The International Politics of Harmonization: The Case of Capital Market Regulation
AbstractThe vast expansion of international nancial activity over the lastdecade has been a central fact of international economic life.Balance-of-payments statistics indicate that cross-border transactionsin bonds and equities among the G-7 countries rose from less than 10percent of gross domestic product (GDP) in 1980 to over 140 percent in1995. International bond and equity markets have reached staggeringproportions: by the end of 1997, portfolio holdings of equity andlong-term debt securities reached nearly $5.2 trillion. Capital owsto developing countries and countries in transition grew from $57billion in 1990 to over $286 billion in 1997 before plummeting to $148billion in 1998. Foreign exchange transactions reached an estimatedaverage daily turnover of nearly $1.5 trillion in 1998 compared with adaily turnover of $590 billion in 1989. The annual turnover inderivatives contracts nancial agreements that derive their value fromthe performance of other assets, interest or currency exchange rates, orindexes was valued at $3.4 trillion in 1990. In 1998, trading andderivatives activities of seventy-one of the world s leading banks andsecurities firms totaled more than $130 trillion.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal International Organization.
Volume (Year): 55 (2001)
Issue (Month): 03 (June)
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