Financial Globalization and Regulation

Philip Arestis and Santonu Basu

International Finance from University Library of Munich, Germany

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)
Pages: 18 pages
Date: 2004-01-20
New Economics Papers: this item is included in nep-com, nep-ifn and nep-pke
Note: Type of Document - pdf; pages: 18
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

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

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