摘要：Contrary to the common idea that globalized countries may be more risky these days, we
found out that the more a country is globalized the less it is exposed to risk in terms of
financial instability. Having already learnt from past experiences, countries with more mature,
developed and sophisticated financial systems tend to be more protected against challenges
from globalization. Looking at the dynamics of globalization, the transition from a low level to
a higher level of globalization, countries, especially in Asia, are trying to catch up with the
more established. This effort, however, is accompanied by increased volatilities in their stock
exchanges: We found that countries which have made significant progress on globalization
issues in recent years, tend to be more exposed to increasing risks.
The strong linkage between low level of globalization and high risk needs to be addressed
and carefully governed by all market participants. Methodologies which control and manage
risks and regulatory requirements on risk management standards are available. While we
can assume that more and more countries will become equally globalized, internationally
harmonized regulations need to be provided by legal authorities and implemented by market
participants in order to visualize and mitigate risks and support sustainable market activities.
Risk management instruments must be implemented with the same pace as the continuous
increase in globalization and financial market complexity.
However, ongoing globalization also generates new challenges for mature and more
globalized countries. In a globalized world, countries themselves must become more
responsive to economic risks. We propose three initiatives for all nations: 1. Enhance and
harmonize the application of existing regulations 2. Establish domestic Governmental Risk
Management Practices and 3. Establish a Global Risk Committee to co-ordinate each other
nations’ risk portfolios on a global basis. Methodologies to measure and mitigate domestic
and global risks need to be developed and appropriate guidelines and regulations reflecting
the needs of all interweaved economies must be established. This kind of globally co-
ordinated Governmental Risk Management is a necessary mean in a globalized world to
improve stability and sustainable wealth.
