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Changes in economic and financial structure and the international integration of capital markets over the past century and a half

In: Handbook of Financial Integration

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  • James R. Lothian

Abstract

The focus of this chapter is on market integration and the evolution of financial-market institutions over the years 1871 to 2020 and the relationship linking the two. One of its key findings is that changes in the exchange-rate regime, and in particular the change to more flexible exchange rates in the early 1970s, have had no lasting negative effects on the degree of financial integration. The author attributes this observed neutrality of the change in the regime to the development of forward-looking markets that allowed market participants to hedge the risks inherent in the greater volatility of exchange rates under floating. The chapter goes on to present data that are consistent with conjecture.

Suggested Citation

  • James R. Lothian, 2024. "Changes in economic and financial structure and the international integration of capital markets over the past century and a half," Chapters, in: Guglielmo M. Caporale (ed.), Handbook of Financial Integration, chapter 11, pages 240-254, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21716_11
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    File URL: https://www.elgaronline.com/doi/10.4337/9781803926377.00019
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    Keywords

    Economics and Finance;

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