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International Financial Integration: The Continuing Process

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  • Richard Herring
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    Abstract

    This is the second chapter of a book, Financial Regulation in the Global Economy, Herring is writing with Robert Litan. In this chapter they show how technological advances - dramatic reductions in transportation, telecommunications and computation costs - are creating an increasingly integrated financial market that ignores national boundaries. First they examine the effect of these technological advanceson users of financial services, providers of financial services and regulators of financial services. Then they document the increasing volume of international financial transactions and evaluate the extent to which financial prices are integrated across countries. They conclude by highlighting the risks that are the consequence of increasing international financial integration and pose a challenge to managers of financial institutions and regulators.

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    File URL: http://fic.wharton.upenn.edu/fic/papers/94/9423.pdf
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    Bibliographic Info

    Paper provided by Wharton School Center for Financial Institutions, University of Pennsylvania in its series Center for Financial Institutions Working Papers with number 94-23.

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    Date of creation: Jul 1994
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    Handle: RePEc:wop:pennin:94-23

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    1. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
    2. Jeffrey A. Frankel and Alan T. MacArthur., 1987. "Political vs. Currency Premia in International Real Interest Differentials: A Study of Forward Rates for 24 Countries," Economics Working Papers 8762, University of California at Berkeley.
    3. Aliber, Robert Z, 1973. "The Interest Rate Parity Theorem: A Reinterpretation," Journal of Political Economy, University of Chicago Press, vol. 81(6), pages 1451-59, Nov.-Dec..
    4. Obstfeld, Maurice, 1986. "Capital mobility in the world economy: Theory and measurement," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 24(1), pages 55-103, January.
    5. Adler, Michael & Lehmann, Bruce, 1983. " Deviations from Purchasing Power Parity in the Long Run," Journal of Finance, American Finance Association, vol. 38(5), pages 1471-87, December.
    6. Robert N. McCauley & Rama Seth, 1992. "Foreign bank credit to U.S. corporations: the implications of offshore loans," Quarterly Review, Federal Reserve Bank of New York, issue Spr, pages 52-65.
    7. Frankel, Jeffrey A, 1992. "Measuring International Capital Mobility: A Review," American Economic Review, American Economic Association, vol. 82(2), pages 197-202, May.
    8. D. F. I. Folkerts-Landau & Donald J. Mathieson & Morris Goldstein & Liliana Rojas-Suárez & José Saúl Lizondo & Timothy D. Lane, 1991. "Determinants and Systemic Consequences of International Capital Flows," IMF Occasional Papers 77, International Monetary Fund.
    9. Mitsuhiro Fukao, 1993. "International Integration of Financial Markets and the Cost of Capital," OECD Economics Department Working Papers 128, OECD Publishing.
    10. Sydney J. Key, 1989. "Mutual recognition: integration of the financial sector in the European Community," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Sep, pages 591-609.
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    Cited by:
    1. Vashishtha, Ashutosh & Sharma, Anil K., 2012. "Indian financial market regulation: A dialectic model," Journal of Economics and Business, Elsevier, vol. 64(1), pages 77-89.

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