Publisher's Synopsis
Globalization of international financial markets, a crucial component of the secular process of increasing functional integration of the global economy, while widely recognized and discussed, has not been subject to thorough empirical analysis. In this book, globalization institutions and technologies that lower national financial boundaries, provide improved information, and reduce transaction costs, are assessed in terms of their qualitative and quantitative impacts on financial globalization. This assessment proceeds within an integrated theoretical framework which draws from the principal theoretical approaches in international finance. The book provides a clear understanding of how financial market open policy, international tax treaties, financial instrument innovation, and telecommunication network development have accelerated the global capital flows. The book also explores how these globalization factors have influenced capital inflows and outflows in 121 countries. As a consequence of globalization, the book warns that the external financial resource gap between capital-rich and capital-poor countries has widened.
