Overview of Financial Innovations in the International Financial Markets


The past several decades have witnessed a phenomenal expansion of the international financial markets in terms of both volume and diversity. International finance had been important in providing funds for expansion of railroads and other infrastructure projects, such as the Suez Canal, in many parts of the world starting from the late 19th century. However, for more than 30 years from the Great Depression of the 1930s until the late 1950s, international finance was in a state of hibernation. The modern version of the international financial markets originated in the late 1950s with the emergence of the Eurodollar market.


Interest Rate Financial Innovation International Financial Market Forward Exchange Rate European Currency Unit 
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© Kluwer Academic/Plenum Publishers 1999

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