Chapter

The Globalization of International Financial Markets: What Can History Teach Us?

Michael D. Bordo

in International Financial Markets

Published by University of Chicago Press

Published in print April 2003 | ISBN: 9780226032146
Published online February 2013 | e-ISBN: 9780226032153 | DOI: http://dx.doi.org/10.7208/chicago/9780226032153.003.0002
The Globalization of International Financial Markets: What Can History Teach Us?

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This chapter examines the globalization of financial markets from the historical perspective of the past 120 years. It investigates whether the globalization of financial markets is indeed much more pervasive today than it was before 1914 and analyzes evidence on the incidence and severity of financial crises before 1914 and since 1973. The findings indicate that financial market integration has followed a U-shaped pattern, declining in the middle years of the twentieth century from the high levels achieved before 1914 to similar or higher levels today and that financial crises have always been part of the scene.

Keywords: financial markets; globalization; financial crises; market integration

Chapter.  17540 words.  Illustrated.

Subjects: International Economics

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