Global money and finance

DOI: 10.4324/9781003057611-6

From the 1970s until the great financial crisis (GFC) of 2008–2009 international finance globalised fast. Especially in the 1990s, global finance was rapidly liberalised. National monies became internationally convertible, mostly at market determined exchange rates, and cross-border banking and finance soared. However, over time the incidence of financial crises also increased, mostly in emerging economies, but finally also affected advanced countries in the GFC. In consequence, re-regulation of global finance is back on the agenda (Figure 6.1). This chapter explores the workings of global money and finance, and the particular role of the design of the international monetary and financial ...

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