Financial Globalization and Regulation

Levy Economics Institute Working Paper No. 397

20 Pages Posted: 15 Jan 2004

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

Date Written: December 2003

Abstract

This paper attempts to define financial globalization as a process whereby financial markets internationally are integrated so closely that they can be considered as a single market. The process, viewed as a by-product of financial liberalization, is only a necessary condition for financial globalization, however. The sufficient condition is the creation of world-wide single currency, managed and regulated by a single international monetary authority. The system itself needs to be managed carefully to avoid the kind of crises countries have experienced over the last 30 years or so. This sufficient condition has not yet been met.

Keywords: Financial globalization, financial liberalization, financail regulation

JEL Classification: F33, N20

Suggested Citation

Arestis, Philip and Basu, Santonu, Financial Globalization and Regulation (December 2003). Levy Economics Institute Working Paper No. 397. Available at SSRN: https://ssrn.com/abstract=486089 or http://dx.doi.org/10.2139/ssrn.486089

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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