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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
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  2. Philip Arestis & Panicos Demetriades & Bassam Fattouh, 2002. "Financial Policies and the Aggregate Productivity of the Capital Stock: Evidence from Developed and Developing Economies," Economics Working Paper Archive wp_362, Levy Economics Institute.
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  8. Basu, Santonu, 1989. "Deregulation: Small Business Access to the Capital Market--Theoretical Issues with Special Reference to Australian Bank Finance," Australian Economic Papers, Wiley Blackwell, vol. 28(52), pages 141-59, June.
  9. Morisset, Jacques, 1991. "Does financial liberalization really improve private investment in developing countries?," Policy Research Working Paper Series 717, The World Bank.
  10. Panicos O. Demetriades & Philip Arestis, 1996. "Financial Development and Economic Growth: Assessing the Evidence," Keele Department of Economics Discussion Papers (1995-2001) 96/16, Department of Economics, Keele University.
  11. Saint-Paul, G., 1990. "Technological Choice, Financial Markets and Economic Development," DELTA Working Papers 90-30, DELTA (Ecole normale supérieure).
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  13. Paul Davidson, 2004. "The future of the international financial system," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 26(4), pages 591-605, October.
  14. Philip Arestis & Santonu Basu, 2003. "Financial Globalization: Some Conceptual Problems," Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 183-189, Spring.
  15. Singh, Ajit, 1996. "Financial liberalisation,stockmarkets and economic development," MPRA Paper 53897, University Library of Munich, Germany.
  16. Santonu Basu, 2003. "Why do Banks Fail?," International Review of Applied Economics, Taylor & Francis Journals, vol. 17(3), pages 231-248.
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  19. Levine, Ross & Zervos, Sara, 1996. "Stock markets, banks, and economic growth," Policy Research Working Paper Series 1690, The World Bank.
  20. Margaret M. McConnell & Gabriel Perez Quiros, 1997. "Output fluctuations in the United States: what has changed since the early 1980s?," Research Paper 9735, Federal Reserve Bank of New York.
  21. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
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  23. Basu, Santonu, 1994. "Deregulation of the Australian Banking Sector: A Theoretical Perspective," Australian Economic Papers, Wiley Blackwell, vol. 33(63), pages 272-85, December.
  24. King, Robert G. & Levine, Ross, 1993. "Finance, entrepreneurship and growth: Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 513-542, December.
  25. Diaz-Alejandro, Carlos, 1985. "Good-bye financial repression, hello financial crash," Journal of Development Economics, Elsevier, vol. 19(1-2), pages 1-24.
  26. Roubini, Nouriel & Sala-i-Martin, Xavier, 1992. "Financial repression and economic growth," Journal of Development Economics, Elsevier, vol. 39(1), pages 5-30, July.
  27. Marco Terrones & Eswar Prasad & M. Ayhan Kose, 2003. "Financial Integration and Macroeconomic Volatility," IMF Working Papers 03/50, International Monetary Fund.
  28. M. Ayhan Kose & Kenneth Rogoff & Eswar Prasad & Shang-Jin Wei, 2003. "Effects of Financial Globalization on Developing Countries; Some Empirical Evidence," IMF Occasional Papers 220, International Monetary Fund.
  29. van Wijnbergen, Sweder, 1983. "Credit policy, inflation and growth in a financially repressed economy," Journal of Development Economics, Elsevier, vol. 13(1-2), pages 45-65.
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