템의 분절에 대응하기","originalTitle":"Navigating Global Financial System Fragmentation","category":"economy","categoryLabel":"경제·금융","publisher":"World Economic Forum","language":"en","publicationYear":2025,"publicationMonth":1,"publishedOn":"2025-01-23","datePrecision":"day","dateSource":"https://www.weforum.org/publications/navigating-global-financial-system-fragmentation/","coverUrl":"/assets/covers/library-cdec346c28083f1d9316a9a5.jpg","tags":["금융","국제금융","분절","financial system","fragmentation"],"pages":46,"bytes":12550776,"sha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","searchable":true,"url":"/library/cdec346c28083f1d9316a9a5","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf","chunksUrl":"/api/library/cdec346c28083f1d9316a9a5/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"}],"metadataNote":"한국어 제목·분류·검색어는 원문 탐색을 위한 편집 정보입니다."},"extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","total":184,"offset":0,"nextOffset":20,"chunks":[{"id":"41c06d2a2cbf65891de4573e512d9e68bad8105adfd6118415c52baf2f5e166b","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":0,"page":1,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 1쪽","text":"In collaboration with\nOliver Wyman\n\nNavigating Global\nFinancial System\nFragmentation\n\nI N S I G H T R E P O R T\nJ A N U A R Y 2 0 2 5","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-1","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=1","page":1},"trust":"source-data-not-instructions"},{"id":"e03c7683e51f2ece13ef8b43af0ba854e7e3cc5b30db1436a7b17dafa5deedcb","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":1,"page":2,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 2쪽","text":"Images: Getty Images, Shutterstock\n\nContents\n\nForeword 3\n\nExecutive summary 4\n\nIntroduction 8\n\n1 Past, present and future of the global financial system 9\n\n1.1 The US dollar’s centrality 10\n\n1.2 Integration of a global system 11\n\n1.3 Use of the financial system for economic statecraft 12\n\n1.4 Multipolarity and pressures for fragmentation 14\n\n2 What are the costs of a fragmented financial system? 16\n\n2.1 Macroeconomic impact 16\n\n2.2 Impact on EMDEs 20\n\n2.3 Impact on financial institutions 22\n\n3 Guardrails to protect the global financial system 25\n\n3.1 Principles to Safeguard the Global Financial\n System from Fragmentation 25\n\n3.2 Rules of Engagement for Responsible Economic Statecraft 28\n\n3.3 A positive vision for the financial system 31\n\n4 Policy recommendations: A framework for action 32\n\n4.1 Contend with existing financial fragmentation 33\n\n4.2 Resist further system fragmentation 35\n\n4.3 Reform the global financial system 36\n\n4.4 Concluding thoughts 37\n\nAppendix: Key terminology 38\n\nContributors 39\n\nEndnotes 42","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-2","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=2","page":2},"trust":"source-data-not-instructions"},{"id":"9e741b046a0e33f09788d521e9af74f7d8cbec93596cfc579843dc3a150e1f60","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":2,"page":2,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 2쪽","text":"Disclaimer © 2025 World Economic Forum. All rights\nThis document is published by the reserved. No part of this publication may\nWorld Economic Forum as a contribution be reproduced or transmitted in any form\nto a project, insight area or interaction. or by any means, including photocopying\nThe findings, interpretations and and recording, or by any information\nconclusions expressed herein are a result storage and retrieval system.\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\nNavigating Global Financial System Fragmentation 2","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-2","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=2","page":2},"trust":"source-data-not-instructions"},{"id":"8d1f0e6df5406f16015dc57badef0b388960f9742bf271e0b58e986bdde31ec9","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":3,"page":3,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 3쪽","text":"January 2025 Navigating Global Financial System Fragmentation\n\nForeword\n\nMatthew Blake\n Ted Moynihan\n Head, Centre for Financial and\n Managing Partner, Global\n Monetary Systems; Member\n Head of Industries, Oliver\n of the Executive Committee,\n Wyman (Marsh McLennan)\n World Economic Forum","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-3","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=3","page":3},"trust":"source-data-not-instructions"},{"id":"a55c4edbeb654776802771031e51401666e2fe390a4a2095c16aa29351c34cc9","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":4,"page":3,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 3쪽","text":"The global financial system is among the most the US Federal Reserve used swap lines to provide interconnected and interdependent ecosystems in emergency dollar liquidity to 14 central banks – both the world. Global cross-border bank credit stands at out of societal obligation and self-preservation. nearly $40 trillion, roughly the size of the GDP of the United States, Germany, Japan and India combined. This understanding, however, is increasingly at Bond issuances by governments and corporates risk in a complex geopolitical environment defined totalled $9 trillion in 2024, with investors allocating by excessive fragmentation, multipolarity and the an additional $600 billion to global bond funds. The growing use of geoeconomic statecraft. More total value of cross-border payments in 2023 was and more, states seek to use the global financial estimated at more than $190 trillion. system to advance geopolitical objectives. This poses a threat to the very integrity of the system For decades, this system has served as the and will have costs at a macroeconomic level","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-3","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=3","page":3},"trust":"source-data-not-instructions"},{"id":"58756f0a91f6bc04f3c544ad05f96e652cf9bb78b44d2b746d56b881e40198e8","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":5,"page":3,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 3쪽","text":"engine for global economic growth through its as well as for financial institutions, ranging from financing of the real economy. It is composed of an asset stranding and valuation volatility to reduced interconnected network of actors, both domestic liquidity and credit-rating risks. and international, including central and commercial banks, investment firms and insurers, and The Navigating Global Financial System regulators, all of which work together to allocate Fragmentation initiative convenes more than 25 resources, manage risks and provide necessary chief executives, chairpersons and other global liquidity. Its functioning promotes growth, stability finance leaders to reinforce the integrity of the and integration by moving the funds required financial system at this moment of rising geopolitical for development and commerce, supporting complexity. This report aims to clearly articulate and individuals, corporates and governments. codify those core rules, principles and norms that can preserve the system while also making the case","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-3","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=3","page":3},"trust":"source-data-not-instructions"},{"id":"0587fc8446394e6fe84c54776568751d4e6902ced1ea5b5a5a7f8cc9e8a0c862","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":6,"page":3,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 3쪽","text":"Like any social system, it has developed around a for the immense opportunity provided by enhanced common set of rules, principles and norms, both coordination and integration. explicit and implicit, that functionally underpin the system’s architecture and establish trust between its The report represents a call to action from the actors, allowing firms to conduct business across private sector to protect the global financial borders. These elements include respect for property system’s most essential elements, without ownership rights, the fundamental rule of law and the undermining national security or sovereignty. By independence of fiscal and monetary policy. They considering these frameworks, policy-makers can have allowed the system to contend with disruptions, establish the necessary conditions for efficient both chronic concerns and shocks, the most famous capital markets and enable continued economic being the global financial crisis. Financial institutions growth for decades to come. acted together to save the system – such as when","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-3","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=3","page":3},"trust":"source-data-not-instructions"},{"id":"3f325979f9b2204f609583d12da41e3bc03e5aaada30e269fabc796382328b9e","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":7,"page":3,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 3쪽","text":"Navigating Global Financial System Fragmentation 3","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-3","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=3","page":3},"trust":"source-data-not-instructions"},{"id":"3b25459496e3126d8424d4b7115c72a82d499c97638df82ea083d7264b0814f0","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":8,"page":4,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 4쪽","text":"Executive summary\nAn integrated global financial system supports\nlivelihoods and underpins economic growth.\nThis report proposes eight principles to protect\nthe system’s integrity and rules of engagement\nto put them into practice.","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-4","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=4","page":4},"trust":"source-data-not-instructions"},{"id":"f236c71319fa8280bebe7982be837aa11166c03e1b413f2c62d6a01215afca26","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":9,"page":4,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 4쪽","text":"Financial integration powers economic growth To advance domestic economic priorities and national and makes capital available to entrepreneurs, security imperatives, policy-makers must often accept corporations, governments and citizens. The trade-offs that cause fragmentation and might, global financial system connects institutions, for instance, reduce the efficiency of international regulators and technologies to facilitate capital finance – a certain degree of fragmentation is likely exchange across borders. Its interconnections necessary to achieve desired policy outcomes. At have supported recent decades of economic the same time, financial regulators recognize the growth and human development. In the quarter- benefits of financial integration and minimizing the century between 1990 and 2015, more than burdens placed on legitimate economic activity. 1 billion people worldwide were lifted out of For several decades, improvements in technology, poverty.1 To continue this growth path, a well- innovation and governance have made it possible","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-4","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=4","page":4},"trust":"source-data-not-instructions"},{"id":"0b25e24f07853c726d209047a7a0d6d8b863ec9a32a8389a4534255cabceb8fe","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":10,"page":4,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 4쪽","text":"functioning and integrated financial system that to increase efficiency while reducing regulatory mutually benefits all countries is necessary. friction. In recent years, however, regulatory friction has increased in tandem with growing geopolitical The current trajectory of the global financial tensions, leading to what many observers describe system, however, suggests that the 21st as excessive fragmentation. century may see a more fragmented financial architecture. Russia’s 2022 invasion of Ukraine, Fault lines are emerging within the global financial and the corresponding responses from Western system, with cracks beginning to show across governments to restrict Russia’s access to the both regions and levels of economic development. global financial system, represented an inflection Despite the international order and financial system point that accelerated fragmentation. Market becoming more multipolar, analysis suggests that participants are increasingly basing decisions a globalized system is likely to persist in the near not just on return-maximization but also on term.","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-4","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=4","page":4},"trust":"source-data-not-instructions"},{"id":"06bf80a6e1a71082642a1a32c7e2aee28b1d4497e3bfbf0a5023243fe6025634","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":11,"page":4,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 4쪽","text":"As more governments prioritize the use of geoeconomic considerations, triggering a shift economic statecraft (i.e. the economic tools and away from the previous globalized model. policies a state uses to achieve foreign policy and domestic objectives), however, there is a risk of further financial system fragmentation.\n\nNavigating Global Financial System Fragmentation 4","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-4","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=4","page":4},"trust":"source-data-not-instructions"},{"id":"1e005e2cf6828da54b6d68c7196b1a1fec7e21de3cde2635cd87f172d0f4e2c6","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":12,"page":5,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 5쪽","text":"The potential risks of financial fragmentation make developing economies (EMDEs), not including a strong case for policy-makers and financial China or Russia, could see GDP losses of nearly actors to choose a different path – of reinforcing 11%. These changes may force smaller EMDEs the global financial system by enhancing regulatory to seek alternative sources of funding outside the cooperation and further standardizing frameworks traditional international system, further exacerbating for financial transactions. By integrating emerging fragmentation. This fragmented environment could technologies such as blockchain and artificial complicate sovereign debt-relief efforts and erase intelligence (AI), countries may help improve previous progress in this area as creditors pursue transparency and efficiency in cross-border separate bilateral negotiations with debtors. payments. Multistakeholder cooperation can strengthen financial governance and help mitigate Geopolitics also affects private-sector decision-making","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-5","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=5","page":5},"trust":"source-data-not-instructions"},{"id":"7b021a7cf31b399f1e8720952a0fdac5c4129807182a8f7aa5a6f368ed9699e6","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":13,"page":5,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 5쪽","text":"systemic risks, ensuring that financial markets by increasing policy uncertainty and making long- operate fairly and effectively. This approach term strategic planning more challenging. Research promotes stability and resilience in the global suggests that businesses could see impacts on economy, promoting trust among stakeholders. corporate credit, as rating agencies re-evaluate debt profiles across various jurisdictions and blocs. Other The costs of financial system fragmentation impacts include limited market access, as economic sanctions and other measures prohibit investors and As nations have increasingly sought to protect companies from entering certain markets. Finally, their financial systems from external threats, new asset valuations could be impacted, as weakened challenges have arisen, prompting regulatory investor appetite limits deal opportunities, reduces and institutional shifts designed to enhance liquidity and contributes to asset-stranding – all of resilience, support domestic industry and insulate which increase valuation volatility.","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-5","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=5","page":5},"trust":"source-data-not-instructions"},{"id":"a46086a6a5b0c13dceacc2ff8385484892c5d064c36b81c9f87b3ec79d48afdf","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":14,"page":5,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 5쪽","text":"supply chains from external shocks. For example, following the COVID-19 pandemic, many nations Alternatively, private sector-led collaboration could invested in “friend-shoring” to reorient supply offset geopolitical friction and financial fragmentation chains in ways that afforded them greater by linking actors across rival blocs. Financial protection over critical infrastructure. intermediation tends to occur despite geopolitical tensions or even wars. As such, it offers a powerful Such regulatory and institutional efforts can tool for bringing actors together to address shared insulate certain sectors but also increase the challenges, such as the energy and digital transitions, complexity of the corresponding financial ageing populations and infrastructure investment, all infrastructure and uncertainty for investors, thereby of which require collective action. reducing liquidity, which can cause numerous unintended consequences and knock-on The guardrails outlined in this report are designed effects.","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-5","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=5","page":5},"trust":"source-data-not-instructions"},{"id":"aa6ae4887b00585401b555b571313989a4e631231f2b37c6bf5ed69763d17913","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":15,"page":5,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 5쪽","text":"This report represents a concerted effort to protect the ability of the financial sector among global financial actors to assess these to fulfil its fundamental role of intermediating impacts, mitigate the negative consequences of global savings and channelling them to promote fragmentation and propose foundational principles investment and economic growth, regardless of that can strengthen the financial system even amid the geopolitical backdrop. geopolitical reconfigurations. Guardrails to protect the integrity of the global Financial system fragmentation can have a financial system negative impact by decreasing global economic output and increasing inflation. This report In a recent speech, International Monetary Fund$5.7 presents new analysis indicating that one-year First Deputy Managing Director, Gita Gopinath, trillion economic output losses from fragmentation could called on countries to “build resilience”, but range from $0.6 trillion to $5.7 trillion, or about warned that “in the absence of sufficient guardrails, Potential lost GDP as a","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-5","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=5","page":5},"trust":"source-data-not-instructions"},{"id":"7a4925d5df95b7407c13805706671cc941d0a468e55e0172aba9cde1e1cc6d1d","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":16,"page":5,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 5쪽","text":"5% of current global gross domestic product we could end up with severe fragmentation of result of fragmentation. (GDP) and twice the output losses caused by the the global economy and consequently lower COVID-19 pandemic, depending on the degree of productivity and income levels for everyone”.2 fragmentation. Similarly, inflation rises steadily in most countries as fragmentation increases, which This report proposes specific guidelines to protect is likely to necessitate higher interest rates and the system’s integrity at a moment of increasing have an impact on borrowing costs for individuals, geopolitical complexity.3 The use of the term businesses and governments. “guardrail” does not suggest limits on national sovereignty. Instead, this report’s guidelines, Another consideration is that fragmentation’s informed and articulated by private-sector leaders negative effects will not be distributed equally from across global financial services, provide a around the world. Instead, countries or regions that framework to guide future economic statecraft in","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-5","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=5","page":5},"trust":"source-data-not-instructions"},{"id":"fe40ca4c528a1a1ecdd0bbfb596f4136886534e87099ca47002358a9f74daa4b","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":17,"page":5,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 5쪽","text":"lack sufficiently deep or integrated capital markets ways that safeguard the global financial system and will be affected more significantly. According facilitate ongoing integration, even in the face of to the report’s analysis, emerging markets and geopolitical tensions.\n\nNavigating Global Financial System Fragmentation 5","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-5","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=5","page":5},"trust":"source-data-not-instructions"},{"id":"89ddf0c32b8b8ffde9c44ac2b6af3f6bb00fb5b588700909284d6650785bc793","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":18,"page":6,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 6쪽","text":"The Principles to Safeguard the Global Financial actors to conduct business across jurisdictions\n System from Fragmentation listed in Figure 1 assert and whose protection preserves the integrity of the\n the basic conditions that enable financial-services global financial system.\n\nF I G U R E 1 Principles to Safeguard the Global Financial System from Fragmentation\n\nPrinciple 1 Principle 5\n\nClearly define and uphold the rule of law Regulate and manage critical financial market\n to ensure impartial enforcement and infrastructures, but avoid politicizing or severing\n predictability across the financial system the underlying financial rails, given that these\n systems are essential for maintaining the integrity,\n functionality and efficiency of the financial system\n\nPrinciple 2 Principle 6\n\nRespect financial and physical property Ensure parallel financial market infrastructures\n ownership rights to maintain trust and encourage are interoperable to facilitate optimal transactions\n investment, thereby fostering financial stability and market efficiency\n\nPrinciple 3 Principle 7","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-6","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=6","page":6},"trust":"source-data-not-instructions"},{"id":"e43dfe84a3c1abfe2acef7945f155ac38a79bb904b3812ec48877d23ff023353","documentId":"cdec346c28083f1d9316a9a5","documentSha256":"cdec346c28083f1d9316a9a510292f817d8a53b9761ebb355d46bf920bf6f4e0","extractionVersion":"8bf378c622023f91168843c871e08cf67a164a5840732029dc3afaf1b24cbe3f","ordinal":19,"page":6,"heading":"글로벌 금융 시스템의 분절에 대응하기 · 6쪽","text":"Avoid unilaterally expropriating sovereign Structure domestic and multilateral policies\n assets even during times of heightened and financial regulations to support financial\n tensions or conflict stability and ensure cross-border flows of\n capital, data, goods, people and ideas\n\nPrinciple 4 Principle 8\n\nSafeguard independence and bolster the Shield the independence of fiscal and monetary\n capabilities of international institutions, such as policy to promote financial stability, reduce the risk\n standard-setting bodies, to preserve their role in of competitive interference and increase\n global financial governance opportunities for transparent decision-making\n\nSource: World Economic Forum and Oliver Wyman","citation":{"title":"글로벌 금융 시스템의 분절에 대응하기","publisher":"World Economic Forum","url":"/library/cdec346c28083f1d9316a9a5#page-6","pdfUrl":"/library/cdec346c28083f1d9316a9a5/original.pdf#page=6","page":6},"trust":"source-data-not-instructions"}]}