1986:, and the emergent systemic risks of financial globalization. Since the establishment in 1945 of a formal international monetary system with the IMF empowered as its guardian, the world has undergone extensive changes politically and economically. This has fundamentally altered the paradigm in which international financial institutions operate, increasing the complexities of the IMF and World Bank's mandates. The lack of adherence to a formal monetary system has created a void of global constraints on national macroeconomic policies and a deficit of rule-based governance of financial activities. French economist and Executive Director of the World Economic Forum's Reinventing Bretton Woods Committee, Marc Uzan, has pointed out that some radical proposals such as a "global central bank or a world financial authority" have been deemed impractical, leading to further consideration of medium-term efforts to improve transparency and disclosure, strengthen emerging market financial climates, bolster prudential regulatory environments in advanced nations, and better moderate capital account liberalization and exchange rate regime selection in emerging markets. He has also drawn attention to calls for increased participation from the private sector in the management of financial crises and the augmenting of multilateral institutions' resources.
1971:). Other central banks are contemplating ways to exit unconventional monetary policies employed in recent years. Some nations however, such as Japan, are attempting stimulus programs at larger scales to combat deflationary pressures. The Eurozone's nations implemented myriad national reforms aimed at strengthening the monetary union and alleviating stress on banks and governments. Yet some European nations such as Portugal, Italy, and Spain continue to struggle with heavily leveraged corporate sectors and fragmented financial markets in which investors face pricing inefficiency and difficulty identifying quality assets. Banks operating in such environments may need stronger provisions in place to withstand corresponding market adjustments and absorb potential losses. Emerging market economies face challenges to greater stability as bond markets indicate heightened sensitivity to monetary easing from external investors flooding into domestic markets, rendering exposure to potential capital flights brought on by heavy corporate leveraging in expansionary credit environments. Policymakers in these economies are tasked with transitioning to more sustainable and balanced financial sectors while still fostering market growth so as not to provoke investor withdrawal.
908:. As an alternative to cutting tariffs across all imports, Democrats advocated for trade reciprocity. The U.S. Congress passed the Reciprocal Trade Agreements Act in 1934, aimed at restoring global trade and reducing unemployment. The legislation expressly authorized President Roosevelt to negotiate bilateral trade agreements and reduce tariffs considerably. If a country agreed to cut tariffs on certain commodities, the U.S. would institute corresponding cuts to promote trade between the two nations. Between 1934 and 1947, the U.S. negotiated 29 such agreements and the average tariff rate decreased by approximately one third during this same period. The legislation contained an important most-favored-nation clause, through which tariffs were equalized to all countries, such that trade agreements would not result in preferential or discriminatory tariff rates with certain countries on any particular import, due to the difficulties and inefficiencies associated with differential tariff rates. The clause effectively generalized tariff reductions from bilateral trade agreements, ultimately reducing worldwide tariff rates.
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living beyond its means. For example, assuming a capital account balance of zero (thus no asset transfers available for financing), a current account deficit of ÂŁ1 billion implies a financial account surplus (or net asset exports) of ÂŁ1 billion. A net exporter of financial assets is known as a borrower, exchanging future payments for current consumption. Further, a net export of financial assets indicates growth in a country's debt. From this perspective, the balance of payments links a nation's income to its spending by indicating the degree to which current account imbalances are financed with domestic or foreign financial capital, which illuminates how a nation's wealth is shaped over time. A healthy balance of payments position is important for economic growth. If countries experiencing a growth in demand have trouble sustaining a healthy balance of payments, demand can slow, leading to: unused or excess supply, discouraged foreign investment, and less attractive exports which can further reinforce a negative cycle that intensifies payments imbalances.
1162:(SDRs), which could be held by central banks and exchanged among themselves and the Fund as an alternative to gold. SDRs entered service in 1970 originally as units of a market basket of sixteen major vehicle currencies of countries whose share of total world exports exceeded 1%. The basket's composition changed over time and presently consists of the U.S. dollar, euro, Japanese yen, Chinese yuan, and British pound. Beyond holding them as reserves, nations can denominate transactions among themselves and the Fund in SDRs, although the instrument is not a vehicle for trade. In international transactions, the currency basket's portfolio characteristic affords greater stability against the uncertainties inherent with free floating exchange rates. Special drawing rights were originally equivalent to a specified amount of gold, but were not directly redeemable for gold and instead served as a surrogate in obtaining other currencies that could be exchanged for gold. The Fund initially issued 9.5 billion
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792:
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1995. Compared with its GATT secretariat predecessor, the WTO features an improved mechanism for settling trade disputes since the organization is membership-based and not dependent on consensus as in traditional trade negotiations. This function was designed to address prior weaknesses, whereby parties in dispute would invoke delays, obstruct negotiations, or fall back on weak enforcement. In 1997, WTO members reached an agreement which committed to softer restrictions on commercial financial services, including banking services, securities trading, and insurance services. These commitments entered into force in March 1999, consisting of 70 governments accounting for approximately 95% of worldwide financial services.
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system began experiencing insurmountable market pressures and deteriorating cohesion among its key participants in the late 1950s and early 1960s. Central banks needed more U.S. dollars to hold as reserves, but were unable to expand their money supplies if doing so meant exceeding their dollar reserves and threatening their exchange rate pegs. To accommodate these needs, the
Bretton Woods system depended on the United States to run dollar deficits. As a consequence, the dollar's value began exceeding its gold backing. During the early 1960s, investors could sell gold for a greater dollar exchange rate in London than in the United States, signaling to market participants that the dollar was
1116:. The closure of the gold window effectively shifted the adjustment burdens of a devalued dollar to other nations. Speculative traders chased other currencies and began selling dollars in anticipation of these currencies being revalued against the dollar. These influxes of capital presented difficulties to foreign central banks, which then faced choosing among inflationary money supplies, largely ineffective capital controls, or floating exchange rates. Following these woes surrounding the U.S. dollar, the dollar price of gold was raised to US$ 38 per ounce and the Bretton Woods system was modified to allow fluctuations within an augmented band of 2.25% as part of the
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government officials have grown disillusioned with deploying tax revenues to bail out creditors for the sake of stopping contagion and mitigating economic disaster. Volcker has expressed an array of potential coordinated measures: increased policy surveillance by the IMF and commitment from nations to adopt agreed-upon best practices, mandatory consultation from multilateral bodies leading to more direct policy recommendations, stricter controls on national qualification for emergency financing facilities (such as those offered by the IMF or by central banks), and improved incentive structures with financial penalties.
40:
1426:, and embracing capital outflows and short-term capital mobility only once the country has achieved functioning domestic capital markets and established a sound regulatory framework. An emerging market economy must develop a credible currency in the eyes of both domestic and international investors to realize benefits of globalization such as greater liquidity, greater savings at higher interest rates, and accelerated economic growth. If a country embraces unrestrained access to foreign capital markets without maintaining a credible currency, it becomes vulnerable to speculative capital flights and
2046:, particularly when many multinational firms deliberately invest in highly risky government bonds in anticipation of a national or international bailout. Although crises can be overcome by emergency financing, employing bailouts places a heavy burden on taxpayers living in the afflicted countries, and the high costs damage standards of living. Stiglitz has advocated finding means of stabilizing short-term international capital flows without adversely affecting long-term foreign direct investment which usually carries new knowledge spillover and technological advancements into economies.
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1277:
Bretton Woods system. Similarly to
Bretton Woods however, EMS members could impose capital controls and other monetary policy shifts on countries responsible for exchange rates approaching their bounds, as identified by a divergence indicator which measured deviations from the ECU's value. The central exchange rates of the parity grid could be adjusted in exceptional circumstances, and were modified every eight months on average during the systems' initial four years of operation. During its twenty-year lifespan, these central rates were adjusted over 50 times.
1076:
587:
579:
1366:, in which countries increasingly abandoned regulations over the behavior of financial intermediaries and simplified requirements of disclosure to the public and to regulatory authorities. As economies became more open, nations became increasingly exposed to external shocks. Economists have argued greater worldwide financial integration has resulted in more volatile capital flows, thereby increasing the potential for financial market turbulence. Given greater integration among nations, a systemic crisis in one can easily infect others.
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decentralized in that member states retained autonomy in selecting an exchange rate regime. The amendment also expanded the institution's capacity for oversight and charged members with supporting monetary sustainability by cooperating with the Fund on regime implementation. This role is called IMF surveillance and is recognized as a pivotal point in the evolution of the Fund's mandate, which was extended beyond balance of payments issues to broader concern with internal and external stresses on countries' overall economic policies.
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1703:. The current account summarizes three variables: the trade balance, net factor income from abroad, and net unilateral transfers. The financial account summarizes the value of exports versus imports of assets, and the capital account summarizes the value of asset transfers received net of transfers given. The capital account also includes the official reserve account, which summarizes central banks' purchases and sales of domestic currency, foreign exchange, gold, and SDRs for purposes of maintaining or utilizing bank reserves.
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were authorized to offset such policies by enacting countervailing tariffs. The agreement provided governments with a transparent structure for managing trade relations and avoiding protectionist pressures. However, GATT's principles did not extend to financial activity, consistent with the era's rigid discouragement of capital movements. The agreement's initial round achieved only limited success in reducing tariffs. While the U.S. reduced its tariffs by one third, other signatories offered much smaller trade concessions.
2154:
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operations. Control risk is born from uncertainties surrounding property and decision rights in the local operation of foreign direct investments. Credit risk implies lenders may face an absent or unfavorable regulatory framework that affords little or no legal protection of foreign investments. For example, foreign governments may commit to a sovereign default or otherwise repudiate their debt obligations to international investors without any legal consequence or recourse. Governments may decide to
1198:'s administration brought about increasing balance of payments deficits and budget deficits. To finance these deficits, the United States offered artificially high real interest rates to attract large inflows of foreign capital. As foreign investors' demand for U.S. dollars grew, the dollar's value appreciated substantially until reaching its peak in February 1985. The U.S. trade deficit grew to $ 160 billion in 1985 ($ 341 billion in 2012 dollars) as a result of the dollar's strong appreciation. The
1635:. Investors concerned about a possible sovereign default rapidly sold Greek bonds. Given Greece's prior decision to embrace the euro as its currency, it no longer held monetary policy autonomy and could not intervene to depreciate a national currency to absorb the shock and boost competitiveness, as was the traditional solution to sudden capital flight. The crisis proved contagious when it spread to Portugal, Italy, and Spain (together with Greece these are collectively referred to as the
995:(IBRD). Collectively referred to as the Bretton Woods institutions, they became operational in 1947 and 1946 respectively. The IMF was established to support the monetary system by facilitating cooperation on international monetary issues, providing advisory and technical assistance to members, and offering emergency lending to nations experiencing repeated difficulties restoring the balance of payments equilibrium. Members would contribute funds to a pool according to their share of
1871:, and established legal and disclosure procedures, can itself develop and grow a healthy domestic financial system. In a global context however, no central political authority exists which can extend these arrangements globally. Rather, governments have cooperated to establish a host of institutions and practices that have evolved over time and are referred to collectively as the international financial architecture. Within this architecture, regulatory authorities such as
216:
2011:
2002:. The slow and often delayed implementation of banking regulations that meet Basel III criteria means most of the standards will not take effect until 2019, rendering continued exposure of global finance to unregulated systemic risks. Despite Basel III and other efforts by the G20 to bolster the Financial Stability Board's capacity to facilitate cooperation and stabilizing regulatory changes, regulation exists predominantly at the national and regional levels.
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suggested they be held to standards higher than those mandated by Basel III, and that despite the inevitability of institutional failures, such failures should not drag with them the financial systems in which they participate. Dombret has advocated for regulatory reform that extends beyond banking regulations and has argued in favor of greater transparency through increased public disclosure and increased regulation of the shadow banking system.
177:
scale. Emerging market policymakers face a challenge of precision as they must carefully institute sustainable macroeconomic policies during extraordinary market sensitivity without provoking investors to retreat their capital to stronger markets. Nations' inability to align interests and achieve international consensus on matters such as banking regulation has perpetuated the risk of future global financial catastrophes. Initiatives like the
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2083:. Carney has argued that policymakers have converged on the view that institutions must bear the burden of financial losses during future financial crises, and such occurrences should be well-defined and pre-planned. He suggested other national regulators follow Canada in establishing staged intervention procedures and require banks to commit to what he termed "living wills" which would detail plans for an orderly institutional failure.
1993:' assessment of global finance notes that excessive institutions with overlapping directives and limited scopes of authority, coupled with difficulty aligning national interests with international reforms, are the two key weaknesses inhibiting global financial reform. Nations do not presently enjoy a comprehensive structure for macroeconomic policy coordination, and global savings imbalances have abounded before and after the
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847:. Most countries throughout this period sought to gain national advantages and bolster exports by depreciating their currency values to predatory levels. A number of countries, including the United States, made unenthusiastic and uncoordinated attempts to restore the former gold standard. The early years of the Great Depression brought about bank runs in the United States, Austria, and Germany, which placed pressures on
923:
661:, but to no effect as financial contracts became informally unable to be negotiated and export embargoes thwarted gold shipments. A week later, the Bank of England began to address the deadlock in the foreign exchange markets by establishing a new channel for transatlantic payments whereby participants could make remittance payments to the U.K. by depositing gold designated for a Bank of England account with Canada's
1007:
the IBRD was established to serve as a type of financial intermediary for channeling global capital toward long-term investment opportunities and postwar reconstruction projects. The creation of these organizations was a crucial milestone in the evolution of the international financial architecture, and some economists consider it the most significant achievement of multilateral cooperation following
289:, enhanced communications, trade expansion, and growth in capital transfers. During the mid-nineteenth century, the passport system in Europe dissolved as rail transport expanded rapidly. Most countries issuing passports did not require they be carried, and so people could travel freely without them. The standardization of international passports would not arise until 1980 under the guidance of the
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313:. Europe itself experienced an influx of foreigners from 1860 to 1910, growing from 0.7% of the population to 1.8%. While the absence of meaningful passport requirements allowed for free travel, migration on such an enormous scale would have been prohibitively difficult if not for technological advances in transportation, particularly the expansion of railway travel and the dominance of
556:. In addition to addressing the underlying issues that precipitated the international ramifications of the 1907 money market crunch, New York's banks were liberated from the need to maintain their own reserves and began undertaking greater risks. New access to rediscount facilities enabled them to launch foreign branches, bolstering New York's rivalry with London's competitive
1482:, which centered on a leverage ratio requirement aimed at restricting excessive leveraging by banks. In addition to strengthening the ratio, Basel III modified the formulas used to weight risk and compute the capital thresholds necessary to mitigate the risks of bank holdings, concluding the capital threshold should be set at 7% of the value of a bank's risk-weighted assets.
1588:. The systemic problems originated in the United States and other advanced nations. Similarly to the 1997 Asian crisis, the global crisis entailed broad lending by banks undertaking unproductive real estate investments as well as poor standards of corporate governance within financial intermediaries. Particularly in the United States, the crisis was characterized by growing
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first accord such as insufficient public disclosure of banks' risk profiles and oversight by regulatory bodies. Members were slow to implement it, with major efforts by the
European Union and United States taking place as late as 2007 and 2008. In 2010, the Basel Committee revised the capital requirements in a set of enhancements to Basel II known as
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Doing so in an elegant, orderly manner could be difficult as markets adjust to reflect investors' expectations of a new monetary regime with higher interest rates. Interest rates could rise too sharply if exacerbated by a structural decline in market liquidity from higher interest rates and greater volatility, or by structural
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has argued that a global financial system regulated on a largely national basis is untenable for supporting a world economy with global financial firms. In 2011, he advocated five pathways to improving the safety and security of the global financial system: a special capital requirement for financial
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to the extent that the United States' status as the steward of the world's reserve currency was called into question. Post-crisis efforts to pursue macroeconomic policies aimed at stabilizing foreign exchange markets have yet to be institutionalized. The lack of international consensus on how best to
1790:
Each of the core economic functions, consumption, production, and investment, have become highly globalized in recent decades. While consumers increasingly import foreign goods or purchase domestic goods produced with foreign inputs, businesses continue to expand production internationally to meet an
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The balance of payments accounts summarize payments made to or received from foreign countries. Receipts are considered credit transactions while payments are considered debit transactions. The balance of payments is a function of three components: transactions involving export or import of goods and
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which repealed the Glass–Steagall Act of 1933, ending limitations on commercial banks' investment banking activity. Industrialized nations began relying more on foreign capital to finance domestic investment opportunities, resulting in unprecedented capital flows to advanced economies from developing
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their sovereignty in matters of monetary policy. These countries continued to circulate their national legal tenders, exchangeable for euros at fixed rates, until 2002 when the ECB began issuing official Euro coins and notes. As of 2011, the EMU comprises 17 nations which have issued the Euro, and 11
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in
January 1976, which ratified the end of the Bretton Woods system and reoriented the Fund's role in supporting the international monetary system. The agreement officially embraced the flexible exchange rate regimes that emerged after the failure of the Smithsonian Agreement measures. In tandem with
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non-agricultural exports needed to be prohibited. As such, the agreement's most favored nation clause prohibited members from offering preferential tariff rates to any nation that it would not otherwise offer to fellow GATT members. In the event of any discovery of non-agricultural subsidies, members
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for their flexibility. Under this system, nations would peg their exchange rates to the U.S. dollar, which would be convertible to gold at US$ 35 per ounce. This arrangement is commonly referred to as the
Bretton Woods system. Rather than maintaining fixed rates, nations would peg their currencies to
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in 1919, and to function as a bank for central banks around the world. Nations may hold a portion of their reserves as deposits with the institution. It also serves as a forum for central bank cooperation and research on international monetary and financial matters. The BIS also operates as a general
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enjoyed general stability throughout World War I, in large part due to various steps taken by the U.K. government to influence the pound's value in ways that yet provided individuals with the freedom to continue trading currencies. Such measures included open market interventions on foreign exchange,
1954:
The IMF has reported that the global financial system is on a path to improved financial stability, but faces a host of transitional challenges borne out by regional vulnerabilities and policy regimes. One challenge is managing the United States' disengagement from its accommodative monetary policy.
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for Greece and other afflicted nations. Additionally, the ECB pledged to purchase bonds from troubled eurozone nations in an effort to mitigate the risk of a banking system panic. The crisis is recognized by economists as highlighting the depth of financial integration in Europe, contrasted with the
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Although the exchange rate stability sustained by the
Bretton Woods system facilitated expanding international trade, this early success masked its underlying design flaw, wherein there existed no mechanism for increasing the supply of international reserves to support continued growth in trade. The
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referred in the late 1990s to a growing consensus that something is wrong with a system having the capacity to impose high costs on a great number of people who are hardly even participants in international financial markets, neither speculating on international investments nor borrowing in foreign
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foreign-held assets or enact contrived policy changes following an investor's decision to acquire assets in the host country. Country risk encompasses both political risk and credit risk, and represents the potential for unanticipated developments in a host country to threaten its capacity for debt
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A country's external wealth is measured by the value of its foreign assets net of its foreign liabilities. A current account surplus (and corresponding financial account deficit) indicates an increase in external wealth while a deficit indicates a decrease. Aside from current account indications of
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its gold reserves, returning gold to members or selling it to provide poorer nations with relief funding. Developing countries and countries not endowed with oil export resources enjoyed greater access to IMF lending programs as a result. The Fund continued assisting nations experiencing balance of
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as necessary to manage payments imbalances and meet pegging targets, but prohibited from relying on IMF financing to cover particularly short-term capital hemorrhages. While the IMF was instituted to guide members and provide a short-term financing window for recurrent balance of payments deficits,
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tools before resorting to repegging strategies. The adjustable pegging enabled greater exchange rate stability for commercial and financial transactions which fostered unprecedented growth in international trade and foreign investment. This feature grew from delegates' experiences in the 1930s when
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each embraced the standard one by one from 1878 to 1897, marking its international acceptance. The first departure from the standard occurred in August 1914 when these nations erected trade embargoes on gold exports and suspended redemption of gold for banknotes. Following the end of World War I on
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attempted several measures to revive the London foreign exchange market, the most notable of which were implemented on
September 5 to extend the previous moratorium through October and allow the Bank of England to temporarily loan funds to be paid back upon the end of the war in an effort to settle
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has noted a difficulty in identifying institutions that constitute systemic importance via their size, complexity, and degree of interconnectivity within the global financial system, and that efforts should be made to identify a group of 25 to 30 indisputable globally systemic institutions. He has
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Because the balance of payments sums to zero, a current account surplus indicates a deficit in the asset accounts and vice versa. A current account surplus or deficit indicates the extent to which a country is relying on foreign capital to finance its consumption and investments, and whether it is
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accord was set in 2004 and again emphasized capital requirements as a safeguard against systemic risk as well as the need for global consistency in banking regulations so as not to competitively disadvantage banks operating internationally. It was motivated by what were seen as inadequacies of the
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by which central banks jointly intervene to resolve under- and overvaluations in the foreign exchange market to stabilize otherwise freely floating currencies. Exchange rates stabilized following the embrace of managed floating during the 1990s, with a strong U.S. economic performance from 1997 to
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of manufacturing corporations. Although the committee's findings were inconclusive, the very possibility was enough to motivate support for the long-resisted notion of establishing a central bank. The
Federal Reserve's overarching aim was to become the sole lender of last resort and to resolve the
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financial derivatives; improved delineation of "the responsibilities of the home versus the host country" when banks encounter trouble; and well-defined procedures for managing emergency liquidity solutions across borders including which parties are responsible for the risk, terms, and funding of
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has described two approaches to global financial reform: shielding financial institutions from cyclic economic effects by strengthening banks individually, and defending economic cycles from banks by improving systemic resiliency. Strengthening financial institutions necessitates stronger capital
2056:
has argued that the lack of global consensus on key issues threatens efforts to reform the global financial system. He has argued that quite possibly the most important issue is a unified approach to addressing failures of systemically important financial institutions, noting public taxpayers and
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facilitates the Global Agenda
Council on the Global Financial System and Global Agenda Council on the International Monetary System, which report on systemic risks and assemble policy recommendations. The Global Financial Markets Association facilitates discussion of global financial issues among
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Following research of systemic crises that plagued developing countries throughout the 1990s, economists have reached a consensus that liberalization of capital flows carries important prerequisites if these countries are to observe the benefits offered by financial globalization. Such conditions
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on fixed exchange rate currencies perceived to be mispriced given a nation's fiscal policy, self-fulfilling speculative attacks by investors expecting other investors to follow suit given doubts about a nation's currency peg, lack of access to developed and functioning domestic capital markets in
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signed in April 1994, which established the World Trade
Organization (WTO). The WTO is a chartered multilateral trade organization, charged with continuing the GATT mandate to promote trade, govern trade relations, and prevent damaging trade practices or policies. It became operational in January
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The second amendment to the articles of agreement was signed in 1978. It legally formalized the free-floating acceptance and gold demonetization achieved by the Jamaica Agreement, and required members to support stable exchange rates through macroeconomic policy. The post-Bretton Woods system was
176:
While the global financial system is edging toward greater stability, governments must deal with differing regional or national needs. Some nations are trying to systematically discontinue unconventional monetary policies installed to cultivate recovery, while others are expanding their scope and
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In 2009, a newly elected government in Greece revealed the falsification of its national budget data, and that its fiscal deficit for the year was 12.7% of GDP as opposed to the 3.7% espoused by the previous administration. This news alerted markets to the fact that Greece's deficit exceeded the
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Explicit goals of financial regulation include countries' pursuits of financial stability and the safeguarding of unsophisticated market players from fraudulent activity, while implicit goals include offering viable and competitive financial environments to world investors. A single nation with
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were obligated to intervene collectively in the foreign exchange market and buy or sell the under- or overvalued currency as necessary to return the exchange rate to its par value according to the parity matrix. The requirement of cooperative market intervention marked a key difference from the
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The parity grid was derived from parities each participating country established for its currency with all other currencies in the system, denominated in terms of ECUs. The weights within the ECU changed in response to variances in the values of each currency in its basket. Under the ERM, if an
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framework for later multilateral trade negotiations. Members emphasized trade reprocity as an approach to lowering barriers in pursuit of mutual gains. The agreement's structure enabled its signatories to codify and enforce regulations for trading of goods and services. GATT was centered on two
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Financial integration among industrialized nations grew substantially during the 1980s and 1990s, as did liberalization of their capital accounts. Integration among financial markets and banks rendered benefits such as greater productivity and the broad sharing of risk in the macroeconomy. The
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undertake consumption, production, and investment. Governments and intergovernmental bodies act as purveyors of international trade, economic development, and crisis management. Regulatory bodies establish financial regulations and legal procedures, while independent bodies facilitate industry
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and intergovernmental organizations have the capacity to influence international financial markets. National governments may employ their finance ministries, treasuries, and regulatory agencies to impose tariffs and foreign capital controls or may use their central banks to execute a desired
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or otherwise unfavorable developments, which manifests in different forms. Transfer risk emphasizes uncertainties surrounding a country's capital controls and balance of payments. Operational risk characterizes concerns over a country's regulatory policies and their impact on normal business
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ultimately raised tariffs on a host of manufactured goods resulting in average duties as high as 53% on over a thousand various goods. Twenty-five trading partners responded in kind by introducing new tariffs on a wide range of U.S. goods. Hoover was pressured and compelled to adhere to the
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met in September 1985 at the Plaza Hotel in New York City and agreed that the dollar should depreciate against the major currencies to resolve the United States' trade deficit and pledged to support this goal with concerted foreign exchange market interventions, in what became known as the
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was formed in 1974 by the G-10 members' central bank governors to facilitate cooperation on the supervision and regulation of banking practices. It is headquartered at the Bank for International Settlements in Basel, Switzerland. The committee has held several rounds of deliberation known
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France voiced concerns over the artificially low price of gold in 1968 and called for returns to the former gold standard. Meanwhile, excess dollars flowed into international markets as the United States expanded its money supply to accommodate the costs of its military campaign in the
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occurs whereby banks and other financial institutions attempt to operate within guidelines set and published by multilateral organizations such as the International Monetary Fund or the Bank for International Settlements (particularly the Basel Committee on Banking Supervision and the
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lack of fiscal integration and political unification necessary to prevent or decisively respond to crises. During the initial waves of the crisis, the public speculated that the turmoil could result in a disintegration of the eurozone and an abandonment of the euro. German
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of the act. Exports from the United States plummeted 60% from 1930 to 1933. Worldwide international trade virtually ground to a halt. The international ramifications of the Smoot-Hawley tariff, comprising protectionist and discriminatory trade policies and bouts of
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or repaying their national debts. The crisis continued to spread and soon grew into a European sovereign debt crisis which threatened economic recovery in the wake of the Great Recession. In tandem with the IMF, the European Union members assembled a €750 billion
2079:. The standards included leverage ratio targets to supplement other capital adequacy requirements established by Basel II. Improving the resiliency of the global financial system requires protections that enable the system to withstand singular institutional and
1932:
Research and academic institutions, professional associations, and think-tanks aim to observe, model, understand, and publish recommendations to improve the transparency and effectiveness of the global financial system. For example, the independent non-partisan
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outstanding or unpaid acceptances for currency transactions. By mid-October, the London market began functioning properly as a result of the September measures. The war continued to present unfavorable circumstances for the foreign exchange market, such as the
665:, and in exchange receive pounds sterling at an exchange rate of $ 4.90. Approximately US$ 104 million in remittances flowed through this channel in the next two months. However, pound sterling liquidity ultimately did not improve due to inadequate relief for
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provide emergency financing to countries in crisis, provide risk mitigation tools to prospective foreign investors, and assemble capital for development finance and poverty reduction initiatives. Trade organizations such as the World Trade Organization,
396:, greatly raising customs duties on both agricultural and manufacturing goods. The United States maintained strong protectionism during most of the nineteenth century, imposing customs duties between 40 and 50% on imported goods. Despite these measures,
1924:(EBA) which identifies systemic risks and institutional weaknesses and may overrule national regulators, and the European Shadow Financial Regulatory Committee (ESFRC) which reviews financial regulatory issues and publishes policy recommendations.
1500:
which outlined a three-stage plan to accelerate progress toward an Economic and Monetary Union (EMU). The first stage centered on liberalizing capital mobility and aligning macroeconomic policies between countries. The second stage established the
157:. The history of international finance shows a U-shaped pattern in international capital flows: high prior to 1914 and after 1989, but lower in between. The volatility of capital flows has been greater since the 1970s than in previous periods.
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policies that serve "national constituencies at the expense of global financial stability"; superior cooperation among regional and national regulatory regimes with broader protocols for sharing information such as records for the trade of
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In 1947, 23 countries concluded the General Agreement on Tariffs and Trade (GATT) at a UN conference in Geneva. Delegates intended the agreement to suffice while member states would negotiate creation of a UN body to be known as the
168:, such as political deterioration, regulatory changes, foreign exchange controls, and legal uncertainties for property rights and investments. Both individuals and groups may participate in the global financial system. Consumers and
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in 1913, giving rise to the Federal Reserve System. Its inception drew influence from the Panic of 1907, underpinning legislators' hesitance in trusting individual investors, such as John Pierpont Morgan, to serve again as a
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the U.S. dollar and allow their exchange rates to fluctuate within a 1% band of the agreed-upon parity. To meet this requirement, central banks would intervene via sales or purchases of their currencies against the dollar.
1207:. The U.S. dollar continued to depreciate, but industrialized nations became increasingly concerned that it would decline too heavily and that exchange rate volatility would increase. To address these concerns, the G7 (now
1256:. The snake proved unsustainable as it did not compel EEC countries to coordinate macroeconomic policies. In 1979, the European Monetary System (EMS) phased out the currency snake. The EMS featured two key components: the
400:
continued to grow without slowing. Paradoxically, foreign trade grew at a much faster rate during the protectionist phase of the first wave of globalization than during the free trade phase sparked by the United Kingdom.
1470:) to facilitate cooperation among regulatory agencies and promote stability in the global financial system. The Forum was charged with developing and codifying twelve international standards and implementation thereof.
1920:. National securities commissions and independent financial regulators maintain oversight of their industries' foreign exchange market activities. Two examples of supranational financial regulators in Europe are the
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heightened from cereal and grain exporters. Since these demands could only be serviced through the purchase of substantial quantities of gold in London, the international markets became exposed to the crisis. The
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resulting interdependence also carried a substantive cost in terms of shared vulnerabilities and increased exposure to systemic risks. Accompanying financial integration in recent decades was a succession of
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and a hemorrhaging of gold reserves, the United States broke free of the gold standard in April 1933. France would not follow suit until 1936 as investors fled from the franc due to political concerns over
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requirements and liquidity provisions, as well as better measurement and management of risks. The G-20 agreed to new standards presented by the Basel Committee on Banking Supervision at its 2009 summit in
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increasingly globalized consumption in the world economy. International financial integration among nations has afforded investors the opportunity to diversify their asset portfolios by investing abroad.
1604:. In the wake of the crisis, total volume of world trade in goods and services fell 10% from 2008 to 2009 and did not recover until 2011, with an increased concentration in emerging market countries. The
1314:
took place from 1986 to 1994, with 123 nations becoming party to agreements achieved throughout the negotiations. Among the achievements were trade liberalization in agricultural goods and textiles, the
859:
and announced bankruptcy on July 15, 1931. In September 1931, the United Kingdom allowed the pound sterling to float freely. By the end of 1931, a host of countries including Austria, Canada, Japan, and
1352:
Number of countries experiencing a banking crisis in each year since 1800. This covers 70 countries. The dramatic feature of this graph is the virtual absence of banking crises during the period of the
983:
effects of the Great Depression. Capital mobility faced de facto limits under the system as governments instituted restrictions on capital flows and aligned their monetary policy to support their pegs.
98:, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of
1576:
shared some of the key features exhibited by the wave of international financial crises in the 1990s, including accelerated capital influxes, weak regulatory frameworks, relaxed monetary policies,
1187:
on its funding that required countries to adopt policies aimed at reducing deficits through spending cuts and tax increases, reducing protective trade barriers, and contractionary monetary policy.
1124:
members in December 1971. The agreement delayed the system's demise for a further two years. The system's erosion was expedited not only by the dollar devaluations that occurred, but also by the
2331:
408:
44 billion in 1913 ($ 1.02 trillion in 2012 dollars), with the greatest share of foreign assets held by the United Kingdom (42%), France (20%), Germany (13%), and the United States (8%). The
802:
as viewed from an international perspective. Triangles mark points at which nations abandoned the gold standard by suspending gold convertibility or devaluing their currencies against gold.
1656:
called for the expulsion of offending countries from the eurozone. Now commonly referred to as the Eurozone crisis, it has been ongoing since 2009 and most recently began encompassing the
1450:
and the assessment of different asset classes. Basel I was motivated by concerns over whether large multinational banks were appropriately regulated, stemming from observations during the
638:
new pounds sterling. The Bank of England was forced to raise discount rates daily for three days from 3% on July 30 to 10% by August 1. As foreign investors resorted to buying pounds for
1548:
on the U.S. in 2001, financial integration intensified among developed nations and emerging markets, with substantial growth in capital flows among banks and in the trading of financial
404:
Unprecedented growth in foreign investment from the 1880s to the 1900s served as the core driver of financial globalization. The worldwide total of capital invested abroad amounted to
1888:). Further examples of international regulatory bodies are: the Financial Stability Board (FSB) established to coordinate information and activities among developed countries; the
851:
in the United Kingdom to such a degree that the gold standard became unsustainable. Germany became the first nation to formally abandon the post-World War I gold standard when the
2530:
1912:(IASB) which publishes accounting and auditing standards. Public and private arrangements exist to assist and guide countries struggling with sovereign debt payments, such as the
1608:
demonstrated the negative effects of worldwide financial integration, sparking discourse on how and whether some countries should decouple themselves from the system altogether.
1211:) held a summit in Paris in 1987, where they agreed to pursue improved exchange rate stability and better coordinate their macroeconomic policies, in what became known as the
234:. Principal among such changes were unprecedented growth in capital flows and the resulting rapid financial center integration, as well as faster communication. Before 1870,
2304:
2098:, the G-20 collectively endorsed a new collection of capital adequacy and liquidity standards for banks recommended by Basel III. Andreas Dombret of the Executive Board of
475:
deposited $ 25 million and $ 35 million, respectively, into the reserve banks of New York City, enabling withdrawals to be fully covered. The bank run in New York led to a
1600:, the bubble was financed by foreign capital flowing from many countries. As its contagious effects began infecting other nations, the crisis became a precursor for the
4999:
1560:
instruments. The United States experienced growth in the size and complexity of firms engaged in a broad range of financial services across borders in the wake of the
942:
As the inception of the United Nations as an intergovernmental entity slowly began formalizing in 1944, delegates from 44 of its early member states met at a hotel in
3767:
Thirlwall, A.P. (2004). "The balance of payments constraint as an explanation of international growth rate differences". In McCombie, J.S.L.; Thirlwall, A.P. (eds.).
110:
illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global
966:
Members could adjust their pegs in response to long-run fundamental disequilibria in the balance of payments, but were responsible for correcting imbalances via
173:
supervision. Research institutes and other associations analyze data, publish reports and policy briefs, and host public discourse on global financial affairs.
1684:
1194:
Under the dominance of flexible exchange rate regimes, the foreign exchange markets became significantly more volatile. In 1980, newly elected U.S. President
4994:
3930:
1517:
that EU members would need to satisfy before being permitted to proceed. The third and final stage introduced a common currency for circulation known as the
992:
1889:
4159:
1832:
950:, now commonly referred to as the Bretton Woods conference. Delegates remained cognizant of the effects of the Great Depression, struggles to sustain the
1857:
1178:
aimed at clearing excessive volatility. The agreement retroactively formalized the abandonment of gold as a reserve instrument and the Fund subsequently
1170:
1982:
prompted renewed discourse on the architecture of the global financial system. These events called to attention financial integration, inadequacies of
1893:
1828:
698:
borrowing in foreign currencies rather than in pounds sterling to finance war activities, outbound capital controls, and limited import restrictions.
492:
rate until 1908. To service the flow of gold to the United States, the Bank of England organized a pool from among twenty-four nations, for which the
1491:
2339:
1848:
attempt to ease trade, facilitate trade disputes and address economic affairs, promote standards, and sponsor research and statistics publications.
1556:. Worldwide international capital flows grew from $ 3 trillion to $ 11 trillion U.S. dollars from 2002 to 2007, primarily in the form of short-term
607:
649:, the sudden demand for pounds led the pound to appreciate beyond its gold value against most major currencies, yet sharply depreciate against the
4121:
1132:
and balance of payments financing. Once the world's reserve currency began to float, other nations began adopting floating exchange rate regimes.
2590:
1897:
1433:
Countries sought to improve the sustainability and transparency of the global financial system in response to crises in the 1980s and 1990s. The
1942:(G30) formed in 1978 as a private, international group of consultants, researchers, and representatives committed to advancing understanding of
1096:, in which a country's national economic interests conflict with its international objectives as the custodian of the world's reserve currency.
3103:. International Financial Markets: The Challenge of Globalization. March 31, 2000. Texas A&M University, College Station, TX. pp. 1–67
230:
The world experienced substantial changes in the late 19th century which created an environment favorable to an increase in and development of
5047:
5057:
5042:
2118:
institutions deemed systemically important; a level playing field which discourages exploitation of disparate regulatory environments and
653:
after French banks began liquidating their London accounts. Remittance to London became increasingly difficult and culminated in a record
297:. From 1870 to 1915, 36 million Europeans migrated away from Europe. Approximately 25 million (or 70%) of these travelers migrated to the
3601:
606:
conflict to have a destabilizing and paralyzing impact. The United Kingdom declared war on Germany on August 4, 1914 following Germany's
2534:
294:
959:
145:, which originated in the United States, quickly propagated among other nations and is recognized as the catalyst for the worldwide
5014:
4181:
2172:
1909:
1885:
1390:
1291:
160:
A country's decision to operate an open economy and globalize its financial capital carries monetary implications captured by the
5090:
4859:
689:'s prolonged closure, the redirection of economic resources to support a transition from producing exports to producing military
465:
1683:
The top five annual current account deficits and surpluses in billions of U.S. dollars for the year 2012 based on data from the
1268:(ERM), a procedure for managing exchange rate fluctuations in keeping with a calculated parity grid of currencies' par values.
5110:
5052:
5037:
4887:
3976:
2441:
1657:
1596:, large fiscal deficits, and excessive financing in the housing sector. While the real estate bubble in the U.S. triggered the
1434:
1316:
1032:
5004:
4821:
4488:
4321:
4105:
3801:
3776:
3751:
3726:
3688:
3584:
3559:
3494:
3423:
3395:
3370:
3343:
3313:
3283:
3229:
3191:
3163:
3135:
3078:
3040:
2988:
2963:
2929:
2897:
2869:
2835:
2777:
2743:
2713:
2673:
2631:
2573:
2490:
2400:
2316:
2284:
2256:
2210:
1692:
1650:
1105:
1042:
1012:
987:
An important component of the Bretton Woods agreements was the creation of two new international financial institutions, the
569:
979:
exchange rates and the reactive protectionist exchange controls that followed proved destructive to trade and prolonged the
5453:
2177:
1824:
806:
The classical gold standard was established in 1821 by the United Kingdom as the Bank of England enabled redemption of its
626:
to borrow heavily from London's discount market. As the money market tightened, discount lenders began rediscounting their
1406:
countries, and current account reversals during conditions of limited capital mobility and dysfunctional banking systems.
1250:
of 1.125% for exchange rates among their own currencies, creating a smaller scale fixed exchange rate system known as the
5458:
3955:
3156:
The IMF and the Politics of Financial Globalization: From the Asian Crisis to a New International Financial Architecture?
5799:
5699:
4882:
1841:
1781:
1158:
As part of the first amendment to its articles of agreement in 1969, the IMF developed a new reserve instrument called
1023:, the IDA extends the Bank's lending program by offering concessional loans and grants to the world's poorest nations.
706:
709:(BIS). The principal purposes of the BIS were to manage the scheduled payment of Germany's reparations imposed by the
5552:
5443:
5304:
5009:
4352:
2370:
2107:
1639:). Ratings agencies downgraded these countries' debt instruments in 2010 which further increased the costliness of
1510:
1146:
1049:
901:
896:
The disastrous effects of the Smoot–Hawley tariff proved difficult for Herbert Hoover's 1932 re-election campaign.
791:
745:
681:
3934:
3863:
3622:
Arndt, Sven W.; Crowley, Patrick M.; Mayes, David G. (2009). "The implications of integration for globalization".
3246:
321:. World railway mileage grew from 205,000 kilometers in 1870 to 925,000 kilometers in 1906, while steamboat cargo
5545:
4721:
2060:
2050:
1836:
1711:
whether a country is a net buyer or net seller of assets, shifts in a nation's external wealth are influenced by
1311:
254:
for their national economies. An array of smaller international financial centers became important as they found
181:
4147:
4022:
125:
A series of currency devaluations and oil crises in the 1970s led most countries to float their currencies. The
5942:
4913:
4761:
4408:
4072:
2064:
2042:
currencies. He argued that foreign crises have strong worldwide repercussions due in part to the phenomenon of
1994:
1975:
1605:
1597:
1573:
1561:
1535:
1374:
1038:
891:
729:
142:
115:
87:
17:
5480:
4791:
2111:
1845:
1386:
955:
677:, market illiquidity and merchant banks' hesitance to accept sterling bills left currency markets paralyzed.
464:, forcing the trust to close on October 23, 1907, provoking further reactions. The panic was alleviated when
342:
208:
557:
5947:
5181:
4918:
2035:
1990:
1968:
1880:
1868:
943:
748:'s 1928 platform, which sought protective tariffs to alleviate market pressures on the nation's struggling
662:
3439:
5599:
5171:
5146:
5083:
4984:
4852:
1502:
1415:
1382:
1243:
1151:
1141:
988:
951:
935:
736:
723:
461:
373:
4047:
3997:
3650:
137:
in Europe, Asia, and Latin America followed with contagious effects due to greater exposure to volatile
5624:
5473:
4696:
4473:
4125:
3838:
2124:
2031:
1921:
1796:
1451:
840:
114:
until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the
5319:
5282:
4892:
4458:
1964:
1632:
1621:
1522:
1521:, adopted by eleven of then-fifteen members of the European Union in January 1999. In doing so, they
1514:
1467:
1459:
1419:
1319:, and agreements on intellectual property rights issues. The key manifestation of this round was the
1224:. After the 2000 stock market correction of the Dot-com bubble the country's trade deficit grew, the
856:
757:
133:
in the 1980s and 1990s due to capital account liberalization and financial deregulation. A series of
33:
3524:
5540:
5218:
5161:
5120:
1998:
monitor and govern banking and investment activity threatens the world's ability to prevent future
1785:
1295:
1286:
1237:
1175:
947:
870:
1458:
for banks, which the G-10 nations implemented four years later. In 1999, the G-10 established the
5844:
5396:
5240:
1943:
1427:
1265:
1121:
777:, are credited by economists with prolongment and worldwide propagation of the Great Depression.
739:
into law on June 17, 1930. The tariff's aim was to protect agriculture in the United States, but
611:
599:
573:
103:
3817:
764:
heightened fears, further pressuring Hoover to act on protective policies against the advice of
5909:
5784:
5426:
5416:
5299:
5235:
5166:
5151:
5076:
4845:
4671:
4373:
3519:
2087:
1816:
1804:
1800:
1257:
1159:
844:
515:
509:
435:
282:
274:. London remained the leading international financial center in the four decades leading up to
198:
169:
72:
44:
3033:
Governing Global Finance: The Evolution and Reform of the International Financial Architecture
2246:
1393:. These crises differed in terms of their breadth, causes, and aggravations, among which were
39:
5724:
5562:
5294:
5223:
5032:
4964:
4959:
4666:
4651:
4588:
4548:
4538:
4478:
4438:
4345:
4289:
3510:
Wong, Alfred Y-T.; Fong, Tom Pak Wing (2011). "Analysing interconnectivity among countries".
2390:
2196:
1960:
1820:
1812:
1811:) are the key economic actors within the global financial system. Central banks (such as the
1506:
1369:
The 1980s and 1990s saw a wave of currency crises and sovereign defaults, including the 1987
1333:
1129:
1117:
897:
885:
702:
686:
524:
385:
165:
130:
91:
2417:
2360:
1719:
on foreign investments. Having positive external wealth means a country is a net lender (or
392:
the first nation to institute new protective trade policies. In 1892, France introduced the
5849:
5754:
5567:
5535:
5525:
5510:
5411:
5406:
5349:
4974:
4731:
4686:
4606:
4600:
4573:
4553:
4498:
4493:
4413:
2119:
1934:
1617:
1593:
1549:
1545:
1463:
1354:
1272:
exchange rate reached its upper or lower limit (within a 2.25% band), both nations in that
1225:
1216:
976:
917:
905:
774:
710:
598:
Economists have referred to the onset of World War I as the end of an age of innocence for
472:
285:
began during the period of 1870–1914, marked by transportation expansion, record levels of
154:
95:
55:
is the worldwide framework of legal agreements, institutions, and both formal and informal
3648:
1679:
1653:
1179:
657:
of US$ 6.50/GBP. Emergency measures were introduced in the form of moratoria and extended
539:'s concentration of influence over national financial matters was questioned and in which
8:
5386:
5376:
5371:
5354:
5245:
5228:
5141:
4908:
4796:
4766:
4746:
4656:
4616:
4543:
4533:
4528:
3462:
2303:
Eichengreen, Barry; Esteves, Rui Pedro (2021), Fukao, Kyoji; Broadberry, Stephen (eds.),
2099:
1905:
1674:
1455:
1398:
1378:
1370:
1320:
1252:
1125:
996:
931:
519:
468:
397:
330:
161:
138:
5629:
1075:
586:
5694:
5520:
5468:
5431:
5176:
4781:
4776:
4661:
4636:
4583:
4508:
4423:
3715:
3484:
3360:
2702:
2663:
2167:
2038:
1872:
1553:
1020:
927:
811:
740:
646:
643:
578:
544:
540:
251:
1357:, 1945 to 1971. This analysis is similar to Figure 10.1 in Rogoff and Reinhart (2009).
954:
during the 1930s, and related market instabilities. Whereas previous discourse on the
5882:
5749:
5634:
5515:
5421:
5287:
5193:
4711:
4568:
4513:
4443:
4428:
4388:
4317:
4214:(Speech). Rendez-vous avec 'Autorité des marchés financiers. Montréal, Québec, Canada
4101:
3797:
3772:
3747:
3722:
3684:
3580:
3555:
3490:
3419:
3391:
3366:
3339:
3309:
3279:
3225:
3187:
3159:
3131:
3074:
3036:
2984:
2959:
2925:
2893:
2865:
2831:
2773:
2739:
2709:
2669:
2627:
2569:
2486:
2396:
2366:
2312:
2280:
2252:
2206:
2114:
1983:
1864:
1696:
1566:
1497:
1343:
795:
753:
381:
338:
60:
56:
2274:
203:
5789:
5769:
5684:
5609:
5438:
5309:
5208:
4989:
4706:
4676:
4646:
4641:
4621:
4593:
4558:
4483:
4393:
4338:
4048:
Global Financial Stability Report: Transition Challenges to Stability, October 2013
3631:
3549:
3529:
2509:
1999:
1901:
1636:
1423:
799:
761:
670:
619:
553:
493:
480:
231:
220:
134:
111:
2862:
Forex Revolution: An Insider's Guide to the Real World of Foreign Exchange Trading
2665:
Managing International Financial Instability: National Tamers versus Global Tigers
393:
5921:
5872:
5804:
5779:
5744:
5659:
5530:
5448:
5366:
5275:
5203:
5156:
4944:
4939:
4811:
4806:
4726:
4631:
4611:
4523:
4518:
4448:
4433:
4311:
4303:
3533:
2309:
The Cambridge Economic History of the Modern World: Volume 2: 1870 to the Present
2145:
1979:
1939:
1763:
1700:
1601:
1581:
1539:
1411:
1403:
1339:
1093:
1003:
971:
958:
focused on fixed versus floating exchange rates, Bretton Woods delegates favored
631:
623:
489:
485:
365:
286:
146:
80:
4268:(Speech). Meeting hosted by the Institute of Regulation & Risk. Tokyo, Japan
3678:
3635:
3621:
3097:
The Globalization of International Financial Markets: What Can History Teach Us?
3071:
Globalizing Capital: A History of the International Monetary System, 2nd Edition
2445:
2153:
1104:. Its gold reserves were assaulted by speculative investors following its first
839:. Having informally departed from the standard, most currencies were freed from
5774:
5639:
5614:
5485:
5331:
5270:
5125:
4954:
4801:
4786:
4751:
4736:
4716:
4578:
4563:
4403:
4378:
4307:
2080:
1750:
1746:
1589:
1505:
which was ultimately dissolved in tandem with the establishment in 1998 of the
1394:
1261:
1228:
increased political uncertainties, and the dollar began to depreciate in 2001.
1221:
1184:
1089:
1085:
1079:
World reserves of foreign exchange and gold in billions of U.S. dollars in 2009
1058:
836:
732:
694:
615:
591:
528:
497:
361:
290:
178:
150:
3095:
2442:"International Civil Aviation Organization: A trusted international authority"
614:
in London was the first to exhibit distress. European tensions and increasing
184:
are aimed at improving regulation and monitoring of global financial systems.
5936:
5887:
5839:
5834:
5829:
5824:
5809:
5719:
5689:
5649:
5557:
5324:
5198:
5099:
4949:
4923:
4826:
4468:
4453:
4418:
4098:
Globalization and the Reform of the International Banking and Monetary System
3463:"The WTO's financial services commitments will enter into force as scheduled"
1759:
1740:
1724:
1577:
1439:
1418:. Economists largely favor adherence to an organized sequence of encouraging
1307:
1273:
1247:
1212:
1199:
1195:
1109:
967:
852:
786:
674:
666:
654:
627:
449:
429:
377:
298:
247:
126:
122:
improved exchange rate stability, fostering record growth in global finance.
68:
4295:
Globalization and Economy, Vol. 2: Global Finance and the New Global Economy
2362:
London and Paris as International Financial Centres in the Twentieth Century
2277:
International Financial History in the Twentieth Century: System and Anarchy
2248:
Capitals of Capital: A History of International Financial Centres, 1780–2005
1057:
precepts: trade relations needed to be equitable and nondiscriminatory, and
376:. However, the golden age of this wave of globalization endured a return to
345:
was laid beneath the ocean to connect London and New York, while Europe and
153:
in 2009 ignited a sovereign debt crisis among European nations known as the
5867:
5794:
5764:
5709:
5619:
5391:
4868:
4701:
4626:
4330:
3867:
2159:
2076:
2053:
2043:
1956:
1754:
1716:
1712:
1585:
1557:
1363:
1204:
1008:
865:
848:
749:
658:
650:
549:
476:
318:
255:
119:
107:
76:
4073:
The Future of the Global Financial System: Navigating the Challenges Ahead
2202:
Globalization and Economy, Vol. 2: Globalizing Finance and the New Economy
1327:
873:
215:
71:. Since emerging in the late 19th century during the first modern wave of
5877:
5759:
5714:
5704:
5654:
5644:
5594:
5401:
4816:
4756:
4741:
4691:
4681:
4383:
4260:
4233:
4206:
2095:
2067:
2019:
2010:
1917:
1699:, and transactions involving unconventional transfers of wealth form the
1640:
1485:
1447:
1113:
1101:
635:
603:
536:
532:
445:
417:
409:
275:
99:
3416:
Foreign Exchange and Money Markets: Theory, Practice and Risk Management
934:, honorary adviser to the U.K. Treasury at the inaugural meeting of the
5819:
5814:
5679:
5604:
5463:
5381:
5361:
4463:
3649:
Lawrence, Robert Z.; Hanouz, Margareta Drzeniek; Doherty, Sean (2012).
2072:
1913:
1695:, transactions involving purchase or sale of financial assets form the
1016:
765:
639:
357:
64:
3977:"Global Agenda Council on the International Monetary System 2012–2014"
1892:(IOSCO) which coordinates the regulation of financial securities; the
1128:
which emphasized the importance of international financial markets in
5490:
5314:
5213:
4026:
3769:
Essays on Balance of Payments Constrained Growth: Theory and Evidence
3651:
The Global Enabling Trade Report 2012: Reducing Supply Chain Barriers
3440:"Fourth Global Review of Aid for Trade: "Connecting to value chains""
3250:
2023:
1896:(IAIS) which promotes consistent insurance industry supervision; the
1479:
1410:
include stable macroeconomic policies, healthy fiscal policy, robust
980:
420:
together held foreign investments on par with Germany at around 12%.
326:
314:
306:
259:
242:
existed as the world's only prominent financial centers. Soon after,
3909:
2770:
International Economics: Global Markets and Competition, 2nd Edition
1454:. Following Basel I, the committee published recommendations on new
267:
4398:
4293:
3509:
2200:
1938:
members of various professional associations around the world. The
1792:
1720:
1628:
1474:
1163:
807:
457:
350:
325:
surpassed that of sailboats in the 1890s. Advancements such as the
263:
3712:
2591:"Fed in 2008 Showed Panic of 1907 Was Excessive: Cutting Research"
1544:
Following the market turbulence of the 1990s financial crises and
911:
714:
trustee and facilitator of financial settlements between nations.
226:, a steamship which laid the transatlantic cable beneath the ocean
192:
187:
4503:
4362:
3791:
3276:
Crisis Prevention and Prosperity Management for the World Economy
3244:
2699:
2275:
Flandreau, Marc; Holtfrerich, Carl-Ludwig; James, Harold (2003).
1767:
repayment and repatriation of gains from interest and dividends.
1645:
1569:
which grew to 6% of gross world product in 2007 from 3% in 2001.
1443:
922:
828:
824:
503:
413:
389:
322:
5068:
4837:
3956:"Global Agenda Council on the Global Financial System 2012–2014"
3550:
Hansanti, Songporn; Islam, Sardar M. N.; Sheehan, Peter (2008).
1348:
938:'s Board of Governors in Savannah, Georgia, U.S., March 8, 1946.
669:
receiving sterling bills. As the pound sterling was the world's
5916:
3482:
2733:
2139:
1728:
1631:'s maximum of 3% outlined in the Economic and Monetary Union's
1112:
suspended the exchange of U.S. dollars for gold as part of the
1070:
1026:
861:
832:
815:
690:
582:
German infantry crossing a battlefield in France in August 1914
369:
310:
302:
271:
243:
235:
83:
4114:
2825:
2195:
1727:, while negative external wealth indicates a net borrower (or
1280:
4771:
3708:
3706:
3704:
3702:
3700:
3679:
Krugman, Paul R.; Obstfeld, Maurice; Melitz, Marc J. (2012).
3599:
2729:
2727:
2725:
2566:
The Foreign Exchange Market of London: Development Since 1900
2311:, vol. 2, Cambridge University Press, pp. 501–525,
2091:
2015:
1174:
floating exchange rates, the agreement endorsed central bank
819:
440:
341:
by providing instantaneous communication. In 1866, the first
334:
239:
3931:"The European Shadow Financial Regulatory Committee (ESFRC)"
3842:
2384:
2382:
879:
4139:
3888:
3130:. Chichester, West Sussex, England: John Wiley & Sons.
2388:
1808:
1518:
1135:
769:
405:
346:
5000:
International Centre for Settlement of Investment Disputes
4313:
This Time Is Different: Eight Centuries of Financial Folly
3697:
3593:
3486:
This Time Is Different: Eight Centuries of Financial Folly
3476:
3306:
Global Imbalances, Exchange Rates and Stabilization Policy
2821:
2819:
2817:
2815:
2813:
2811:
2809:
2722:
1242:
Following the Smithsonian Agreement, member states of the
1183:
payments deficits and currency crises, but began imposing
1108:
deficit since the 19th century. In August 1971, President
1015:(IDA) in 1960, the IBRD and IDA are together known as the
780:
527:. The system's design also considered the findings of the
4155:
4001:
3785:
3681:
International Economics: Theory & Policy, 9th Edition
3602:"U.S. Boosts Bank Capital Demands Above Global Standards"
2864:. Upper Saddle River, NJ: Financial Times–Prentice Hall.
2807:
2805:
2803:
2801:
2799:
2797:
2795:
2793:
2791:
2789:
2379:
1052:(ITO). As the ITO never became ratified, GATT became the
768:
and over 1,000 economists who protested by calling for a
594:
with German troops along the French border in August 1914
149:. A market adjustment to Greece's noncompliance with its
3744:
International Financial Management: Abridged 8th Edition
3460:
2695:
2693:
2691:
2689:
2687:
2685:
2189:
1949:
1927:
1065:
3545:
3543:
2270:
2268:
1328:
Financial integration and systemic crises: 1980–present
1260:(ECU), an artificial weighted average market basket of
1208:
1002:
Member states were authorized and encouraged to employ
4000:. Global Financial Markets Association. Archived from
3674:
3672:
3670:
3149:
3147:
2786:
1745:
Nations and international businesses face an array of
1685:
Organisation for Economic Co-operation and Development
1496:
In February 1992, European Union countries signed the
1486:
Birth of the European Economic and Monetary Union 1992
4995:
International Bank for Reconstruction and Development
2682:
1753:
is the potential for losses from a foreign country's
1663:
993:
International Bank for Reconstruction and Development
3933:. Centre for European Policy Studies. Archived from
3891:. Bank for International Settlements. 23 August 2005
3841:. Institute of International Finance. Archived from
3642:
3574:
3540:
3503:
3224:. Northampton, MA: Edward Elgar Publishing Limited.
2981:
The Economics of Foreign Exchange and Global Finance
2855:
2853:
2851:
2849:
2847:
2661:
2265:
2135:
1890:
International Organization of Securities Commissions
1513:. Key to the Maastricht Treaty was the outlining of
543:
were suspected of unusually deep involvement in the
479:
crunch which occurred simultaneously as demands for
4145:
3969:
3948:
3810:
3667:
3577:
Managing Global Financial and Foreign Exchange Risk
3358:
3153:
3144:
3064:
3062:
3060:
3058:
3056:
3054:
3052:
2859:
2668:. Cheltenham, UK: Edward Elgar Publishing Limited.
2480:
1858:
List of financial regulatory authorities by country
1823:in their efforts to realize monetary policy goals.
32:"Global finance" redirects here. For magazine, see
4258:
4148:"Interviews - Joseph E. Stiglitz | The Crash"
3714:
3181:
3068:
2701:
2657:
2655:
2653:
2651:
2649:
2647:
2645:
2643:
2434:
2302:
1894:International Association of Insurance Supervisors
904:worked to reverse trade protectionism in favor of
380:between 1880 and 1914. In 1879, German Chancellor
75:, its evolution is marked by the establishment of
3615:
3303:
3278:. Washington, D.C.: Brookings Institution Press.
3238:
3093:
2844:
1492:Economic and Monetary Union of the European Union
1430:, which carry serious economic and social costs.
1231:
456:In October 1907, the United States experienced a
5934:
4262:Regulatory reform of the global financial system
4231:
3923:
3273:
3049:
2919:
2763:
2761:
2759:
2757:
2755:
2621:
2476:
2474:
2472:
2470:
2468:
2466:
2464:
2462:
1867:, emergency financing through discount windows,
948:United Nations Monetary and Financial Conference
388:on agricultural and manufacturing goods, making
59:that together facilitate international flows of
4095:
3990:
3866:. World Federation of Exchanges. Archived from
3766:
3624:North American Journal of Economics and Finance
3409:
3407:
3222:The Future of the International Monetary System
2953:
2949:
2947:
2945:
2943:
2941:
2828:International Financial Management, 6th Edition
2767:
2640:
2415:
2244:
1898:Financial Action Task Force on Money Laundering
1863:functioning governance, financial regulations,
999:, from which emergency loans could be issued.
912:Rise of the Bretton Woods financial order: 1945
193:Emergence of financial globalization: 1870–1914
188:History of international financial architecture
4302:
4124:. Council on Foreign Relations. Archived from
4089:
3902:
3856:
3831:
3760:
3600:Hamilton, Jesse; Onaran, Yalman (2013-07-09).
3269:
3267:
3177:
3175:
3121:
3119:
3117:
3030:
3026:
3024:
3022:
3020:
2915:
2913:
2911:
2909:
2772:. Toh Tuck Link, Singapore: World Scientific.
2588:
2409:
717:
693:, and myriad disruptions of freight and mail.
504:Birth of the U.S. Federal Reserve System: 1913
5084:
5048:Central banks and currencies of the Caribbean
4853:
4346:
4288:
4241:(Speech). Generation Forum. Eltville, Germany
4179:
4070:
4040:
3881:
3713:Feenstra, Robert C.; Taylor, Alan M. (2008).
3568:
3454:
3385:
3352:
3333:
3329:
3327:
3325:
3299:
3297:
3295:
3125:
3073:. Princeton, NJ: Princeton University Press.
3018:
3016:
3014:
3012:
3010:
3008:
3006:
3004:
3002:
3000:
2752:
2559:
2557:
2555:
2553:
2551:
2459:
2279:. Cambridge, UK: Cambridge University Press.
2251:. Cambridge, UK: Cambridge University Press.
2240:
2238:
2236:
2234:
2232:
2230:
2228:
2226:
2224:
2222:
1529:
563:
5058:Central banks and currencies of the Americas
5043:Central banks and currencies of Asia-Pacific
4360:
4225:
4204:
4173:
3794:International Money and Finance, 8th Edition
3792:Melvin, Michael; Norrbin, Stefan C. (2013).
3741:
3413:
3404:
3365:. New York, NY: W. W. Norton & Company.
3215:
3213:
3211:
3209:
3207:
3205:
3203:
2978:
2938:
2883:
2881:
2700:Dunn, Robert M. Jr.; Mutti, John H. (2004).
2617:
2615:
2613:
2611:
2609:
2607:
2582:
2389:Cameron, Rondo; Bovykin, V.I., eds. (1991).
1900:which facilitates collaboration in battling
1071:Flexible exchange rate regimes: 1973–present
1027:General Agreement on Tariffs and Trade: 1947
4252:
4198:
4053:(Report). International Monetary Fund. 2013
3735:
3379:
3264:
3172:
3114:
2906:
2887:
2563:
2504:
2502:
1300:Aid for Trade: "Connecting to value chains"
1281:Birth of the World Trade Organization: 1994
1215:. This accord became the provenance of the
5091:
5077:
4860:
4846:
4353:
4339:
4064:
3889:"Committee on the Global Financial System"
3483:Rogoff, Kenneth; Reinhart, Carmen (2009).
3442:. World Trade Organization. 8–10 July 2013
3322:
3292:
3219:
3087:
2997:
2734:Bagwell, Kyle; Staiger, Robert W. (2004).
2548:
2219:
4015:
3552:International Finance in Emerging Markets
3523:
3200:
3184:Great Architects of International Finance
2972:
2958:. Harlow, UK: Pearson Education Limited.
2878:
2826:Eun, Cheol S.; Resnick, Bruce G. (2011).
2736:The Economics of the World Trading System
2604:
2395:. New York, NY: Oxford University Press.
2353:
2014:World leaders at the 2010 G-20 summit in
1734:
880:Trade liberalization in the United States
531:'s investigation of the possibility of a
295:International Civil Aviation Organization
5015:Multilateral Investment Guarantee Agency
2922:Options on Foreign Exchange, 3rd Edition
2523:
2499:
2173:Committee on the Global Financial System
2009:
1910:International Accounting Standards Board
1886:Committee on the Global Financial System
1678:
1347:
1290:
1145:
1136:Post-Bretton Woods financial order: 1976
1074:
1019:. While the IBRD lends to middle-income
921:
790:
585:
577:
439:
214:
211:laid to connect North America and Europe
202:
38:
3554:. Heidelberg, Germany: Physica-Verlag.
3461:World Trade Organization (1999-02-15).
3245:International Development Association.
1749:unique to foreign investment activity.
1584:, collapsing asset prices, and massive
1442:. The first of these accords, known as
900:became the 32nd U.S. president and the
781:Formal abandonment of the Gold Standard
250:grew to become major centres providing
164:. It also renders exposure to risks in
14:
5935:
5053:Central banks and currencies of Europe
5038:Central banks and currencies of Africa
4888:Basel Committee on Banking Supervision
4182:"Is global financial reform possible?"
3579:. Hoboken, NJ: John Wiley & Sons.
3390:. New Fetter Lane, London: Routledge.
2924:. Hoboken, NJ: John Wiley & Sons.
2892:. Hoboken, NJ: John Wiley & Sons.
2890:Essentials of Foreign Exchange Trading
1668:
1435:Basel Committee on Banking Supervision
1317:General Agreement on Trade in Services
1092:defined this problem now known as the
1033:General Agreement on Tariffs and Trade
814:. France, Germany, the United States,
642:to London just to pay off their newly
500:, 305.6 million in 2012 GBP) in gold.
5072:
5005:International Development Association
4841:
4822:Valuation using discounted cash flows
4334:
4235:Reform of the global financial system
4208:Reforming the global financial system
3418:. Woburn, MA: Butterworth-Heinemann.
2483:International Economics, 10th Edition
1950:Future of the global financial system
1928:Research organizations and other fora
1066:Resurgence of financial globalization
1043:Index of international trade articles
1013:International Development Association
864:abandoned gold. Following widespread
570:Hyperinflation in the Weimar Republic
207:A map showing the route of the first
5454:New international division of labour
4100:. New York, NY: Palgrave Macmillan.
3746:. Mason, OH: Thomson South-Western.
3388:The Japanese Foreign Exchange Market
3308:. New York, NY: Palgrave Macmillan.
3158:. New York, NY: Palgrave Macmillan.
3035:. New York, NY: Palgrave Macmillan.
2704:International Economics, 6th Edition
2485:. Mason, OH: Thomson South-Western.
2298:
2296:
2178:Global Financial Markets Association
1959:in short-term securities and in the
1851:
1825:International financial institutions
1446:, took place in 1988 and emphasized
1391:1998–2002 Argentine great depression
1375:1992 European Monetary System crisis
590:British soldiers resting before the
488:had to sustain an artificially high
4162:from the original on April 14, 2014
4146:Stiglitz, Joseph E. (Spring 1999).
2830:. New York, NY: McGraw-Hill/Irwin.
926:Assistant U.S. Treasury Secretary,
548:inelasticity of the United States'
24:
4883:Bank for International Settlements
4282:
3721:. New York, NY: Worth Publishers.
3249:. World Bank Group. Archived from
2624:International Finance, 4th Edition
1876:intervention in the open markets.
1842:Institute of International Finance
1782:List of multinational corporations
1775:
1664:Implications of globalized capital
1658:2012–2013 Cypriot financial crisis
1611:
707:Bank for International Settlements
356:Economic globalization grew under
27:Global framework for capital flows
25:
5959:
5098:
5010:International Finance Corporation
4867:
4259:Dudley, William C. (2011-04-11).
4025:. Group of Thirty. Archived from
3362:Globalization and Its Discontents
2533:. Bank of England. Archived from
2512:. U.S. Bureau of Labor Statistics
2444:. Passport Canada. Archived from
2418:"A brief history of the passport"
2293:
2205:. London, UK: Sage Publications.
2026:standards for banking regulation.
2005:
1414:, and strong legal protection of
1011:. Since the establishment of the
301:, while most of the rest reached
5915:
5905:
5904:
5115:
2738:. Cambridge, MA: The MIT Press.
2392:International Banking: 1870–1914
2152:
2138:
2108:Federal Reserve Bank of New York
2034:and former Chairman of the U.S.
1837:development finance institutions
1511:European System of Central Banks
1452:1980s Latin American debt crisis
1050:International Trade Organization
423:
5116:
4722:Quantitative behavioral finance
4232:Dombret, Andreas (2011-06-16).
3432:
2061:Governor of the Bank of England
2051:Chairman of the Federal Reserve
1770:
1312:multilateral trade negotiations
232:international financial centers
182:Sustainable Development Goal 10
88:intergovernmental organizations
4914:Contractionary monetary policy
4762:Strategic financial management
4409:Bull (stock market speculator)
4316:. Princeton University Press.
4078:(Report). World Economic Forum
3683:. Boston, MA: Addison-Wesley.
3656:(Report). World Economic Forum
3489:. Princeton University Press.
2416:Benedictus, Leo (2006-11-16).
2324:
2065:Governor of the Bank of Canada
2049:American economist and former
1833:multilateral development banks
1562:Gramm–Leach–Bliley Act of 1999
1232:European Monetary System: 1979
1039:Lists of free trade agreements
608:invasion of France and Belgium
466:U.S. Secretary of the Treasury
13:
1:
4792:Sustainable Development Goals
3575:Homaifar, Ghassem A. (2004).
3336:Risk in International Finance
2983:. Berlin, Germany: Springer.
2662:Saccomanni, Fabrizio (2008).
2589:Kennedy, Simon (2013-05-09).
2183:
2112:Federal Open Market Committee
1969:real estate investment trusts
1869:standard accounting practices
1846:World Federation of Exchanges
1387:1998 Russian financial crisis
1264:members' currencies, and the
1088:. Belgian-American economist
956:international monetary system
741:congressional representatives
618:motivated investors to chase
552:during significant shifts in
496:temporarily lent ÂŁ3 million (
349:became connected through new
116:international monetary system
4919:Expansionary monetary policy
4298:. London: Sage Publications.
4180:Volcker, Paul (2012-06-06).
3912:. European Banking Authority
3717:International Macroeconomics
3534:10.1016/j.ememar.2011.06.004
3359:Stiglitz, Joseph E. (2003).
3154:Thirkell-White, Ben (2005).
2860:Rosenstreich, Peter (2005).
2481:Carbaugh, Robert J. (2005).
2365:. Oxford: OUP Oxford. 2005.
2036:Council of Economic Advisers
1991:Council on Foreign Relations
944:Bretton Woods, New Hampshire
360:, starting in 1860 when the
7:
5172:Environmental globalization
5147:Anti-globalization movement
4985:International Monetary Fund
4292:; Patomäki, Heikki (2007).
4205:Carney, Mark (2009-10-26).
4122:"The Global Finance Regime"
3636:10.1016/j.najef.2009.08.001
3338:. New York, NY: Routledge.
3186:. New York, NY: Routledge.
3182:Endres, Anthony M. (2005).
3069:Eichengreen, Barry (2008).
2708:. New York, NY: Routledge.
2626:. New York, NY: Routledge.
2568:. New York, NY: Routledge.
2199:; Patomäki, Heikki (2007).
2131:
1651:Federal Minister of Finance
1565:countries, as reflected by
1554:structured finance products
1503:European Monetary Institute
1383:1997 Asian financial crisis
1244:European Economic Community
1152:International Monetary Fund
1142:International Monetary Fund
989:International Monetary Fund
952:international gold standard
936:International Monetary Fund
718:Smoot–Hawley tariff of 1930
473:John Pierpont "J.P." Morgan
462:Knickerbocker Trust Company
47:over the last two millennia
10:
5964:
5320:Offshore financial centres
4474:Enterprise risk management
3820:. World Trade Organization
3304:Makin, Anthony J. (2009).
3094:Bordo, Michael D. (2000).
2510:"CPI Inflation Calculator"
2032:World Bank Chief Economist
1995:2007–2008 financial crisis
1976:2007–2008 financial crisis
1922:European Banking Authority
1855:
1829:Bretton Woods institutions
1797:multinational corporations
1779:
1738:
1672:
1615:
1606:2007–2008 financial crisis
1598:2007–2008 financial crisis
1574:2007–2008 financial crisis
1536:2007–2008 financial crisis
1533:
1530:2007–2008 financial crisis
1489:
1337:
1331:
1284:
1235:
1139:
1036:
1030:
915:
892:Glass–Steagall legislation
889:
883:
784:
758:Stock Market Crash of 1929
721:
610:. In the weeks prior, the
567:
564:Interwar period: 1915–1944
507:
433:
427:
196:
143:2007–2008 financial crisis
31:
5900:
5858:
5733:
5668:
5585:
5576:
5503:
5340:
5261:
5254:
5134:
5106:
5025:
4973:
4932:
4901:
4893:Financial Stability Board
4875:
4459:Diversification (finance)
4369:
3796:. Waltham, MA: Elsevier.
3771:. London, UK: Routledge.
3465:(Press release). WTO News
3274:Bryant, Ralph C. (2004).
3128:A Foreign Exchange Primer
2920:DeRosa, David F. (2011).
2622:Levi, Maurice D. (2005).
2110:and Vice Chairman of the
1633:Stability and Growth Pact
1622:Great Recession in Europe
1468:Financial Stability Board
1460:Financial Stability Forum
1420:foreign direct investment
857:foreign exchange controls
756:. The culmination of the
281:The first modern wave of
34:Global Finance (magazine)
5162:Democratic globalization
4096:Hieronymi, Otto (2009).
3220:Uzan, Marc, ed. (2005).
2954:Buckley, Adrian (2004).
2768:Thompson, Henry (2006).
2245:Cassis, Youssef (2006).
1805:financial intermediaries
1786:List of investment banks
1422:, liberalizing domestic
1379:1994 Mexican peso crisis
1298:Fourth Global Review of
1287:World Trade Organization
1238:European Monetary System
752:and reduce the domestic
600:foreign exchange markets
170:international businesses
104:foreign exchange markets
5444:Investor-state disputes
5397:Illicit financial flows
5241:Political globalization
5189:Global financial system
3512:Emerging Markets Review
3031:Elson, Anthony (2011).
2305:"International Finance"
1944:international economics
1801:institutional investors
1266:Exchange Rate Mechanism
1169:IMF members signed the
1126:oil crises of the 1970s
831:, Germany, Russia, and
737:Smoot–Hawley Tariff Act
724:Smoot–Hawley Tariff Act
612:foreign exchange market
574:World War I reparations
374:Cobden–Chevalier Treaty
90:aimed at improving the
53:global financial system
5785:Christopher Chase-Dunn
5553:Primitive accumulation
5236:Military globalization
5167:Economic globalization
5152:Cultural globalization
4672:Investment performance
4374:Alternative investment
4071:Wyman, Oliver (2010).
4023:"History of the Group"
3979:. World Economic Forum
3958:. World Economic Forum
3386:Reszat, Beate (2003).
3334:Yadav, Vikash (2008).
3126:Shamah, Shani (2003).
2531:"Inflation Calculator"
2027:
1821:open market operations
1817:Federal Reserve System
1735:Unique financial risks
1687:
1462:(reconstituted by the
1373:stock market crashes,
1358:
1303:
1258:European Currency Unit
1160:special drawing rights
1155:
1080:
939:
803:
602:, as it was the first
595:
583:
516:United States Congress
510:Federal Reserve System
453:
436:List of banking crises
283:economic globalization
227:
212:
199:Economic globalization
131:financially integrated
102:, trade contracted as
73:economic globalization
48:
45:gross domestic product
5943:International finance
5033:List of central banks
4965:Sovereign wealth fund
4960:Open market operation
4667:Investment management
4652:International finance
4479:Environmental finance
4439:Computational finance
3742:Madura, Jeff (2007).
3414:Steiner, Bob (2002).
2979:Wang, Peijie (2005).
2956:Multinational Finance
2013:
1961:shadow banking system
1813:European Central Bank
1755:political instability
1682:
1594:non-performing assets
1507:European Central Bank
1351:
1334:Financial integration
1294:
1149:
1130:petrodollar recycling
1118:Smithsonian Agreement
1078:
960:pegged exchange rates
925:
898:Franklin D. Roosevelt
886:Reciprocal Tariff Act
794:
760:and the onset of the
687:London Stock Exchange
616:political uncertainty
589:
581:
525:lender of last resort
443:
218:
206:
166:international finance
43:Chart of the world's
42:
5850:Immanuel Wallerstein
5511:Capital accumulation
5377:Endangered languages
4732:Risk-return spectrum
4687:Mathematical finance
4607:Fundamental analysis
4601:Financial technology
4499:Experimental finance
4494:Exchange traded fund
2888:Chen, James (2009).
2564:Atkin, John (2005).
2120:beggar thy neighbour
1946:and global finance.
1935:World Economic Forum
1873:national governments
1618:European debt crisis
1546:September 11 attacks
1515:convergence criteria
1456:capital requirements
1438:collectively as the
1355:Bretton Woods system
1226:September 11 attacks
1217:managed float regime
1150:Headquarters of the
1021:developing countries
918:Bretton Woods system
906:trade liberalization
841:exchange rate fixing
775:economic nationalism
711:Treaty of Versailles
366:free trade agreement
129:became increasingly
106:became paralyzed by
5948:International trade
5922:Business portal
5481:Transnational crime
5387:Forced displacement
5372:Economic inequality
5246:Trade globalization
5142:Alter-globalization
4909:Capital requirement
4797:Sustainable finance
4767:Statistical finance
4747:Statistical finance
4657:Investment advisory
4617:Greater fool theory
2100:Deutsche Bundesbank
1906:terrorism financing
1675:Balance of payments
1669:Balance of payments
1399:speculative attacks
1321:Marrakech Agreement
1253:snake in the tunnel
1246:adopted a narrower
1166:from 1970 to 1972.
1154:in Washington, D.C.
997:gross world product
932:John Maynard Keynes
835:began experiencing
823:November 11, 1918,
663:Minister of Finance
520:Federal Reserve Act
469:George B. Cortelyou
398:international trade
343:transatlantic cable
331:wireless telegraphy
315:steam-powered boats
209:transatlantic cable
162:balance of payments
5695:Andre Gunder Frank
5469:Race to the bottom
5459:North–South divide
5177:Global citizenship
4782:Structured product
4777:Structured finance
4662:Investment banking
4637:History of banking
4424:Capital management
2168:Outline of finance
2039:Joseph E. Stiglitz
2028:
1963:(particularly the
1691:services form the
1688:
1580:during investment
1359:
1304:
1156:
1081:
940:
928:Harry Dexter White
804:
695:The pound sterling
596:
584:
541:investment bankers
454:
386:protective tariffs
333:(the precursor to
252:financial services
228:
213:
49:
5930:
5929:
5896:
5895:
5755:K. Anthony Appiah
5750:Daniele Archibugi
5499:
5498:
5288:COVID-19 pandemic
5194:Global governance
5066:
5065:
4835:
4834:
4712:Position of trust
4444:Corporate finance
4429:Capital structure
4389:Asset (economics)
4361:General areas of
4323:978-0-691-15264-6
4107:978-0-230-23530-4
3803:978-0-12-385247-2
3778:978-0-203-49536-0
3753:978-0-324-36563-4
3728:978-1-4292-0691-4
3690:978-0-13-214665-4
3586:978-0-471-28115-3
3561:978-3-7908-2555-8
3496:978-0-691-14216-6
3425:978-0-7506-5025-0
3397:978-0-203-22254-6
3372:978-0-393-32439-6
3345:978-0-415-77519-9
3315:978-0-230-57685-8
3285:978-0-8157-0867-4
3231:978-1-84376-805-0
3193:978-0-415-32412-0
3165:978-1-4039-2078-2
3137:978-0-470-85162-3
3080:978-0-691-13937-1
3042:978-0-230-10378-8
2990:978-3-540-21237-9
2965:978-0-273-68209-7
2931:978-1-118-09821-9
2899:978-0-470-39086-3
2871:978-0-13-148690-4
2837:978-0-07-803465-7
2779:978-981-256-346-0
2745:978-0-262-52434-6
2715:978-0-415-31154-0
2675:978-1-84542-142-7
2633:978-0-415-30900-4
2575:978-0-203-32269-7
2492:978-0-324-52724-7
2402:978-0-19-506271-7
2332:"Goal 10 targets"
2318:978-1-107-15948-8
2286:978-0-511-07011-2
2258:978-0-511-33522-8
2212:978-1-4129-1952-4
2115:William C. Dudley
2106:President of the
1984:global governance
1865:deposit insurance
1852:Regulatory bodies
1799:, individual and
1697:financial account
1654:Wolfgang Schäuble
1567:global imbalances
1526:non-Euro states.
1498:Maastricht Treaty
1397:brought about by
1344:Sovereign default
1171:Jamaica Agreement
796:Income per capita
754:unemployment rate
444:A crowd forms on
382:Otto von Bismarck
339:telecommunication
337:) revolutionized
317:over traditional
61:financial capital
16:(Redirected from
5955:
5920:
5919:
5908:
5907:
5861:
5770:Jean Baudrillard
5738:
5685:Giovanni Arrighi
5673:
5630:Branko Milanović
5610:Jagdish Bhagwati
5588:
5583:
5582:
5474:pollution havens
5439:Invasive species
5343:
5264:
5259:
5258:
5209:Global workforce
5119:
5118:
5093:
5086:
5079:
5070:
5069:
4990:World Bank Group
4862:
4855:
4848:
4839:
4838:
4707:Personal finance
4697:Over-the-counter
4677:Investor profile
4647:Impact investing
4642:History of money
4622:Growth investing
4484:Equity (finance)
4394:Asset allocation
4355:
4348:
4341:
4332:
4331:
4327:
4304:Reinhart, Carmen
4299:
4277:
4276:
4274:
4273:
4267:
4256:
4250:
4249:
4247:
4246:
4240:
4229:
4223:
4222:
4220:
4219:
4213:
4202:
4196:
4195:
4193:
4192:
4177:
4171:
4170:
4168:
4167:
4143:
4137:
4136:
4134:
4133:
4118:
4112:
4111:
4093:
4087:
4086:
4084:
4083:
4077:
4068:
4062:
4061:
4059:
4058:
4052:
4044:
4038:
4037:
4035:
4034:
4019:
4013:
4012:
4010:
4009:
3994:
3988:
3987:
3985:
3984:
3973:
3967:
3966:
3964:
3963:
3952:
3946:
3945:
3943:
3942:
3927:
3921:
3920:
3918:
3917:
3906:
3900:
3899:
3897:
3896:
3885:
3879:
3878:
3876:
3875:
3860:
3854:
3853:
3851:
3850:
3835:
3829:
3828:
3826:
3825:
3814:
3808:
3807:
3789:
3783:
3782:
3764:
3758:
3757:
3739:
3733:
3732:
3720:
3710:
3695:
3694:
3676:
3665:
3664:
3662:
3661:
3655:
3646:
3640:
3639:
3619:
3613:
3612:
3610:
3609:
3597:
3591:
3590:
3572:
3566:
3565:
3547:
3538:
3537:
3527:
3507:
3501:
3500:
3480:
3474:
3473:
3471:
3470:
3458:
3452:
3451:
3449:
3447:
3436:
3430:
3429:
3411:
3402:
3401:
3383:
3377:
3376:
3356:
3350:
3349:
3331:
3320:
3319:
3301:
3290:
3289:
3271:
3262:
3261:
3259:
3258:
3242:
3236:
3235:
3217:
3198:
3197:
3179:
3170:
3169:
3151:
3142:
3141:
3123:
3112:
3111:
3109:
3108:
3102:
3091:
3085:
3084:
3066:
3047:
3046:
3028:
2995:
2994:
2976:
2970:
2969:
2951:
2936:
2935:
2917:
2904:
2903:
2885:
2876:
2875:
2857:
2842:
2841:
2823:
2784:
2783:
2765:
2750:
2749:
2731:
2720:
2719:
2707:
2697:
2680:
2679:
2659:
2638:
2637:
2619:
2602:
2601:
2599:
2598:
2586:
2580:
2579:
2561:
2546:
2545:
2543:
2542:
2527:
2521:
2520:
2518:
2517:
2506:
2497:
2496:
2478:
2457:
2456:
2454:
2453:
2438:
2432:
2431:
2429:
2428:
2413:
2407:
2406:
2386:
2377:
2376:
2357:
2351:
2350:
2348:
2347:
2338:. Archived from
2328:
2322:
2321:
2300:
2291:
2290:
2272:
2263:
2262:
2242:
2217:
2216:
2193:
2162:
2157:
2156:
2148:
2143:
2142:
2125:over-the-counter
2000:financial crises
1902:money laundering
1412:bank regulations
1302:- 8–10 July 2013
1220:2000 during the
1004:capital controls
902:Democratic Party
800:Great Depression
762:Great Depression
746:Republican Party
705:established the
675:vehicle currency
671:reserve currency
624:commercial banks
494:Banque de France
490:discount lending
135:financial crises
112:Great Depression
63:for purposes of
21:
5963:
5962:
5958:
5957:
5956:
5954:
5953:
5952:
5933:
5932:
5931:
5926:
5914:
5892:
5873:Thomas Friedman
5859:
5854:
5805:Anthony Giddens
5780:Manuel Castells
5745:Arjun Appadurai
5736:
5734:
5729:
5671:
5669:
5664:
5660:Joseph Stiglitz
5600:Richard Baldwin
5586:
5578:
5572:
5531:Fiscal localism
5495:
5449:McDonaldization
5367:Development aid
5341:
5336:
5305:Multilingualism
5300:Labor arbitrage
5276:Climate justice
5262:
5250:
5204:Global politics
5157:Deglobalization
5130:
5102:
5097:
5067:
5062:
5021:
4976:
4969:
4940:Capital control
4928:
4897:
4871:
4866:
4836:
4831:
4812:Too big to fail
4807:Systematic risk
4727:Quantum finance
4632:Hedge (finance)
4612:Government bond
4449:Cost of capital
4434:Climate finance
4365:
4359:
4324:
4308:Rogoff, Kenneth
4285:
4283:Further reading
4280:
4271:
4269:
4265:
4257:
4253:
4244:
4242:
4238:
4230:
4226:
4217:
4215:
4211:
4203:
4199:
4190:
4188:
4178:
4174:
4165:
4163:
4144:
4140:
4131:
4129:
4120:
4119:
4115:
4108:
4094:
4090:
4081:
4079:
4075:
4069:
4065:
4056:
4054:
4050:
4046:
4045:
4041:
4032:
4030:
4021:
4020:
4016:
4007:
4005:
3996:
3995:
3991:
3982:
3980:
3975:
3974:
3970:
3961:
3959:
3954:
3953:
3949:
3940:
3938:
3929:
3928:
3924:
3915:
3913:
3908:
3907:
3903:
3894:
3892:
3887:
3886:
3882:
3873:
3871:
3862:
3861:
3857:
3848:
3846:
3837:
3836:
3832:
3823:
3821:
3816:
3815:
3811:
3804:
3790:
3786:
3779:
3765:
3761:
3754:
3740:
3736:
3729:
3711:
3698:
3691:
3677:
3668:
3659:
3657:
3653:
3647:
3643:
3620:
3616:
3607:
3605:
3598:
3594:
3587:
3573:
3569:
3562:
3548:
3541:
3525:10.1.1.667.5601
3508:
3504:
3497:
3481:
3477:
3468:
3466:
3459:
3455:
3445:
3443:
3438:
3437:
3433:
3426:
3412:
3405:
3398:
3384:
3380:
3373:
3357:
3353:
3346:
3332:
3323:
3316:
3302:
3293:
3286:
3272:
3265:
3256:
3254:
3243:
3239:
3232:
3218:
3201:
3194:
3180:
3173:
3166:
3152:
3145:
3138:
3124:
3115:
3106:
3104:
3100:
3092:
3088:
3081:
3067:
3050:
3043:
3029:
2998:
2991:
2977:
2973:
2966:
2952:
2939:
2932:
2918:
2907:
2900:
2886:
2879:
2872:
2858:
2845:
2838:
2824:
2787:
2780:
2766:
2753:
2746:
2732:
2723:
2716:
2698:
2683:
2676:
2660:
2641:
2634:
2620:
2605:
2596:
2594:
2587:
2583:
2576:
2562:
2549:
2540:
2538:
2529:
2528:
2524:
2515:
2513:
2508:
2507:
2500:
2493:
2479:
2460:
2451:
2449:
2440:
2439:
2435:
2426:
2424:
2414:
2410:
2403:
2387:
2380:
2373:
2359:
2358:
2354:
2345:
2343:
2330:
2329:
2325:
2319:
2301:
2294:
2287:
2273:
2266:
2259:
2243:
2220:
2213:
2194:
2190:
2186:
2158:
2151:
2146:Business portal
2144:
2137:
2134:
2128:such measures.
2081:market failures
2022:, endorsed the
2008:
1980:Great Recession
1965:mortgage market
1952:
1940:Group of Thirty
1930:
1881:self-regulation
1879:Some degree of
1860:
1854:
1788:
1778:
1776:Economic actors
1773:
1747:financial risks
1743:
1737:
1701:capital account
1693:current account
1677:
1671:
1666:
1624:
1616:Main articles:
1614:
1612:Eurozone crisis
1602:Great Recession
1542:
1540:Great Recession
1534:Main articles:
1532:
1494:
1488:
1466:in 2009 as the
1416:property rights
1404:emerging market
1395:capital flights
1346:
1340:Currency crisis
1336:
1330:
1289:
1283:
1240:
1234:
1144:
1138:
1106:current account
1094:Triffin dilemma
1073:
1068:
1045:
1035:
1029:
972:monetary policy
920:
914:
894:
888:
882:
876:'s government.
843:and allowed to
798:throughout the
789:
783:
726:
720:
682:U.K. government
632:Bank of England
576:
566:
558:discount market
512:
506:
486:Bank of England
438:
432:
426:
364:entered into a
201:
195:
190:
155:Eurozone crisis
147:Great Recession
69:trade financing
57:economic action
37:
28:
23:
22:
15:
12:
11:
5:
5961:
5951:
5950:
5945:
5928:
5927:
5925:
5924:
5912:
5901:
5898:
5897:
5894:
5893:
5891:
5890:
5885:
5880:
5875:
5870:
5864:
5862:
5856:
5855:
5853:
5852:
5847:
5842:
5837:
5832:
5827:
5822:
5817:
5812:
5807:
5802:
5797:
5792:
5787:
5782:
5777:
5775:Zygmunt Bauman
5772:
5767:
5762:
5757:
5752:
5747:
5741:
5739:
5731:
5730:
5728:
5727:
5722:
5717:
5712:
5707:
5702:
5697:
5692:
5687:
5682:
5676:
5674:
5666:
5665:
5663:
5662:
5657:
5652:
5647:
5642:
5640:Thomas Piketty
5637:
5635:Kevin O'Rourke
5632:
5627:
5625:Michael Hudson
5622:
5617:
5615:Robert Brenner
5612:
5607:
5602:
5597:
5591:
5589:
5580:
5574:
5573:
5571:
5570:
5565:
5560:
5555:
5550:
5549:
5548:
5543:
5533:
5528:
5523:
5518:
5513:
5507:
5505:
5501:
5500:
5497:
5496:
5494:
5493:
5488:
5486:Westernization
5483:
5478:
5477:
5476:
5466:
5461:
5456:
5451:
5446:
5441:
5436:
5435:
5434:
5429:
5424:
5419:
5414:
5409:
5399:
5394:
5389:
5384:
5379:
5374:
5369:
5364:
5359:
5358:
5357:
5346:
5344:
5338:
5337:
5335:
5334:
5329:
5328:
5327:
5325:Tax inversions
5322:
5312:
5307:
5302:
5297:
5295:Digital divide
5292:
5291:
5290:
5280:
5279:
5278:
5271:Climate change
5267:
5265:
5256:
5252:
5251:
5249:
5248:
5243:
5238:
5233:
5232:
5231:
5226:
5216:
5211:
5206:
5201:
5196:
5191:
5186:
5185:
5184:
5174:
5169:
5164:
5159:
5154:
5149:
5144:
5138:
5136:
5132:
5131:
5129:
5128:
5123:
5113:
5107:
5104:
5103:
5096:
5095:
5088:
5081:
5073:
5064:
5063:
5061:
5060:
5055:
5050:
5045:
5040:
5035:
5029:
5027:
5023:
5022:
5020:
5019:
5018:
5017:
5012:
5007:
5002:
4997:
4987:
4981:
4979:
4971:
4970:
4968:
4967:
4962:
4957:
4955:Money creation
4952:
4950:Interest rates
4947:
4942:
4936:
4934:
4933:Implementation
4930:
4929:
4927:
4926:
4921:
4916:
4911:
4905:
4903:
4899:
4898:
4896:
4895:
4890:
4885:
4879:
4877:
4873:
4872:
4865:
4864:
4857:
4850:
4842:
4833:
4832:
4830:
4829:
4824:
4819:
4814:
4809:
4804:
4802:Swap (finance)
4799:
4794:
4789:
4787:Sustainability
4784:
4779:
4774:
4769:
4764:
4759:
4754:
4752:Stock exchange
4749:
4744:
4739:
4737:Social finance
4734:
4729:
4724:
4719:
4717:Public finance
4714:
4709:
4704:
4699:
4694:
4689:
4684:
4679:
4674:
4669:
4664:
4659:
4654:
4649:
4644:
4639:
4634:
4629:
4624:
4619:
4614:
4609:
4604:
4598:
4597:
4596:
4591:
4586:
4581:
4576:
4571:
4566:
4561:
4556:
4551:
4546:
4541:
4536:
4531:
4526:
4521:
4516:
4511:
4501:
4496:
4491:
4486:
4481:
4476:
4471:
4466:
4461:
4456:
4451:
4446:
4441:
4436:
4431:
4426:
4421:
4416:
4411:
4406:
4404:Bond (finance)
4401:
4396:
4391:
4386:
4381:
4379:Angel investor
4376:
4370:
4367:
4366:
4358:
4357:
4350:
4343:
4335:
4329:
4328:
4322:
4300:
4284:
4281:
4279:
4278:
4251:
4224:
4197:
4172:
4138:
4113:
4106:
4088:
4063:
4039:
4014:
3989:
3968:
3947:
3922:
3901:
3880:
3855:
3830:
3809:
3802:
3784:
3777:
3759:
3752:
3734:
3727:
3696:
3689:
3666:
3641:
3614:
3592:
3585:
3567:
3560:
3539:
3518:(4): 432–442.
3502:
3495:
3475:
3453:
3431:
3424:
3403:
3396:
3378:
3371:
3351:
3344:
3321:
3314:
3291:
3284:
3263:
3247:"What is IDA?"
3237:
3230:
3199:
3192:
3171:
3164:
3143:
3136:
3113:
3086:
3079:
3048:
3041:
2996:
2989:
2971:
2964:
2937:
2930:
2905:
2898:
2877:
2870:
2843:
2836:
2785:
2778:
2751:
2744:
2721:
2714:
2681:
2674:
2639:
2632:
2603:
2581:
2574:
2547:
2522:
2498:
2491:
2458:
2433:
2408:
2401:
2378:
2371:
2352:
2323:
2317:
2292:
2285:
2264:
2257:
2218:
2211:
2197:James, Paul W.
2187:
2185:
2182:
2181:
2180:
2175:
2170:
2164:
2163:
2149:
2133:
2130:
2007:
2006:Reform efforts
2004:
1951:
1948:
1929:
1926:
1853:
1850:
1777:
1774:
1772:
1769:
1751:Political risk
1739:Main article:
1736:
1733:
1717:capital losses
1673:Main article:
1670:
1667:
1665:
1662:
1613:
1610:
1590:securitization
1531:
1528:
1490:Main article:
1487:
1484:
1424:equity capital
1332:Main article:
1329:
1326:
1285:Main article:
1282:
1279:
1262:European Union
1236:Main article:
1233:
1230:
1222:Dot-com bubble
1185:conditionality
1137:
1134:
1120:signed by the
1090:Robert Triffin
1072:
1069:
1067:
1064:
1031:Main article:
1028:
1025:
991:(IMF) and the
916:Main article:
913:
910:
884:Main article:
881:
878:
871:Prime Minister
837:hyperinflation
785:Main article:
782:
779:
750:agribusinesses
733:Herbert Hoover
722:Main article:
719:
716:
667:merchant banks
592:Battle of Mons
565:
562:
529:Pujo Committee
508:Main article:
505:
502:
428:Main article:
425:
422:
362:United Kingdom
291:United Nations
197:Main article:
194:
191:
189:
186:
179:United Nations
151:monetary union
26:
18:Global finance
9:
6:
4:
3:
2:
5960:
5949:
5946:
5944:
5941:
5940:
5938:
5923:
5918:
5913:
5911:
5903:
5902:
5899:
5889:
5888:Vandana Shiva
5886:
5884:
5881:
5879:
5876:
5874:
5871:
5869:
5866:
5865:
5863:
5857:
5851:
5848:
5846:
5843:
5841:
5840:Saskia Sassen
5838:
5836:
5835:George Ritzer
5833:
5831:
5830:Antonio Negri
5828:
5826:
5825:L. H. M. Ling
5823:
5821:
5818:
5816:
5813:
5811:
5810:Michael Hardt
5808:
5806:
5803:
5801:
5798:
5796:
5793:
5791:
5790:Alfred Crosby
5788:
5786:
5783:
5781:
5778:
5776:
5773:
5771:
5768:
5766:
5763:
5761:
5758:
5756:
5753:
5751:
5748:
5746:
5743:
5742:
5740:
5732:
5726:
5723:
5721:
5720:Susan Strange
5718:
5716:
5713:
5711:
5708:
5706:
5703:
5701:
5698:
5696:
5693:
5691:
5690:Robert W. Cox
5688:
5686:
5683:
5681:
5678:
5677:
5675:
5667:
5661:
5658:
5656:
5653:
5651:
5650:Jeffrey Sachs
5648:
5646:
5643:
5641:
5638:
5636:
5633:
5631:
5628:
5626:
5623:
5621:
5618:
5616:
5613:
5611:
5608:
5606:
5603:
5601:
5598:
5596:
5593:
5592:
5590:
5584:
5581:
5575:
5569:
5568:World-systems
5566:
5564:
5563:World history
5561:
5559:
5558:Social change
5556:
5554:
5551:
5547:
5544:
5542:
5539:
5538:
5537:
5536:Modernization
5534:
5532:
5529:
5527:
5524:
5522:
5519:
5517:
5514:
5512:
5509:
5508:
5506:
5502:
5492:
5489:
5487:
5484:
5482:
5479:
5475:
5472:
5471:
5470:
5467:
5465:
5462:
5460:
5457:
5455:
5452:
5450:
5447:
5445:
5442:
5440:
5437:
5433:
5430:
5428:
5425:
5423:
5420:
5418:
5415:
5413:
5410:
5408:
5405:
5404:
5403:
5400:
5398:
5395:
5393:
5390:
5388:
5385:
5383:
5380:
5378:
5375:
5373:
5370:
5368:
5365:
5363:
5360:
5356:
5353:
5352:
5351:
5348:
5347:
5345:
5339:
5333:
5330:
5326:
5323:
5321:
5318:
5317:
5316:
5313:
5311:
5308:
5306:
5303:
5301:
5298:
5296:
5293:
5289:
5286:
5285:
5284:
5281:
5277:
5274:
5273:
5272:
5269:
5268:
5266:
5260:
5257:
5253:
5247:
5244:
5242:
5239:
5237:
5234:
5230:
5227:
5225:
5222:
5221:
5220:
5217:
5215:
5212:
5210:
5207:
5205:
5202:
5200:
5199:Global health
5197:
5195:
5192:
5190:
5187:
5183:
5180:
5179:
5178:
5175:
5173:
5170:
5168:
5165:
5163:
5160:
5158:
5155:
5153:
5150:
5148:
5145:
5143:
5140:
5139:
5137:
5133:
5127:
5124:
5122:
5114:
5112:
5109:
5108:
5105:
5101:
5100:Globalization
5094:
5089:
5087:
5082:
5080:
5075:
5074:
5071:
5059:
5056:
5054:
5051:
5049:
5046:
5044:
5041:
5039:
5036:
5034:
5031:
5030:
5028:
5024:
5016:
5013:
5011:
5008:
5006:
5003:
5001:
4998:
4996:
4993:
4992:
4991:
4988:
4986:
4983:
4982:
4980:
4978:
4975:Bretton Woods
4972:
4966:
4963:
4961:
4958:
4956:
4953:
4951:
4948:
4946:
4945:Discount rate
4943:
4941:
4938:
4937:
4935:
4931:
4925:
4924:Basel Accords
4922:
4920:
4917:
4915:
4912:
4910:
4907:
4906:
4904:
4900:
4894:
4891:
4889:
4886:
4884:
4881:
4880:
4878:
4874:
4870:
4869:Central banks
4863:
4858:
4856:
4851:
4849:
4844:
4843:
4840:
4828:
4827:Watered stock
4825:
4823:
4820:
4818:
4815:
4813:
4810:
4808:
4805:
4803:
4800:
4798:
4795:
4793:
4790:
4788:
4785:
4783:
4780:
4778:
4775:
4773:
4770:
4768:
4765:
4763:
4760:
4758:
4755:
4753:
4750:
4748:
4745:
4743:
4740:
4738:
4735:
4733:
4730:
4728:
4725:
4723:
4720:
4718:
4715:
4713:
4710:
4708:
4705:
4703:
4700:
4698:
4695:
4693:
4690:
4688:
4685:
4683:
4680:
4678:
4675:
4673:
4670:
4668:
4665:
4663:
4660:
4658:
4655:
4653:
4650:
4648:
4645:
4643:
4640:
4638:
4635:
4633:
4630:
4628:
4625:
4623:
4620:
4618:
4615:
4613:
4610:
4608:
4605:
4602:
4599:
4595:
4592:
4590:
4587:
4585:
4582:
4580:
4577:
4575:
4572:
4570:
4567:
4565:
4562:
4560:
4557:
4555:
4552:
4550:
4547:
4545:
4542:
4540:
4537:
4535:
4532:
4530:
4527:
4525:
4522:
4520:
4517:
4515:
4512:
4510:
4507:
4506:
4505:
4502:
4500:
4497:
4495:
4492:
4490:
4487:
4485:
4482:
4480:
4477:
4475:
4472:
4470:
4469:Eco-investing
4467:
4465:
4462:
4460:
4457:
4455:
4454:Disinvestment
4452:
4450:
4447:
4445:
4442:
4440:
4437:
4435:
4432:
4430:
4427:
4425:
4422:
4420:
4419:Capital asset
4417:
4415:
4412:
4410:
4407:
4405:
4402:
4400:
4397:
4395:
4392:
4390:
4387:
4385:
4382:
4380:
4377:
4375:
4372:
4371:
4368:
4364:
4356:
4351:
4349:
4344:
4342:
4337:
4336:
4333:
4325:
4319:
4315:
4314:
4309:
4305:
4301:
4297:
4296:
4291:
4287:
4286:
4264:
4263:
4255:
4237:
4236:
4228:
4210:
4209:
4201:
4187:
4183:
4176:
4161:
4157:
4154:(Interview).
4153:
4149:
4142:
4128:on 2017-05-09
4127:
4123:
4117:
4109:
4103:
4099:
4092:
4074:
4067:
4049:
4043:
4029:on 2014-09-29
4028:
4024:
4018:
4004:on 2013-12-01
4003:
3999:
3993:
3978:
3972:
3957:
3951:
3937:on 2013-12-12
3936:
3932:
3926:
3911:
3905:
3890:
3884:
3870:on 2013-12-09
3869:
3865:
3859:
3845:on 2013-12-23
3844:
3840:
3834:
3819:
3813:
3805:
3799:
3795:
3788:
3780:
3774:
3770:
3763:
3755:
3749:
3745:
3738:
3730:
3724:
3719:
3718:
3709:
3707:
3705:
3703:
3701:
3692:
3686:
3682:
3675:
3673:
3671:
3652:
3645:
3637:
3633:
3629:
3625:
3618:
3603:
3596:
3588:
3582:
3578:
3571:
3563:
3557:
3553:
3546:
3544:
3535:
3531:
3526:
3521:
3517:
3513:
3506:
3498:
3492:
3488:
3487:
3479:
3464:
3457:
3441:
3435:
3427:
3421:
3417:
3410:
3408:
3399:
3393:
3389:
3382:
3374:
3368:
3364:
3363:
3355:
3347:
3341:
3337:
3330:
3328:
3326:
3317:
3311:
3307:
3300:
3298:
3296:
3287:
3281:
3277:
3270:
3268:
3253:on 2010-04-09
3252:
3248:
3241:
3233:
3227:
3223:
3216:
3214:
3212:
3210:
3208:
3206:
3204:
3195:
3189:
3185:
3178:
3176:
3167:
3161:
3157:
3150:
3148:
3139:
3133:
3129:
3122:
3120:
3118:
3099:
3098:
3090:
3082:
3076:
3072:
3065:
3063:
3061:
3059:
3057:
3055:
3053:
3044:
3038:
3034:
3027:
3025:
3023:
3021:
3019:
3017:
3015:
3013:
3011:
3009:
3007:
3005:
3003:
3001:
2992:
2986:
2982:
2975:
2967:
2961:
2957:
2950:
2948:
2946:
2944:
2942:
2933:
2927:
2923:
2916:
2914:
2912:
2910:
2901:
2895:
2891:
2884:
2882:
2873:
2867:
2863:
2856:
2854:
2852:
2850:
2848:
2839:
2833:
2829:
2822:
2820:
2818:
2816:
2814:
2812:
2810:
2808:
2806:
2804:
2802:
2800:
2798:
2796:
2794:
2792:
2790:
2781:
2775:
2771:
2764:
2762:
2760:
2758:
2756:
2747:
2741:
2737:
2730:
2728:
2726:
2717:
2711:
2706:
2705:
2696:
2694:
2692:
2690:
2688:
2686:
2677:
2671:
2667:
2666:
2658:
2656:
2654:
2652:
2650:
2648:
2646:
2644:
2635:
2629:
2625:
2618:
2616:
2614:
2612:
2610:
2608:
2592:
2585:
2577:
2571:
2567:
2560:
2558:
2556:
2554:
2552:
2537:on 2014-10-06
2536:
2532:
2526:
2511:
2505:
2503:
2494:
2488:
2484:
2477:
2475:
2473:
2471:
2469:
2467:
2465:
2463:
2448:on 2013-05-22
2447:
2443:
2437:
2423:
2419:
2412:
2404:
2398:
2394:
2393:
2385:
2383:
2374:
2372:9780191533471
2368:
2364:
2363:
2356:
2342:on 2020-11-27
2341:
2337:
2333:
2327:
2320:
2314:
2310:
2306:
2299:
2297:
2288:
2282:
2278:
2271:
2269:
2260:
2254:
2250:
2249:
2241:
2239:
2237:
2235:
2233:
2231:
2229:
2227:
2225:
2223:
2214:
2208:
2204:
2203:
2198:
2192:
2188:
2179:
2176:
2174:
2171:
2169:
2166:
2165:
2161:
2155:
2150:
2147:
2141:
2136:
2129:
2126:
2121:
2116:
2113:
2109:
2104:
2101:
2097:
2093:
2089:
2084:
2082:
2078:
2074:
2069:
2066:
2062:
2058:
2055:
2052:
2047:
2045:
2040:
2037:
2033:
2025:
2021:
2017:
2012:
2003:
2001:
1996:
1992:
1987:
1985:
1981:
1977:
1972:
1970:
1966:
1962:
1958:
1947:
1945:
1941:
1936:
1925:
1923:
1919:
1915:
1911:
1907:
1903:
1899:
1895:
1891:
1887:
1882:
1877:
1874:
1870:
1866:
1859:
1849:
1847:
1843:
1838:
1834:
1830:
1826:
1822:
1818:
1814:
1810:
1806:
1802:
1798:
1794:
1787:
1783:
1768:
1765:
1761:
1756:
1752:
1748:
1742:
1741:Systemic risk
1732:
1730:
1726:
1725:world economy
1722:
1718:
1714:
1713:capital gains
1708:
1704:
1702:
1698:
1694:
1686:
1681:
1676:
1661:
1659:
1655:
1652:
1647:
1642:
1638:
1634:
1630:
1623:
1619:
1609:
1607:
1603:
1599:
1595:
1591:
1587:
1583:
1579:
1578:herd behavior
1575:
1570:
1568:
1563:
1559:
1555:
1551:
1547:
1541:
1537:
1527:
1524:
1523:disaggregated
1520:
1516:
1512:
1508:
1504:
1499:
1493:
1483:
1481:
1476:
1471:
1469:
1465:
1461:
1457:
1453:
1449:
1445:
1441:
1440:Basel Accords
1436:
1431:
1429:
1425:
1421:
1417:
1413:
1407:
1405:
1400:
1396:
1392:
1388:
1384:
1380:
1376:
1372:
1367:
1365:
1356:
1350:
1345:
1341:
1335:
1325:
1322:
1318:
1313:
1309:
1308:Uruguay Round
1301:
1297:
1293:
1288:
1278:
1275:
1274:currency pair
1269:
1267:
1263:
1259:
1255:
1254:
1249:
1248:currency band
1245:
1239:
1229:
1227:
1223:
1218:
1214:
1213:Louvre Accord
1210:
1206:
1201:
1197:
1196:Ronald Reagan
1192:
1188:
1186:
1181:
1177:
1176:interventions
1172:
1167:
1165:
1161:
1153:
1148:
1143:
1133:
1131:
1127:
1123:
1119:
1115:
1111:
1110:Richard Nixon
1107:
1103:
1097:
1095:
1091:
1087:
1077:
1063:
1060:
1055:
1051:
1044:
1040:
1034:
1024:
1022:
1018:
1014:
1010:
1005:
1000:
998:
994:
990:
985:
982:
978:
973:
969:
964:
961:
957:
953:
949:
945:
937:
933:
929:
924:
919:
909:
907:
903:
899:
893:
887:
877:
875:
872:
867:
866:bank failures
863:
858:
854:
853:Dresdner Bank
850:
849:gold reserves
846:
842:
838:
834:
830:
826:
821:
817:
813:
809:
801:
797:
793:
788:
787:Gold standard
778:
776:
771:
767:
763:
759:
755:
751:
747:
742:
738:
734:
731:
725:
715:
712:
708:
704:
703:Allied powers
701:In 1930, the
699:
696:
692:
688:
683:
678:
676:
672:
668:
664:
660:
659:bank holidays
656:
655:exchange rate
652:
648:
645:
641:
637:
633:
629:
625:
621:
617:
613:
609:
605:
601:
593:
588:
580:
575:
571:
561:
559:
555:
551:
546:
542:
538:
534:
530:
526:
521:
517:
511:
501:
499:
495:
491:
487:
482:
478:
474:
470:
467:
463:
459:
451:
450:Panic of 1907
447:
442:
437:
431:
430:Panic of 1907
424:Panic of 1907
421:
419:
415:
411:
407:
402:
399:
395:
394:MĂ©line tariff
391:
387:
383:
379:
378:protectionism
375:
372:known as the
371:
367:
363:
359:
354:
352:
348:
344:
340:
336:
332:
328:
324:
320:
319:sailing ships
316:
312:
308:
304:
300:
299:United States
296:
292:
288:
284:
279:
277:
273:
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5883:John R. Saul
5868:Noam Chomsky
5860:Non–academic
5800:Susan George
5795:Nancy Fraser
5765:Walden Bello
5710:David Harvey
5700:Stephen Gill
5620:Jayati Ghosh
5526:Earth system
5392:Human rights
5332:Water crisis
5229:early modern
5188:
4702:Pension fund
4627:Growth stock
4549:institutions
4414:Asset growth
4312:
4294:
4270:. Retrieved
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4186:The Guardian
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4002:the original
3998:"About GFMA"
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3925:
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3818:"What we do"
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2446:the original
2436:
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2422:The Guardian
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2340:the original
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2160:World portal
2105:
2085:
2077:Pennsylvania
2059:
2054:Paul Volcker
2048:
2044:moral hazard
2029:
1988:
1973:
1957:deleveraging
1953:
1931:
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1827:such as the
1819:) undertake
1815:or the U.S.
1789:
1771:Participants
1744:
1709:
1705:
1689:
1625:
1586:deleveraging
1571:
1558:money market
1543:
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1428:sudden stops
1408:
1371:Black Monday
1368:
1364:deregulation
1360:
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1205:Plaza Accord
1193:
1189:
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1009:World War II
1001:
986:
981:deflationary
975:excessively
965:
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895:
855:implemented
805:
727:
700:
679:
673:and leading
651:French franc
634:rather than
622:, prompting
604:geopolitical
597:
554:money demand
550:money supply
545:directorates
513:
477:money market
455:
403:
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280:
229:
222:
175:
159:
124:
120:World War II
108:money market
92:transparency
81:multilateral
52:
50:
29:
5878:Naomi Klein
5760:Ulrich Beck
5735:Politics /
5725:Robert Wade
5715:Ronen Palan
5705:Peter Gowan
5655:Amartya Sen
5645:Dani Rodrik
5595:David Autor
5521:Development
5402:Imperialism
5350:Brain drain
4817:Toxic asset
4757:Stockbroker
4742:Speculation
4692:Mutual fund
4682:Market risk
4589:social work
4539:engineering
4384:Super angel
4290:James, Paul
3864:"About WFE"
3839:"About IIF"
3604:. Bloomberg
3446:8 September
2593:. Bloomberg
2096:South Korea
2088:2010 summit
2068:Mark Carney
2063:and former
2020:South Korea
1918:London Club
1764:nationalize
1760:expropriate
1641:refinancing
1550:derivatives
1448:credit risk
1180:demonetized
1114:Nixon Shock
1102:Vietnam War
1059:subsidizing
930:(left) and
735:signed the
636:discounting
537:Wall Street
533:money trust
518:passed the
448:during the
446:Wall Street
418:Switzerland
410:Netherlands
384:introduced
276:World War I
100:World War I
5937:Categories
5820:Paul Hirst
5815:David Held
5680:Samir Amin
5670:Political
5605:Ravi Batra
5546:history of
5541:ecological
5516:Dependency
5464:Offshoring
5427:scientific
5417:linguistic
5382:Fair trade
5362:Care drain
5315:Tax havens
5310:Population
5219:History of
4574:regulation
4554:management
4464:Divestment
4272:2013-12-07
4245:2013-12-07
4218:2013-12-07
4191:2013-09-21
4166:2013-12-29
4132:2014-01-04
4082:2013-06-22
4057:2013-05-23
4033:2014-09-03
4008:2013-12-06
3983:2013-12-06
3962:2013-12-06
3941:2013-12-05
3916:2013-12-05
3910:"About us"
3895:2013-11-29
3874:2013-11-29
3849:2013-11-29
3824:2013-12-03
3660:2013-05-23
3608:2013-09-07
3469:2013-08-24
3257:2012-07-01
3107:2012-02-01
2597:2013-07-09
2541:2013-07-05
2516:2013-07-05
2452:2013-07-04
2427:2013-07-04
2346:2020-09-23
2184:References
2073:Pittsburgh
1914:Paris Club
1908:; and the
1856:See also:
1844:, and the
1835:and other
1780:See also:
1509:(ECB) and
1389:, and the
1338:See also:
1140:See also:
1086:overvalued
1037:See also:
1017:World Bank
890:See also:
766:Henry Ford
647:securities
640:remittance
568:See also:
434:See also:
358:free trade
258:, such as
96:regulation
65:investment
5845:John Urry
5737:sociology
5587:Economics
5491:World war
5214:Globality
5182:education
4603:(Fintech)
4544:inclusion
4534:economics
4529:deepening
4504:Financial
4152:Frontline
3520:CiteSeerX
2024:Basel III
1807:(such as
1793:Consumers
1723:) in the
1480:Basel III
874:LĂ©on Blum
810:for gold
808:banknotes
730:President
691:armaments
620:liquidity
535:in which
351:landlines
327:telephone
307:Australia
287:migration
260:Amsterdam
5910:Category
5579:scholars
5504:Theories
5412:cultural
5407:academic
5111:Journals
4902:Policies
4584:services
4509:analysis
4399:Bad debt
4310:(2009).
4160:Archived
2132:See also
1978:and the
1721:creditor
1629:eurozone
1475:Basel II
1310:of GATT
1054:de facto
977:volatile
946:for the
644:maturing
628:reserves
458:bank run
264:Brussels
248:New York
84:treaties
5672:economy
5577:Notable
5355:reverse
5283:Disease
5224:archaic
5135:Aspects
5126:Studies
5121:Outline
4569:planner
4514:analyst
4363:finance
2086:At its
2030:Former
1646:bailout
1582:bubbles
1444:Basel I
829:Hungary
825:Austria
812:bullion
630:at the
460:on the
414:Belgium
390:Germany
323:tonnage
5432:social
5263:Global
5255:Issues
4977:system
4876:Global
4594:system
4559:market
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1729:debtor
968:fiscal
862:Sweden
833:Poland
818:, and
816:Russia
481:credit
416:, and
370:France
311:Brazil
303:Canada
272:Geneva
270:, and
268:ZĂĽrich
244:Berlin
236:London
141:. The
118:after
86:, and
5422:media
5342:Other
5026:Lists
4772:Stock
4524:crime
4519:asset
4266:(PDF)
4239:(PDF)
4212:(PDF)
4076:(PDF)
4051:(PDF)
3654:(PDF)
3101:(PDF)
2092:Seoul
2016:Seoul
1809:banks
845:float
820:Japan
728:U.S.
368:with
335:radio
240:Paris
4579:risk
4564:plan
4318:ISBN
4102:ISBN
3798:ISBN
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3581:ISBN
3556:ISBN
3491:ISBN
3448:2013
3420:ISBN
3392:ISBN
3367:ISBN
3340:ISBN
3310:ISBN
3280:ISBN
3226:ISBN
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2570:ISBN
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2397:ISBN
2367:ISBN
2336:UNDP
2313:ISBN
2281:ISBN
2253:ISBN
2207:ISBN
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1974:The
1967:and
1916:and
1904:and
1784:and
1715:and
1637:PIGS
1620:and
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1552:and
1538:and
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1473:The
1464:G-20
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