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Integration in World Capital Markets

In: Multilateralism and Regionalism after the Uruguay Round

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  • Renzo Avesani

Abstract

Since the breakdown of the Bretton Woods system, international financial markets have experienced an acceleration in the trend towards liberalization. This is a most remarkable development given that, before 1973, capital controls were widely used, especially when a country faced a balance of payments crisis. The widespread reliance on capital controls stood in contrast with the stance in trade policy: several rounds of GATT negotiations had indeed prompted a substantial reduction in the barriers to trade in goods and services. The asymmetric treatment between trade in goods and trade in assets has always been difficult to justify.1

Suggested Citation

  • Renzo Avesani, 1997. "Integration in World Capital Markets," Palgrave Macmillan Books, in: Riccardo Faini & Enzo Grilli (ed.), Multilateralism and Regionalism after the Uruguay Round, chapter 5, pages 161-193, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-349-25502-3_5
    DOI: 10.1007/978-1-349-25502-3_5
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