Abstract
In recent years the financial markets of the world have become more closely linked together. Three major forces have operated to bind these markets together including the global corporation, the universality of the dollar, and the ability and ingenuity of the international banks and investment banking concerns.1The intertwining of world financial markets is reflected clearly by the manner in which markets abroad felt the effects from the severe credit restraint in the United States in 1968–9, and from the international currency crises of 1971 and 1973. The purpose of this chapter is to provide an analysis of the interplay between the domestic and international financial markets and the global operations of internationally oriented banks. Moreover, this chapter examines the role played by New York as an international financial centre; its relation to international banking activities; and the offshore investment banking operations of U.S. banks.
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Notes
Walter H. Page, ‘The One World of Finance’, Proceedings of the Fifty-Sixth National Foreign Trade Convention, National Foreign Trade Council, Inc., New York, 1970, pp. 118–19.
Paul Meek, New York- International Financial Center, dissertation completed at the Stonier Graduate School of Banking, Rutgers University, April 1962, pp. 3–4.
J. S. G. Wilson, ‘Money Markets in the United States of America’, Quarterly Review, Banca Nazionale del Lavoro, December 1970, pp. 345–6.
John M. Young, ‘U.S. Role in the International Capital Market’, The Banker, July 1969, p. 642.
Richard N. Cooper, ‘The Interest Equalization Tax: An Experiment in the Separation of Capital Markets’, Finanz-Archiv, Vol. 24, No. 3. Reprinted by the Yale Economic Growth Centre, 1966, pp. 455–6.
Richard N. Cooper, The Economics of Interdependence, McGraw Hill, 1968, pp. 137–8.
Wilford J. Eiteman and David K. Eiteman, Leading World Stock Exchanges, University of Michigan, 1964, pp. 84–90.
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© 1974 Francis A. Lees
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Lees, F.A. (1974). Relations with Domestic and International Financial Markets. In: International Banking and Finance. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-02148-2_9
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DOI: https://doi.org/10.1007/978-1-349-02148-2_9
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-02150-5
Online ISBN: 978-1-349-02148-2
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