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Financial Globalization and Regulation

  • Philip Arestis

    (Levy Economics Institute)

  • Santonu Basu

    (London South Bank University)

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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File URL: http://econwpa.repec.org/eps/if/papers/0401/0401003.pdf
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Paper provided by EconWPA in its series International Finance with number 0401003.

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Length: 18 pages
Date of creation: 20 Jan 2004
Date of revision:
Handle: RePEc:wpa:wuwpif:0401003
Note: Type of Document - pdf; pages: 18
Contact details of provider: Web page: http://econwpa.repec.org

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  12. Saint-Paul, G., 1990. "Technological Choice, Financial Markets and Economic Development," DELTA Working Papers 90-30, DELTA (Ecole normale supérieure).
  13. Barry Eichengreen & Michael D. Bordo, 2003. "Crises now and then: what lessons from the last era of financial globalization?," Chapters, in: Monetary History, Exchange Rates and Financial Markets, chapter 3 Edward Elgar Publishing.
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  19. Diaz-Alejandro, Carlos, 1985. "Good-bye financial repression, hello financial crash," Journal of Development Economics, Elsevier, vol. 19(1-2), pages 1-24.
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  23. Philip Arestis & Santonu Basu, 2003. "Financial Globalization: Some Conceptual Problems," Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 183-189, Spring.
  24. Morisset, Jacques, 1993. "Does financial liberalization really improve private investment in developing countries?," Journal of Development Economics, Elsevier, vol. 40(1), pages 133-150, February.
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