Financial Liberalisation: Past, Present and Future by Philip Arestis, Malcolm Sawyer

By Philip Arestis, Malcolm Sawyer

This publication is the 13th quantity within the overseas Papers in Political economic system (IPPE) sequence which explores the newest advancements in political financial system. a set of 8 papers, the booklet concentrates at the deregulation of family monetary markets and discusses monetary liberalisation when it comes to its earlier functionality, present growth and destiny advancements. The chapters were written by means of professional participants within the box and concentrate on issues comparable to earlier files of monetary liberalisation, destiny regulations of law, and present account imbalances. different papers research capital account laws in constructing and rising international locations, and capital controls within the Eurozone after the 2007 monetary difficulty. This selection of papers invitations readers to contemplate the influence of economic liberalisation either in the course of and after the worldwide financial challenge. students and scholars with an curiosity in political economic climate, financialisation, and monetary functionality will locate this assortment stimulating and informative.

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The 1933 Glass–Steagall Act was designed to avoid the experience of the 1920s/1930s in terms of the conflict of interest between the commercial and the investment arms of large financial conglomerates (whereby the investment branch took high risk tolerance). The ultimate aim of the 1933 Glass–Steagall Act was to separate the activities of commercial banks and the risk-taking ‘investment or merchant’ banks along with strict regulation of the financial services industry. In effect, the Glass–Steagall Act of 1933 broke up the most powerful banks.

H. (1998). Financial Markets and Economic Growth. Journal of Applied Corporate Finance, 11(1), 8–14.  P. (1982). Can “It” Happen Again: Essays on Instability and Finance.  Sharpe.  P. (1986). Stabilizing an Unstable Economy. New Haven, CT: Yale University Press. Naceur, B. , & Zhang, R. (2016).

It is also the case that excessive short-run capital mobility can, and indeed has had, harmful consequences, especially for developing countries. There is also the question of whether financial structure, that is whether a country’s financial system is bank-based or capital market-based, is able to promote growth. The study by Arestis et al. (2001) demonstrates theoretically and empirically, utilising time series methods and employing data from five developed countries, that the effect of banks on growth is more powerful than that of stock markets.

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