Financial Globalization and Regulation

Philip Arestis and Santonu Basu

International Finance from EconWPA

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.

Keywords: Financial Globalization; Financial Liberalization; Financial Regulation (search for similar items in EconPapers)
JEL-codes: F33 N20 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-com, nep-ifn and nep-pke
Date: 2004-01-20
Note: Type of Document - pdf; pages: 18
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http://129.3.20.41/eps/if/papers/0401/0401003.pdf (application/pdf)

Related works:
Working Paper: Financial Globalization and Regulation (2003)
Journal Article: Financial globalisation and regulation (2004)
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpif:0401003

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