The internationalization of money and finance and the globalization of financial markets
AbstractIn this paper I combine long multi-country time series data for interest rates and stock returns with the institutional evidence for much earlier centuries amassed by economic historians to study the question of financial globalization and how it has altered since the late classical era. At their longest, for Dutch and English short-term interest rates, the quantitative data that I use extend back slightly more than three centuries. The institutional history provides information on an additional millennium's worth of experience. The conclusion that I reach is that the internationalization of money and finance and the globalization of financial markets are not new phenomena. They are part of an evolutionary process that began much earlier and that has continued, albeit with periodic interruptions and reversals, for many centuries. What we see today is simply the latest and most advanced manifestation of this process.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of International Money and Finance.
Volume (Year): 21 (2002)
Issue (Month): 6 (November)
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Web page: http://www.elsevier.com/locate/inca/30443
Other versions of this item:
- James R. Lothian, 2003. "The Internationalization of Money and Finance and the Globalization of Financial Markets," International Finance 0311003, EconWPA.
- F30 - International Economics - - International Finance - - - General
- N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
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