Globalization and global financial markets

Trimis la data: 2010-07-06
Materia: Economie
Nivel: Facultate
Pagini: 45
Nota: 10.00 / 10
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Autor: Stefana_C
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Over the past few decades we have seen how the global economy has been internationalised on a large scale and how deregulation and technological achievements, particularly within the IT field, have created new conditions for growth. During the same period, global purchasing power has more than doubled. And it is not only the western world that has benefited from the opportunities offered by internationalisation; many poor countries have managed to climb a few steps up the global income ladder. The Asian 'tiger' economies are good examples of this.

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Relatively high global growth have coincided with accelerating international market integration, deregulation and a rapid spread of technology, which has enabled poorer countries to draw closer to richer countries. If we go back 150 years in time, we find ourselves in exactly this type of situation. At that time, obstacles to trade were being abolished and countries and regions were being united by railways and steamships. Postal systems were developed and the telegraph system made a breakthrough. Intercontinental cables were lowered into the seas to connect Europe to North and South America, Africa and Asia. The world experienced a revolution in transportation and information that has yet to be equalled.

Barriers to trade in goods, services and financial assets have been progressively lifted during the last few decades, leading to a growing interaction among national economic systems. This growing interaction and connectedness is what people commonly refer to as globalisation. Countries participating in this process have seen their domestic financial markets become more integrated with markets abroad.

Two factors shape and characterise this process. First, technological innovation has sharply reduced transportation and telecommunication costs. In only 40 years, telecommunication costs shrank by a factor of about 150, while computer costs became around 1900 times cheaper. As a consequence, information is now disseminated almost in real-time and at low cost.
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