Trends in the development of the world banking system in the context of globalization

Abstract

At the beginning of the 21st century, the world economy entered a qualitatively new stage of its development, one of the main characteristics of which is the active development of the processes of financial globalization and integration of financial markets. The interdependence of the financial and banking systems of different countries is increasing significantly, which makes them more open and at the same time vulnerable to global crises. The aim of the research is to analyze the changes made in the banking system following the globalization process and their usefulness for increasing the competitiveness of commercial banks. Research methods. A systematic approach and economic-statistical methods were used. In the context of the globalization of the world economy, banks with competitive advantages, experience and financial capabilities are expanding abroad, contributing to the transnationalization of banking activities and bank capital, the consolidation of financial and credit institutions and the increase of competition in the banking sector.