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Financial Globalization and Regulation

  • Philip Arestis
  • Santonu Basu

This paper attempts to define financial globalization as a process whereby financial markets internationally are integrated so closely that they can be considered as a single market. The process, viewed as a by-product of financial liberalization, is only a necessary condition for financial globalization, however. The sufficient condition is the creation of world-wide single currency, managed and regulated by a single international monetary authority. The system itself needs to be managed carefully to avoid the kind of crises countries have experienced over the last 30 years or so. This sufficient condition has not yet been met.

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Paper provided by Levy Economics Institute in its series Economics Working Paper Archive with number wp_397.

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Date of creation: Dec 2003
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Handle: RePEc:lev:wrkpap:wp_397
Contact details of provider: Web page: http://www.levyinstitute.org

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