Integration in World Capital Markets

Renzo Avesani

Chapter 5 in Multilateralism and Regionalism after the Uruguay Round, 1997, pp 161-193 from Palgrave Macmillan

Abstract: Abstract Since the breakdown of the Bretton Woods system, international financial markets have experienced an acceleration in the trend towards liberalization. This is a most remarkable development given that, before 1973, capital controls were widely used, especially when a country faced a balance of payments crisis. The widespread reliance on capital controls stood in contrast with the stance in trade policy: several rounds of GATT negotiations had indeed prompted a substantial reduction in the barriers to trade in goods and services. The asymmetric treatment between trade in goods and trade in assets has always been difficult to justify.1

Keywords: Exchange Rate; Interest Rate; Financial Market; Real Exchange Rate; Institutional Investor (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-25502-3_5

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DOI: 10.1007/978-1-349-25502-3_5

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