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External Financial Markets, Capital Mobility and Monetary Independence

In: International Monetary Problems and Supply-Side Economics

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  • Susan Howson

Abstract

The rapid growth of external financial markets (the eurocurrency markets) since the early 1970s has contributed greatly to the financial integration of the world economy. By increasing the mobility of capital across international borders the existence of external financial markets — markets for financial assets located outside the countries in whose currency the assets are denominated — also appears to threaten the abilities of the monetary authorities of small open economies to pursue independent monetary policies. This paper considers the question of the extent to which these markets have increased the international mobility of short-term capital and whether the resulting degree of capital mobility makes it impossible for small open economies to pursue independent monetary policies.

Suggested Citation

  • Susan Howson, 1986. "External Financial Markets, Capital Mobility and Monetary Independence," Palgrave Macmillan Books, in: Jon S. Cohen & G. C. Harcourt (ed.), International Monetary Problems and Supply-Side Economics, chapter 5, pages 84-107, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-18392-0_5
    DOI: 10.1007/978-1-349-18392-0_5
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