Capital Market Integration and National Wealth

Anthony Makin

Australian Economic Review, 1993, vol. 26, issue 2, 61-70

Abstract: This article examines the effects of increased capital market integration on Australia's external liabilities, total assets and national wealth using an inter‐temporal approach. Stylised national balance sheets‐then provide summary statements of how these aggregates changed following the unprecedented international financial liberalisation of the 1980s. Though the level of international debt was relatively high at the end of the 1980s compared to the 1970s, it was easily exceeded by growth in asset values, resulting in a sharp rise in wealth per head.

Date: 1993
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