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Inequality of the Distribution of Personal Wealth in Germany 1973-1998

Author

Listed:
  • Richard Hauser

    (Johann Wolfgang Goethe-University, Frankfurt am Main)

  • Holger Stein

    (Johann Wolfgang Goethe-University, Frankfurt am Main)

Abstract

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.

Suggested Citation

  • Richard Hauser & Holger Stein, 2004. "Inequality of the Distribution of Personal Wealth in Germany 1973-1998," Microeconomics 0401005, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpmi:0401005
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    References listed on IDEAS

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    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution

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