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- Title
Global financial markets: Financial deregulation and crises.
- Authors
Girón, Alicia; Correa, Eugenia
- Abstract
The article analyses the chief transformations in the financial markets over the past 25 years. These changes are typical of a financial globalization process and are factors in the current financial instability and fragility. Financial deregulation has made it gradually impossible for nation-states to control their money supply or credit, forcing them to shoulder enormous losses in the form of public debt. Financial globalization has not become a regulatory process, nor has it acquired the institutional form at the national and international levels that would bring about financial stability. The article also surveys the new level of concentration prevailing on financial markets, the aim being to show how sources of national and international liquidity continue to remain highly concentrated. The Asian financial crisis has boosted concentration even further, with the result that true multinational financial mega-conglomerates have arisen, leading to overall consolidation of the sector. The importance of state monetary and credit management as the way to achieve a stable relationship between growth in production capacity and interest rates is stressed.
- Subjects
GLOBALIZATION; INTERNATIONAL markets; TRADE regulation; PRODUCTION (Economic theory); CONGLOMERATE corporations; INTERNATIONAL relations
- Publication
International Social Science Journal, 1999, Vol 51, Issue 160, p183
- ISSN
0020-8701
- Publication type
Article
- DOI
10.1111/1468-2451.00187