The Global Interdependence of National Financial Markets
In recent decades there have been many signs of increasing integration between the various markets of the world. The liquidity explosion at the beginning of the 1970s and the subsequent worldwide rise in inflation, the reflection of monetary restrictions in the United States in corresponding restrictions in Europe, and the steep rise in the real US dollar rate at the beginning of the 1980s are just a few of many events resulting from the increasingly free movement of international capital. In view of these developments we may well wonder whether any country can isolate itself from the general integration created by the international flows of private capital, even by imposing exchange controls. Rather, it is a question of whether we can measure the level of influence and integration in quantitative terms, instead of simply invoking the kind of “evidence” mentioned above. The present book is intended to answer this question.
KeywordsEurope Expense OECD Clarification Omic
Unable to display preview. Download preview PDF.