Global Financial Trade: How Far Have We Come?

15 Pages Posted: 8 Jun 2005

See all articles by Philip R. Lane

Philip R. Lane

Trinity College (Dublin) - Department of Economics; Centre for Economic Policy Research (CEPR); Central Bank of Ireland

Date Written: August 2004

Abstract

In this paper, I review recent trends in global integration of financial systems and assess the implications for international macroeconomic adjustment. While recent growth in the scale of international balance sheets has been dramatic, product markets remain quite segmented. The mis-match between financial and real integration means that the role of exchange rates in international adjustment has taken on an even more crucial role.

Keywords: Financial globalization, net foreign assets, macroeconomic adjustment

Suggested Citation

Lane, Philip R., Global Financial Trade: How Far Have We Come? (August 2004). IIIS Discussion Paper No. 35. Available at SSRN: https://ssrn.com/abstract=739006 or http://dx.doi.org/10.2139/ssrn.739006

Philip R. Lane (Contact Author)

Trinity College (Dublin) - Department of Economics ( email )

Trinity College
Dublin 2
Ireland
+353 1 608 2259 (Phone)
+353 1 677 2503 (Fax)

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Central Bank of Ireland ( email )

P.O. Box 559
Dame Street
Dublin, 2
Ireland

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