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FINANCIAL GLOBALIZATION: SOME CONCEPTUAL PROBLEMS

Philip Arestis and Santonu Basu

International Trade from University Library of Munich, Germany

Abstract: In recent years free movement of financial capital following financial liberalization has given the impression that financial markets are truly globalized. In this paper we argue that free movement of financial capital alone does not constitute financial globalization. To achieve true financial globalization, an important requirement is the creation of a worldwide single currency, managed by a single international monetary authority. This condition, however, is not met under current institutional arrangements.

Keywords: financial capital; globalization (search for similar items in EconPapers)
JEL-codes: F33 F36 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-com, nep-fmk, nep-ifn, nep-mfd and nep-pke
Date: 2003-01-17
Note: Type of Document - word; prepared on PC; to print on HP; figures: included
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Related works:
Journal Article: Financial Globalization: Some Conceptual Problems (2003) Downloads
Working Paper: Financial Globalization: Some Conceptual Problems (2002) Downloads
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