Abstract
The forces of global economic change now directly affect most states, and many of them have implemented liberal foreign economic policies. This is particularly clear in the financial sector, as one country after another has lifted capital controls and deregulated their financial systems. Financial markets are more integrated globally now than at any time since World War II, and the ease with which both productive investment and speculative capital shifts across state borders in search of profitable opportunities has increased tremendously. This increased capital mobility has created fears that the result will be financial instability, as reflected in the growing literature on ‘hot money’ and ‘casino capitalism’.1 In addition, there is mixed but increasing evidence that the changes in financial systems have constrained the policy choices available to most governments, and redistributed power within societies by creating wealth for some and poverty for others.’ These changes in major financial markets also have reworked allied sectors of the economy, both directly and indirectly, in ways we are only beginning to understand.
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Notes
Robert Carter and Gerard Dickinson (1979), Barriers to Trade in Insurance Thames Essay no. 10 (London: Trade Policy Research Centre), p. 7.
Garry J. Schinasi (1995), ‘Asset Prices, Monetary Policy and the Business Cycle’, Finance and Development, June, p. 20.
See Charles Oman (1984), New Forms of International Investment in Developing Countries (Paris: OECD).
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Helen Hughes (1983), ‘Perspective: The Risks of Lending to Developing Countries’, in Richard J. Herring (ed.), Managing International Risk (Cambridge: Cambridge University Press), p. 172.
Richard N. Cooper (1983), ‘Managing Risks to the System’, in Herring, ed., ibid., p. 37.
Eduard Brau, K. Burke Dillon, Chanpan Puckafftikom and Miranda Xafa (1986), Export Credits: Developments and Prospects, World Economic and Financial Surveys (Washington, DC: International Monetary Fund), July.
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See Steven Weber (1994), ‘The Origins of the European Bank for Reconstruction and Development’, International Organization, vol. 48, no. 1 (Winter), pp. 1–38.
Paul Lewis (1995), ‘Socialising Risk to Foster Free Markets’, The New York Times, 12 February, p. 13.
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© 1997 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Haufler, V. (1997). Financial Deregulation and the Transformation of International Risks Insurance. In: Underhill, G.R.D. (eds) The New World Order in International Finance. International Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-25315-9_4
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DOI: https://doi.org/10.1007/978-1-349-25315-9_4
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