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Financial Globalization: Some Conceptual Problems

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  • Philip Arestis

    (The Levy Economics Institute of Bard College and London South Bank University)

  • Santonu Basu

    (The Levy Economics Institute of Bard College and London South Bank University)

Abstract

In recent years free movement of financial capital following financial liberalization has given the impression that financial markets are truly globalized. In this paper we argue that free movement of financial capital alone does not constitute financial globalization. To achieve true financial globalization, an important requirement is the creation of a worldwide single currency, managed by a single international monetary authority. This condition, however, is not met under current institutional arrangements.

Suggested Citation

  • Philip Arestis & Santonu Basu, 2003. "Financial Globalization: Some Conceptual Problems," International Trade 0301002, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpit:0301002
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    References listed on IDEAS

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    9. Basu, Santonu, 1994. "Deregulation of the Australian Banking Sector: A Theoretical Perspective," Australian Economic Papers, Wiley Blackwell, vol. 33(63), pages 272-285, December.
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    Cited by:

    1. Arestis, Philip & Basu, Santonu, 2004. "Financial globalisation and regulation," Research in International Business and Finance, Elsevier, vol. 18(2), pages 129-140, June.
    2. Jonathan Perraton, 2012. "Globalization," Chapters, in: Jan Toporowski & Jo Michell (ed.), Handbook of Critical Issues in Finance, chapter 20, pages i-ii, Edward Elgar Publishing.
    3. Grahame Thompson, 2011. "Financial Globalization? History, Conditions and Prospects," Chapters, in: Jonathan Michie (ed.), The Handbook of Globalisation, Second Edition, chapter 2, Edward Elgar Publishing.
    4. Bonpasse, Morrison, 2006. "The Single Global Currency: Common Cents for the World," MPRA Paper 1175, University Library of Munich, Germany.
    5. Bonpasse, Morrison, 2009. "The single global currency - common cents for the world (2008 Edition)," MPRA Paper 14756, University Library of Munich, Germany.

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    More about this item

    Keywords

    financial capital; globalization;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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