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2020 | OriginalPaper | Buchkapitel

2. Financial (De)Globalization and Financial Market (Dis)Integration

verfasst von : Dieter Pesendorfer

Erschienen in: Financial Markets (Dis)Integration in a Post-Brexit EU

Verlag: Springer International Publishing

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Abstract

The chapter provides the background to the study and explores the lessons from two waves of financial globalization, the transition from the gold standard to the Bretton Woods System to the liberalization and deregulation of finance and the emergence of finance-dominated capitalism. It then discusses the major transformations in capitalism and the rise of finance-led capitalism leading to increased financial instability and the Global Financial Crisis. The chapter continues with an overview and critical evaluation of regulating finance after the crisis before exploring the challenges for Inclusive Capitalism and Sustainable Finance.

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Vorheriges Kapitel Introduction
Nächstes Kapitel Finance-Led Capitalism and Neoliberal Financial Market Integration in Europe
Fußnoten
1
Some have argued that Bretton Woods did not really end but remained “alive and well” if not narrowly defined as a “system of fixed exchange rates and current account convertibility” but as “an exchange rate system that supports open trade and the financing of imbalances” and given the continuity of the Bretton Woods institutions. In that understanding Bretton Woods “evolved” and successfully adopted to new challenges (Dornbusch 1993). Others have labeled the international financial order after 1973 “Bretton Woods system reborn” based on the idea that the main feature of this system is a core—the country providing the global reserve currency as an exorbitant privilege, namely the U.S.—and a periphery of economies that are committed to export-led growth, first Europe and Japan, then more recently Asia. In that understanding, Europe moved from the peripheral status of emerging market economies to a new stage without yet winning the privilege of having a reserve currency that would allow living beyond the regions means (Dooley et al. 2003; Eichengreen 2007).
 
2
King (2016) suggested ‘radical reforms’ on the basis of his critique of financial alchemy, sympathizing with the Chicago Plan of 1933 and newer contributions to ‘narrow banking’ and ‘limited purpose banking. Such ideas have been criticized for several reasons (Bolton et al. 2019; Dempster 2018; Pesendorfer 2013a). Additionally, King suggested the central bank’s role as the Lender of Last Resort should be replaced by the ‘pawnbroker for all seasons’.
 
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Metadaten
Titel
Financial (De)Globalization and Financial Market (Dis)Integration
verfasst von
Dieter Pesendorfer
Copyright-Jahr
2020
Buch
Financial Markets (Dis)Integration in a Post-Brexit EU

Print ISBN: 978-3-030-36051-1

Electronic ISBN: 978-3-030-36052-8

Copyright-Jahr: 2020

DOI
https://doi.org/10.1007/978-3-030-36052-8_2