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The Management of Global Financial Markets
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After a period of gradual internationalisation of the goods markets since
World War II, we have witnessed a fast internationalisation of the financial
markets in the last decade. Some people might say that this process of
globalisation is nearing its end. In fact, it is far from being completed. John
McCallum showed that Canadian inter-provincial trade exceeds 19 times
the intensity of trade with neighbouring US provinces.1 John Helliwell
made a comparison of intra-national and international financial markets
based on the Horioka-Feldstein hypothesis.2 It showed that for provinces
within Canada investment and saving is uncorrelated, in sharp contrast to
the high correlation that exists between these aggregates within a country,
as Feldstein and Horioka have found.3
What does all this really mean? That the Canadian provinces are de
facto integrated into a single goods market and a single financial market,
but that the world economy is still far away from such integration. Borders
do matter, even between countries of such similar cultural heritage as the
United States and Canada, and we are still a long-long way from having a
global market, either for goods or for capital. Therefore, the questions
addressed in this book are not simply how to adjust to the integration of
markets that has emerged in the past ten years, but how to adjust to the
greater integration yet to come.
Forum on Debt and Development (FONDAD) - Organizational Body
1st Edition
90-74208-16-9
NONE
The Management of Global Financial Markets
Management
English
2000
1-261
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