The Deregulation of the World Financial Markets: Myths, Realities, and Impact

The Deregulation of the World Financial Markets: Myths, Realities, and Impact

The Deregulation of the World Financial Markets: Myths, Realities, and Impact

The Deregulation of the World Financial Markets: Myths, Realities, and Impact

Synopsis

This book presents a comprehensive examination of the deregulatory steps taken in each of the major financial markets--the United States, Britain, Japan, Australia, and Hong Kong--exploring the impetus behind the deregulatory developments, their potency, and their effects on the operational, promotional, and allocational efficiency of financial markets. Khoury also assesses the effects of deregulation on the stability of financial markets and on the movement toward political and economic integration within these markets. Throughout, Khoury focuses particular attention on the dynamics of the deregulation process and the forces that generated it in each of the markets under study.

Excerpt

The deregulation of financial markets began in the mid-1960s, accelerated in the 1970s, and exploded in the 1980s. It cut across national borders, cultures, and government strategies and philosophies. Even the insular Chinese have felt its effects. This deregulation represents the most dramatic revolution of the twentieth century, with soldiers in glass towers wearing ties and not military uniforms.

This book examines in great detail the deregulatory steps taken in major financial markets, their impetus, their potency, and their effects on the operational, promotional, and allocational efficiencies of financial markets; the effects of deregulation on the riskiness/stability and the integration of financial markets and the movement toward political and economic integration are also reviewed.

Deregulatory developments in three major financial markets--the United States, Britain, Japan--and in a few other representative markets--Australia, Hong Kong, and Canada--are examined. The nature of the developments in these markets and the relationship among them are scrutinized, as is the impact of deregulation therein. Of particular concern are the dynamics of the deregulation process and the forces that generated it in each market.

This book represents the continuation of a commitment to the study of the inner workings of the international financial markets and the relationships among them. This commitment began with my Ph.D. thesis and has been demonstrated in recent years in the continuing symposium I organize with Alo Ghosh on Recent Developments in International Banking and Finance. This symposium started in 1986 and has thus far produced three volumes (one per symposium), dealing with the major aspects of international banking and finance.

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