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The internationalization of money and finance and the globalization of financial markets

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  • Lothian, James R.

Abstract

In 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 Info

Article provided by Elsevier in its journal Journal of International Money and Finance.

Volume (Year): 21 (2002)
Issue (Month): 6 (November)
Pages: 699-724

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Handle: RePEc:eee:jimfin:v:21:y:2002:i:6:p:699-724

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Web page: http://www.elsevier.com/locate/inca/30443

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  1. Eagly, Robert V. & Smith, V. Kerry, 1976. "Domestic and International Integration of the London Money Market, 1731–1789," The Journal of Economic History, Cambridge University Press, vol. 36(01), pages 198-212, March.
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  8. Alan M. Taylor, 2002. "A Century of Current Account Dynamics," NBER Working Papers 8927, National Bureau of Economic Research, Inc.
  9. Michael D. Bordo & Barry Eichengreen & Jongwoo Kim, 1998. "Was There Really an Earlier Period of International Financial Integration Comparable to Today?," NBER Working Papers 6738, National Bureau of Economic Research, Inc.
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  12. George Furstenberg, 1998. "From Worldwide Capital Mobility to International Financial Integration: A Review Essay," Open Economies Review, Springer, vol. 9(1), pages 53-84, January.
  13. Johnson, David R., 1992. "International interest rate linkages and the exchange rate regime," Journal of International Money and Finance, Elsevier, vol. 11(4), pages 340-365, August.
  14. Gerald P. Dwyer, Jr. & James R. Lothian, 2002. "International money and common currencies in historical perspective," Working Paper 2002-7, Federal Reserve Bank of Atlanta.
  15. Grassman, Sven, 1980. "Long-Term Trends in Openness of National Economies," Oxford Economic Papers, Oxford University Press, vol. 32(1), pages 123-33, March.
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