By Dilip K. Das (auth.)
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Extra resources for Financial Globalization: Growth, Integration, Innovation and Crisis
It came up with several valuable inferences. In brief, export volumes as a proportion of GDP grew for the sample countries by an average of 30 percent between 1980 and 2005. Improvement in institutional and ﬁnancial frameworks accounted for as much as 25 percent of this increase. Another 25 percent of this increase was accounted for by reduced macroeconomic policy distortions. They included the relaxing of exchange restrictions, the dismantling of tariff barriers and the reduction in currency overvaluation.
The largest economies launched a concerted and collaborative endeavor to formulate a new global monetary regime. The regime that was invented after World War II became known as the Bretton Woods system, named after the spa in New Hampshire where its negotiations were ﬁnalized in July 1944. Twin institutions, namely the International Monetary Fund (IMF) and the World Bank, 18 Financial Globalization were conceived. In all, 44 allied nations and Argentina, a neutral country, participated in this conference.
How this capital market developed ‘and the convergence by many different nations on a single monetary standard is well known, and it exhibits all of the “networked externality” properties’ (Frieden, 2007, p. 126). 2). Amsterdam, Berlin, Paris and New York also developed into signiﬁcant ﬁnancial centers. Berlin and Paris rivaled London’s position in sovereign loans. In addition, Buenos Aires, Melbourne, Mexico City and Rio de Janeiro developed as smaller ﬁnancial centers. In this liberal global policy atmosphere, the capital market operated in an unfettered manner.