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Globalization, Capital Flows, and International Regulation

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Author Info

  • Andrew Cornford

    (The Jerome Levy Economics Institute)

  • Jan Kregel

    (The Jerome Levy Economics Institute)

Abstract

In the postwar period prior to 1990 policy proposals aimed at reducing the instabilities associated with increased capital flows focused on increasing market efficiencies so that nominal variables would reflect real conditions in the economy. However, those in charge of financial resource flows applied theories largely unconcerned with fundamentals, resulting in such financial market instabilities as volatility in the foreign exchange market. Andrew Cornford, of the Global Interdependence Division of UNCTAD, and Jan Kregel, of the University of Bologna, examine the policies of the postwar period and the reasons for their failure to produce economic stability. They then explore the means by which instability might be reduced.

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File URL: http://128.118.178.162/eps/mac/papers/9807/9807005.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 9807005.

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Length: 51 pages
Date of creation: 16 Jul 1998
Date of revision:
Handle: RePEc:wpa:wuwpma:9807005

Note: Type of Document - Acrobat PDF; prepared on IBM PC - PC; to print on PostScript; pages: 51; figures: included
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Web page: http://128.118.178.162

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  1. Kees Koedijk & Clemens Kool, 1993. "Betting on the EMS," Open Economies Review, Springer, vol. 4(2), pages 151-173, June.
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Cited by:
  1. repec:psl:pslqrr:2010:15 is not listed on IDEAS
  2. Mario Tonveronachi, 2010. "Empowering supervisors with more principles and discretion to implement them will not reduce the dangers of the prudential approach to financial regulation," PSL Quarterly Review, Economia civile, vol. 63(255), pages 363-378.
  3. Mario Tonveronachi & Elisabetta Montanaro, 2009. "Some preliminary proposals for re-regulating financial systems," Department of Economics University of Siena 553, Department of Economics, University of Siena.

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