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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.

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Bibliographic Info

Paper provided by EconWPA in its series International Trade with number 0301002.

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Date of creation: 17 Jan 2003
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Handle: RePEc:wpa:wuwpit:0301002

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Keywords: financial capital; globalization;

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  1. Saint-Paul, G., 1990. "Technological Choice, Financial Markets and Economic Development," DELTA Working Papers 90-30, DELTA (Ecole normale supérieure).
  2. Greenwood, J. & Jovanovic, B., 1988. "Financial Development, Growth, And The Distribution Of Income," RCER Working Papers 131, University of Rochester - Center for Economic Research (RCER).
  3. Morisset, Jacques, 1991. "Does financial liberalization really improve private investment in developing countries?," Policy Research Working Paper Series 717, The World Bank.
  4. Singh, Ajit, 1997. "Financial Liberalisation, Stockmarkets and Economic Development," Economic Journal, Royal Economic Society, vol. 107(442), pages 771-82, May.
  5. Levine, Ross & Zervos, Sara, 1996. "Stock Market Development and Long-Run Growth," World Bank Economic Review, World Bank Group, vol. 10(2), pages 323-39, May.
  6. Roubini, Nouriel & Sala-i-Martin, Xavier, 1992. "Financial repression and economic growth," Journal of Development Economics, Elsevier, vol. 39(1), pages 5-30, July.
  7. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August.
  8. Raghuram G. Rajan & Luigi Zingales, . "Financial Dependence and Growth," CRSP working papers 344, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  9. Basu, Santonu, 1994. "Deregulation of the Australian Banking Sector: A Theoretical Perspective," Australian Economic Papers, Wiley Blackwell, vol. 33(63), pages 272-85, December.
  10. Barry Eichengreen & Michael D. Bordo, 2002. "Crises Now and Then: What Lessons from the Last Era of Financial Globalization," NBER Working Papers 8716, National Bureau of Economic Research, Inc.
  11. Arestis, Philip & Demetriades, Panicos O, 1997. "Financial Development and Economic Growth: Assessing the Evidence," Economic Journal, Royal Economic Society, vol. 107(442), pages 783-99, May.
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Cited by:
  1. Bonpasse, Morrison, 2006. "The Single Global Currency: Common Cents for the World," MPRA Paper 1175, University Library of Munich, Germany.
  2. Philip Arestis & Santonu Basu, 2004. "Financial Globalization and Regulation," International Finance 0401003, EconWPA.
  3. 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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