The global financial crisis and national financial systems survival: issues, dilemma and solutions

This paper focuses on global financial crisis and its implications on the economy of nations. The questions asked to which answers were given among others include: Is the globalization of finance profitable against the backdrop of the failure of banking institutions in the United States of America that has snowballed into a global financial crisis? If yes, do the benefits derivable from the globalization of finance actually outweigh the adverse consequences as is being witnessed now? How reasonable is the proposition for an unregulated economy in the light of market failures being seen as synonymous with the failure of capitalism? Efforts are made to propose solutions aimed at reducing the effects of global financial crisis by developing countries and Nigeria in particular with a suggestion of the need to restructure the existing international financial architecture among many others. Keywords: Globalization of Finance, Financial Crisis, Contagion, Financial System