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The Internationalisation of Bond Markets

In: The Changing Face of European Banks and Securities Market

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  • Richard Harrington

Abstract

One of the most striking features of the modern world is the rapid internationalisation of economic life as modern technology continues to diminish the importance of distance. Of course this is not new in itself; it is a trend which has been going on for centuries but, due to the revolution in microelectronics, the pace of change has increased markedly in recent decades. This has affected all economic life and, indeed, political life to the point where it has undermined traditional notions of sovereignty and of independent nation states. But nowhere have the changes been more dramatic than in finance. It has become a common occurrence for syndicates of banks from many countries to provide finance for a borrower in one country, denominated in the currency of another country, with the whole deal arranged in yet another country. And it is perhaps not surprising that banking should undergo such changes as a consequence of developments in microelectronics. Banking involves the storage, accessing and updating of large amounts of data: the development of modern computers meant that all this could be done cheaply, rapidly and across long distances.

Suggested Citation

  • Richard Harrington, 1994. "The Internationalisation of Bond Markets," Palgrave Macmillan Books, in: Jack Revell (ed.), The Changing Face of European Banks and Securities Market, chapter 0, pages 193-205, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23141-6_10
    DOI: 10.1007/978-1-349-23141-6_10
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