Chapter 1

History of Financial Globalization, Overview

C.W. Calomiris* and L. Neal

*Columbia University, New York, NY, USA

University of Illinois at Urbana-Champaign, Columbus, OH, USA


Financial globalization appears to be a recent phenomenon, dating from the end of the Bretton Woods System in the tumultuous years 1971 through 1973 and the increasing removal of capital controls by national governments worldwide since the 1970s. The steady removal of government restrictions on the mobility of capital has created repeated opportunities for managers of financial resources to make ever-larger profits for themselves and their customers as a global securities market has emerged. The importance of the financial sector in all ...

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