The Changing Environment of International Financial Markets: Introduction

Dilip K. Ghosh and Edgar Ortiz
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Dilip K. Ghosh: Suffolk University
Edgar Ortiz: Universidad Nacional Autónoma de México

Chapter 1 in The Changing Environment of International Financial Markets, 1994, pp 3-22 from Palgrave Macmillan

Abstract: Abstract The post-World War II era covering almost half a century has been continuously witnessing dramatic changes in the landscape of international finance as it relates to market structures, financial institutions and instruments. Since the conclusion of the Bretton Woods Conference with the inception of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD or popularly known as the World Bank), the world has seen various developments in trade structures, investment designs, and the integration process. We have observed the emergence of the General Agreement to Borrow (GAB), test-tube monetary units or scrip currencies such as Special Drawing Rights (SDR), European Unit of Account (EUA), which later has become what is known now as the European Currency Unit (ECU), stability (or lack thereof) in foreign exchange markets, different currency alignments under Eurosnakes and supersnakes, FECOM (the French initial for European Monetary Cooperation Fund), European Monetary System (EMS), and other regional monetary blocs. The world has become a global village; communication networks and the technological pace of progress have integrated international capital markets.

Keywords: Financial Market; Debt Crisis; Foreign Exchange Market; North American Free Trade Agreement; International Reserve (search for similar items in EconPapers)
Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-23161-4_1

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DOI: 10.1007/978-1-349-23161-4_1

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