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Globalization, Capital Flows, and International Regulation


  • Andrew Cornford

    (The Jerome Levy Economics Institute)

  • Jan Kregel

    (The Jerome Levy Economics Institute)


In the postwar period prior to 1990 policy proposals aimed at reducing the instabilities associated with increased capital flows focused on increasing market efficiencies so that nominal variables would reflect real conditions in the economy. However, those in charge of financial resource flows applied theories largely unconcerned with fundamentals, resulting in such financial market instabilities as volatility in the foreign exchange market. Andrew Cornford, of the Global Interdependence Division of UNCTAD, and Jan Kregel, of the University of Bologna, examine the policies of the postwar period and the reasons for their failure to produce economic stability. They then explore the means by which instability might be reduced.

Suggested Citation

  • Andrew Cornford & Jan Kregel, 1998. "Globalization, Capital Flows, and International Regulation," Macroeconomics 9807005, EconWPA.
  • Handle: RePEc:wpa:wuwpma:9807005
    Note: Type of Document - Acrobat PDF; prepared on IBM PC - PC; to print on PostScript; pages: 51; figures: included

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    Cited by:

    1. Mario Tonveronachi, 2010. "Empowering supervisors with more principles and discretion to implement them will not reduce the dangers of the prudential approach to financial regulation," PSL Quarterly Review, Economia civile, vol. 63(255), pages 363-378.
    2. Mario Tonveronachi & Elisabetta Montanaro, 2009. "Some preliminary proposals for re-regulating financial systems," Department of Economics University of Siena 553, Department of Economics, University of Siena.

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    JEL classification:

    • E - Macroeconomics and Monetary Economics

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