GFS
This will be used to stand for the Global Financial System, which we use as the unit of analysis to help understand the dynamics of the world economy – and as the object of reform efforts. The GFS comprises, first, what is usually called the international monetary system and, secondly, the commercial network of banks, investment banks, other financial institutions, asset managers, capital and money markets. It embraces the rules, norms and structures governing the behaviour of decision-makers in both the public and private sectors.
FinCR
This stands for the financial crisis and recession, the epicentre of which was in the US, originating in the sub-prime mortgage market, which started to cause shock waves around the world in August 2007 and then turned into a global system financial crisis with the collapse of Lehman Brothers in September 2008. The term FinCR is used to denote the entire experience and is preferred to the common term ‘global financial crisis’ as that does not adequately or accurately represent the special nature of that climacteric – it was not ‘global’ or purely ‘financial’ and it was not just another ‘crisis’.