ABSTRACT
A serious financial crisis that originally began in the US economy in 2008 did not remain limited to the American economy; its impact was felt across the world. Consequently, the performances of the economies that were dependent on foreign countries were seriously affected owing to a decrease in exports or a decline in asset value. In the era of globalization, evaluating the economic performances of national economies has become rather difficult. Moreover, it necessitates a re-examination of the impact of increasing international trade and financial transactions on economic growth. In fact, a number of world economies have experienced profound transformation over the past 30 years; not only domestic economic transactions but also international economic transactions among countries have substantially increased. Epstein (2005) referred to this changing economic landscape as the rise of neoliberalism, globalization, and financialization.
