Financial Globalization: Some Conceptual Problems

Levy Economics Institute Working Paper No. 360

11 Pages Posted: 5 May 2003

See all articles by Philip Arestis

Philip Arestis

University of Cambridge - Department of Land Economy; Universidad del País Vasco (UPV/EHU)

Santonu Basu

South Bank University - Department of Economics

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

JEL Classification: F33, F36

Suggested Citation

Arestis, Philip and Basu, Santonu, Financial Globalization: Some Conceptual Problems. Levy Economics Institute Working Paper No. 360. Available at SSRN: https://ssrn.com/abstract=371081 or http://dx.doi.org/10.2139/ssrn.371081

Philip Arestis (Contact Author)

University of Cambridge - Department of Land Economy ( email )

19 Silver Street
Cambridge, CB3 9EP
United Kingdom

Universidad del País Vasco (UPV/EHU)

Barrio Sarriena s/n
Leioa, Bizkaia 48940
Spain

Santonu Basu

South Bank University - Department of Economics ( email )

103 Borough Road
London SE1 0AA
United Kingdom
+44 (0)20 7815 7098 (Phone)

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