Financial Globalisation - Welcome to the University of Warwick金融全球化——欢迎来到华威大学.pptVIP

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Financial Globalisation - Welcome to the University of Warwick金融全球化——欢迎来到华威大学.ppt

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Financial Globalisation - Welcome to the University of Warwick金融全球化——欢迎来到华威大学.ppt

Financial Globalisation Aims of Lecturer To explore the extent of financial globalisation To explore the main forces and agents driving the process of financial globalisation To explore the social, political and economic consequences of financial globalisation Structure of Lecture Part One: Offer a descriptive account of evolution of international monetary system. Part Two: Explore different incommensurate explanation for why the IMS has evolved in manner that it has since the early 1970s Part OneFrom Gold to Keynes Gold Standard Emerged gradually Features of World Monetary System in late part of C19th: London as the Global Financial Centre Relatively Free Flow of Capital (to degree it followed the flag) Gold Standard important in disciplining domestic actors Links domestic economic actors to global market disciplines. Makes the economy ‘knave proof’ System destroyed by WWI Attempts to resituate Gold Standard failed (‘Gold Standard on the Booze’ (Keynes)). Problems of International Imbalances and Recycling (Dawes Plan) Attempts to restore ‘wrong parities’ Changes in Domestic Politics 1930s: Things fall apart!!! International Capital mobility collapsed Global Deflation Gold is abandoned. Bretton Woods Conference 1944 (White and Keynes) Fixed but adjustable pegs. Dollar tied to Gold Deregulate Current Account but not the Capital Account A new form of Liberal World Economy Bretton Woods never really worked: Current Account convertibility was not established until 1958 in Europe and 1964 in Japan From this moment onwards capital account controls came under pressure Sterling Devalued in 1967 Dollar devalued in 1971 and came off Gold completely in 1973. From 1973 see fairly rapid ‘de-regulation’ by major states. Three aspects: Deregulation of particular national markets Removal of controls separating functionally distinct market Removal of Controls over movement of capital across boarders Deregulation. International Dynamic. Secure position as a maj