The financial systems – an approach from the perspective of the financial crisis

Abstract

The paper presents a synthesis of a theoretical study realized within the research contract having as theme “The model for the forecast of the real economy evolution and for the financial market system from Romania using elements from the open systems thermodynamics”, a project that proposes to create an ecometric model which allows to forecast Romania’s real economy as well as the financial system evolution from Romania. The first part brings forward the relation between the financial system and the financial crisis and develops the idea according to which an economy can exploit its potential of growth only in the conditions of a well functioning of the financial system which have to assure the necessary investments financing at minimum costs, but also the adequate application and transmission of the monetary policy with effects on the financial stability. The second part of the paper approaches the problematic of the financial crisis effects on the financial systems stability. The financial system instability can lead to losses in the real economy, to financial markets perturbation, to prices changes, to investments blocking and, in the end, to economical growth decline and even to economical growth stopping. In the third part the financial systems stability from the emerging economies in the light of the contagion and movement effects of the cross-border capital waves as a result of globalization is analyzed and, in the end, some conclusions are presented.financial system, financial crisis, financial stability, emerging economies, credit, financial globalization