Financial Flows and Global Integration

Dilip K. Das

Chapter 5 in The Economic Dimensions of Globalization, 2004, pp 137-171 from Palgrave Macmillan

Abstract: Abstract Like technological advancement or long-run economic growth, evolution of global financial integration was not “a record of ever-moreperfectly-functioning markets with ever lower transaction costs and ever expanding scope” (Obstfeld and Taylor, 2002). Long-term growth of global financial markets was far from linear. Vicissitudes in the volume of financial flows were more common than uncommon. There were periods of slow growth in global financial integration, followed by those of rapid growth as well as periods of virtual standstill and reversals. There were periods when global financial integration was limited among a small number of countries, which were grouped in two or three categories and there were epochs when this integration expanded much more widely geographically. Liberalized markets did not enjoy high political popularity. Several periods witnessed strong reactions against market trends, in particular the financial markets. In the recent past, in the middle of the twentieth century and towards its end, such cynicism was easy to notice. Reacting to downsides of financial globalization, anti-market and anti-globalization voices became particularly strident towards the end of the last century.

Keywords: Capital Flow; Capital Mobility; European Economic Community; Capital Account; Financial Flow (search for similar items in EconPapers)
Date: 2004
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-4039-3867-1_5

Ordering information: This item can be ordered from
http://www.palgrave.com/9781403938671

DOI: 10.1057/9781403938671_5

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().