IDEAS home Printed from
   My bibliography  Save this paper

Is Financial Globalization Truly Global?: New Institutions for an Inclusive Capital Market


  • Philip Arestis
  • Santonu Basu


In 2002 more than $1 trillion worth of new bonds was sold across international boundaries. The total stock of cross-border bond holdings was more than $9 trillion. Such lending, together with sales of equities, is regarded as one of the chief benefits of globalization. But financial investment does not always flow where it is needed most.While it appears that the world cannot be satiated with U.S. securities, issues of emerging economies account for less than 6 percent of total international holdings of debt securities (DÕArista 2003). And, as Argentina discovered recently, international lenders can be fickle, selling enough foreign currency and securities to cause a currency crisis.

Suggested Citation

  • Philip Arestis & Santonu Basu, "undated". "Is Financial Globalization Truly Global?: New Institutions for an Inclusive Capital Market," Economics Public Policy Brief Archive ppb_75, Levy Economics Institute.
  • Handle: RePEc:lev:levppb:ppb_75

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Marco Terrones & Eswar S Prasad & Ayhan Kose, 2003. "Financial Integration and Macroeconomic Volatility," IMF Working Papers 03/50, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:lev:levppb:ppb_75. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Elizabeth Dunn). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.