"Financial Globalization and Regulation"

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.

"Financial Globalization: Some Conceptual Problems"

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.

Financial Globalization and Regulation

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.Financial Globalization, Financial Liberalization, Financial Regulation

"Is Financial Globalization Truly Global?: New Institutions for an Inclusive Capital Market"

In 2002 more than $1 trillion worth of new bonds was sold across international boundaries. The total stock of cross-border bond holdings was more than$9 trillion. Such lending, together with sales of equities, is regarded as one of the chief benefits of globalization. But financial investment does not always flow where it is needed most.While it appears that the world cannot be satiated with U.S. securities, issues of emerging economies account for less than 6 percent of total international holdings of debt securities (DÕArista 2003). And, as Argentina discovered recently, international lenders can be fickle, selling enough foreign currency and securities to cause a currency crisis.

Is financial globalization truly global? New institutions for an inclusive capital market

In 2002 more than $1 trillion worth of new bonds was sold across international boundaries. The total stock of cross-border bond holdings was more than$9 trillion. Such lending, together with sales of equities, is regarded as one of the chief benefits of globalization. But financial investment does not always flow where it is needed most. While it appears that the world cannot be satiated with US securities, issues of emerging economies account for less than 6 percent of total international holdings of debt securities (D'Arista 2003). And, as Argentina discovered recently, international lenders can be fickle, selling enough foreign currency and securities to cause a currency crisis

Financial globalization: some conceptual problems

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

Structural Problems in Financing Development: Issues Relating to India

Abstract This paper argues that the process of financing development in India increased the fragility of the financial market. Consequently, the need arose for the government to implement policies that would reduce that fragility, and also to introduce strong enforceable bankruptcy laws, in order to prevent the emergence of corruption. It appears that the recent capital market reform did not give adequate attention to reducing the fragility of the financial market.Financial reforms, credit standard, economic development, India, O16, O10,

Incomplete Information and Asymmetric Information

Asymmetric information refers to that uncertainty which arises as a result of co-ordination problems between two agents. This has a limited applicability in the understanding of how businessmen attempt to protect themselves against the possible fluctuation in macro-economic variables and from a possible adverse competitive atmosphere. This paper argues that incomplete information allows us to identify those variables whose unknown position might cause uncertainty, which in turn allows us to understand why, and types of, measures are undertaken by businessmen in an attempt to protect themselves from the adverse impact of unforeseen events. Results from these measures are contrary to the findings of the neo-classical model