Against the background of the recent and current global financial crisis
traceable to corporate irresponsibility on the part of some financial sector players in developed countries especially the United States of America in the housing and
credit markets, many economists and non-economists are raising their voices against globalization of finance. In simple language, globalization of finance is evident as
the integration of the financial systems of many countries of the world. On the other
hand, the financial crisis describes various negative changes in the financial system
evident as the sudden loss of value of assets, banking sector panics, credit crunch,
sovereign defaults and stock market crashes among others (Mazurenko et al., 2021;
Bozhenko, 2021; Starchenko et al., 2021; Dudchenko, 2020; Yelnikova and Barhaq,
2020; Goncharenko and Lopa, 2020; Eddassi, 2020)
