Financial Globalization: Some Conceptual Problems
AbstractIn 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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Date of creation: 17 Jan 2003
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financial capital; globalization;
Other versions of this item:
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-01-19 (All new papers)
- NEP-COM-2003-01-19 (Industrial Competition)
- NEP-FMK-2003-01-19 (Financial Markets)
- NEP-IFN-2003-01-19 (International Finance)
- NEP-MFD-2003-01-19 (Microfinance)
- NEP-PKE-2003-01-19 (Post Keynesian Economics)
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