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Financial Globalization: Some Conceptual Problems

Author

Listed:
  • Philip Arestis

    () (Levy Economics Institute)

  • Santonu Basu

    (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," Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 183-189, Spring.
  • Handle: RePEc:eej:eeconj:v:29:y:2003:i:2:p:183-189
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    References listed on IDEAS

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    1. Greenwood, Jeremy & Jovanovic, Boyan, 1990. "Financial Development, Growth, and the Distribution of Income," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 1076-1107, October.
    2. Saint-Paul, Gilles, 1992. "Technological choice, financial markets and economic development," European Economic Review, Elsevier, vol. 36(4), pages 763-781, May.
    3. Robert G. King & Ross Levine, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, Oxford University Press, vol. 108(3), pages 717-737.
    4. Rajan, Raghuram G & Zingales, Luigi, 1998. "Financial Dependence and Growth," American Economic Review, American Economic Association, vol. 88(3), pages 559-586, June.
    5. Levine, Ross & Zervos, Sara, 1996. "Stock Market Development and Long-Run Growth," World Bank Economic Review, World Bank Group, vol. 10(2), pages 323-339, May.
    6. Morisset, Jacques, 1993. "Does financial liberalization really improve private investment in developing countries?," Journal of Development Economics, Elsevier, vol. 40(1), pages 133-150, February.
    7. Arestis, Philip & Demetriades, Panicos O, 1997. "Financial Development and Economic Growth: Assessing the Evidence," Economic Journal, Royal Economic Society, vol. 107(442), pages 783-799, May.
    8. Barry Eichengreen & Michael D. Bordo, 2003. "Crises now and then: what lessons from the last era of financial globalization?," Chapters,in: Monetary History, Exchange Rates and Financial Markets, chapter 3 Edward Elgar Publishing.
    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.
    10. Ajit Singh, 1998. "Financial liberalisation, stockmarkets and economic development," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 8(1), pages 165-182.
    11. Roubini, Nouriel & Sala-i-Martin, Xavier, 1992. "Financial repression and economic growth," Journal of Development Economics, Elsevier, vol. 39(1), pages 5-30, July.
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    Citations

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    Cited by:

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

    More about this item

    Keywords

    Globalization;

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • G0 - Financial Economics - - General

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