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RISKS OF INTERNATIONAL FINANCIAL SYSTEM IN THE 
CONDITIONS OF GLOBALIZATION 
Tursunxodjayeva Sh.Z. 
Tashkent institute of Finance, PhD 
Tillayev U.E. 
Tashkent institute of Finance, master
The international financial system has undergone significant changes in recent 
decades, largely driven by the process of globalization. The integration of economies 
and financial markets across borders has brought about unprecedented levels of 
economic growth and development, but it has also created new risks and challenges. 
In this essay, we will discuss the risks of the international financial system in the 
conditions of globalization. 
One of the major risks of the international financial system is the possibility of 
financial crises that can spread quickly across borders. Globalization has led to an 
increased interconnectedness of financial markets and institutions, and this 
interconnectedness can amplify the impact of financial shocks. For example, the 
Asian financial crisis in the late 1990s started in Thailand but quickly spread to other 
countries in the region and beyond, causing a ripple effect that led to economic 
recession in many countries. The global financial crisis of 2008, which originated in 
the United States, similarly had a significant impact on economies worldwide. 
Another risk of the international financial system is the potential for contagion. 
The globalized nature of financial markets means that problems in one country or 
region can quickly spread to others, as investors and financial institutions react to 
news and market movements. This can lead to a self-reinforcing cycle of panic and 
instability that can be difficult to contain. 
A related risk is the challenge of managing capital flows. In a globalized 
financial system, capital can flow freely across borders, and this can create instability 
and volatility in financial markets. Rapid inflows of capital, for example, can lead to 

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overvalued exchange rates and asset prices, while sudden outflows can cause 
exchange rate and financial market volatility, and potentially trigger financial crises. 
Finally, the international financial system is also vulnerable to political and 
regulatory risks. Globalization has led to increased coordination and cooperation 
among governments and international organizations in managing the international 
financial system, but it has also created new tensions and conflicts. The imposition of 
trade barriers and sanctions, for example, can disrupt financial flows and cause 
economic instability. Moreover, regulatory gaps and inconsistencies across 
jurisdictions can create opportunities for regulatory arbitrage, where firms take 
advantage of differences in regulatory regimes to avoid oversight or exploit 
loopholes. 
In conclusion, while globalization has brought significant benefits to the 
international financial system, it has also created new risks and challenges. The risks 
discussed in this essay, including the potential for financial crises, contagion, capital 
flow management, and political and regulatory risks, require ongoing attention and 
management by policymakers and market participants alike. Only by carefully 
managing these risks can we ensure that the international financial system continues 
to contribute to economic growth and stability in the years ahead. 

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