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Financial globalization since the 1970s

In: Financial Crises and Recession in the Global Economy

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Abstract

Since the 1970s, the rapid expansion and globalization of financial markets shadows most other developments in international economics. This chapter documents and defines financial globalization and discusses what caused it: developments in information-processing technologies; government deregulation; and the more global nature of all economic activity. International interest rate and financial strategy ‘parities’ are presented as new, dominant, dynamic patterns in the global economy. Financial market globalization has been a driving force behind recent imbalances in trade and investment between countries. And, the self-adjustment mechanisms within the global economy have been irreversibly changed by financial globalization.

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  • ., 2023. "Financial globalization since the 1970s," Chapters, in: Financial Crises and Recession in the Global Economy, chapter 1, pages 1-34, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21773_1
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    File URL: https://www.elgaronline.com/doi/10.4337/9781803927572.00008
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