Commentary: Internationalization of the World’s Securities Markets: Economic Causes and Regulatory Consequences

Abstract

Joseph Grundfest has written a very thought-provoking article. I would like to add a couple of ideas to some of the thoughts he put forward. The very impressive charts in his article deal with only the last decade. When people talk about international capital markets, they almost never go back before the middle of this century. This emphasis on the very recent past denies us the opportunity to learn something from history about international capital markets which, after all, have been active and productive for a long time.