Abstract
In 1993 borrowing on international capital markets continued its rapid increase for the third year in a row: in 1991, there had been a rapid increase (of 20.7 per cent) in the aggregate volume of international capital flows and in 1992, there was a further increase of 16.2 per cent. In 1993, global borrowing rose even more by 33 per cent (see Table 9.1). Thus, 1993 global borrowing more than doubled 1987 levels.
I thank Luis Gonzalez and Vassilis Papageorgiou for very valuable research assistance and am grateful to regulators, who offered valuable insights, when I interviewed them.
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Notes
See, for example, World Bank, Global Economic Prospects and the Developing Countries (1993) pp. 35–6.
See, World Bank, op. cit.; WIDER, Foreign Portfolio Investment in Emerging Equity Markets, Study Group Series No. 5 (Helsinki); S. Gooptu, Portfolio Investment Flows to Emerging Markets, World Bank Working Paper, WP51117 (Washington DC, March 1993).
For a detailed analysis of this trend, see R. Dale, International Banking Deregulation, the Great Banking Experiment (Oxford: Blackwell, 1992).
See, for example, BIS op. cit.; also, R. O’Brien, Global Financial Integration: The End of Geography (Pinter Publishers, 1992).
See, World Bank, op. cit.
See, for example, E. P. Davis, ‘The Structure, Regulation and Performance of Pension Funds in Nine Industrial Countries’, mimeo (Bank of England, 1992); also, M. Howell and A. Cozzini, Games without Frontiers; Global Equity Markets in the 1990s (London: Salomon Bros, 1992).
OECD, ‘Systemic Risks in Securities Markets’, Financial Market Trends, no. 49 (June 1991), Paris.
E. Frydl, ‘The Challenges of Financial Change’, in Annual Report (Federal Reserve Bank of New York, 1985).
Interview material; see also, ‘Capital Spat’, The Economist (31 October 1992) and ‘Tough Time Making a Level Playing Field’, Financial Times (4 May 1993).
See, IOSCO. Final Communique of the XVII Annual Conference, London, 1992.
R. Breuer, ‘Financial Integration — The End of Geography’, IOSCO XVII Annual Conference (London, October 1992).
J. Tobin, ‘Tax the speculators’. Financial Times (22 December 1992).
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© 1996 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Griffith-Jones, S. (1996). Regulatory Implications of Global Financial Markets. In: Sen, S. (eds) Financial Fragility, Debt and Economic Reforms. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-13801-2_10
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