Global Financial Markets: A Research-Based Book is a comprehensive contribution to the study of international finance, developed to serve a broad audience of research scholars, academics, policymakers, and finance professionals. It blends theoretical rigor with empirical insight, making it a valuable resource for those engaged in advanced research, institutional policymaking, and strategic decision-making in financial systems. This book emerges at a critical juncture when global financial markets are becoming increasingly complex, interconnected, and volatile. Recent disruptions, from the global financial crisis to the COVID-19 pandemic and the accelerating digitization of financial services, have exposed systemic vulnerabilities while also offering new opportunities for innovation and reform. Against this backdrop, understanding the global financial architecture, its governance, instruments, and real-world implications, is more important than ever.
Structured across eight chapters, the book chapters cover foundational concepts and advanced issues in global financial markets, including institutions, regulations, credit ratings, investment banking, financial instruments, market operations, global funding, and SME financing. This book draws upon a wide range of international academic literature, policy documents, and case studies to provide depth and diversity in perspective. In doing so, it builds on foundational works in the field led by many authors, including Fabozzi et al. (2019) and Valdez and Molyneux (2016). This research book extends beyond traditional texts by incorporating contemporary empirical evidence, regional case studies, particularly from emerging markets like Nepal, and original research insights that illuminate the evolving dynamics of global financial markets in a post-crisis, technology-driven era.
The motivation for writing this research-based volume stems from my long-standing academic engagement with financial systems, policy research, and teaching in both developed and developing contexts. I have endeavored to make the content intellectually rich yet accessible, striking a balance between scholarly depth and practical relevance.
I sincerely hope that this book will serve as an essential guide for those who seek to understand not just the mechanics of financial markets, but also their broader economic, regulatory, and ethical implications. Whether used as a reference for academic research, a guide for institutional reform, or a resource for informed policymaking, this book aspires to contribute meaningfully to the evolving discourse on global finance.
I remain fully responsible for any oversights or errors and welcome constructive feedback from readers. It is my hope that this work will spark further inquiry and dialogue in the field of global financial studies.
Author:
DR. Dipendra Karki