Chapter 11

Exchanges, Rules Governing

L. Neal

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

Outline

The global financial market created in the last quarter of the twentieth century, with all its challenges and opportunities for mobilizing capital across national borders, still pales in size and significance relative to the international capital market that arose in the last quarter of the nineteenth century (Obstfeld and Taylor, 2004). During the classical gold standard period, 1880–1913, industrializing nations, led by Great Britain and followed by France, Germany, and the United States, exported capital on a scale that still has not been approached ...

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