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International Financial MarketsThe Challenge of Globalization$
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Leonardo Auernheimer

Print publication date: 2003

Print ISBN-13: 9780226032146

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226032153.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 28 September 2021

The Globalization of International Financial Markets: What Can History Teach Us?

The Globalization of International Financial Markets: What Can History Teach Us?

Chapter:
(p.29) Chapter One The Globalization of International Financial Markets: What Can History Teach Us?
Source:
International Financial Markets
Author(s):

Michael D. Bordo

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226032153.003.0002

This chapter examines the globalization of financial markets from the historical perspective of the past 120 years. It investigates whether the globalization of financial markets is indeed much more pervasive today than it was before 1914 and analyzes evidence on the incidence and severity of financial crises before 1914 and since 1973. The findings indicate that financial market integration has followed a U-shaped pattern, declining in the middle years of the twentieth century from the high levels achieved before 1914 to similar or higher levels today and that financial crises have always been part of the scene.

Keywords:   financial markets, globalization, financial crises, market integration

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