Download Adapting to Financial Globalisation by Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter PDF

By Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter

In line with a colloquium held through SUERF together with the Austrian nationwide financial institution, this booklet addresses the difficulty of adapting to the calls for of monetary globalisation, a urgent preoccupation of bankers monetary associations and monetary gurus.

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Today we operate in an increasingly interdependent world where there is a growing divergence between the national political sphere and the global economic and financial sphere. Monetary policy and financial stability 29 Ladies and gentlemen, It has always been the duty of monetary authorities to secure both monetary and financial stability. Yet, issues of financial stability have moved up on the agenda, due to the growth of financial services, both in volume and in depth. Global capital flows have hugely increased over the last twenty years and these developments – as was shown, for example by Obstfeld (1998) – have restored a degree of international capital mobility that was not seen since the beginning of the last century.

Up to now perhaps more so in the US than in the EU, as the US is further advanced regarding a business friendly regulatory environment, the flexibility of markets and, of course, the internal integration of its economy. In my opinion, it is too early to tell if we witness the emergence of a New Economy. 1 But at the same time it is beyond doubt that deregulation of financial services, capital account liberalization and the possibilities to reorganize and redefine production processes offered by new technologies have put the world economy on a new footing.

Virtually instantaneous access to information and the power of real-time processing means that the separation of different countries and markets is rapidly disappearing. If a pricing anomaly is perceived to exist somewhere, it is almost always possible to structure and execute an arbitrage transaction to take advantage of it. This does not mean that those who do this always make money – oh, no, they lose money also. But the point is that the arbitrage can be executed, and that this creates links between different markets.

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