A New Tale of Center-Periphery Relations in the World of Financial Liberalization/Globalization?

There are many dimensions to the so-called European Crisis can be understood as one more case of the crisis of financial liberalization/globalization that the developing countries-and their counterparts in the advanced ones-started experiencing more than a quarter of a century ago. This perspective leads to a focus on the consequences of cross-border financial movements in both their upside and downside phases, consequences that have a serious impact not only on the habitually so-called "debtor" countries but also on those of residence of the major creditor institutions. Therefore, a solution to the "crisis" must involve both sides of the center-periphery relationship if a breakup of the system is to be avoided.