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| Author: | Capoglu, G. |
| Title: | The internationalization of financial markets and competitiveness in the world economy |
| Journal: | Journal of World Trade Law
1990 : APR, VOL. 24:2, p. 111-118 |
| Index terms: | INTERNATIONALIZATION FINANCIAL INSTITUTIONS MARKETS WORLD ECONOMY COMPETITIVENESS FOREIGN INVESTMENT FINANCIAL SYSTEMS |
| Language: | eng |
| Abstract: | In the first period of the post-war era the Bretton-Woods agreement provided the basis for growing prosperity, in the second period this agreement was abandoned and structural changes reflected the continuous decline in the USA's share of production and exports. Given the difficulties faced by USA firms there have been several policy proposals to reverse this trend. Until the late 1970s international capital flow consisted of direct foreign investment and commercial bank lending with sovereign financial markets. In securities-based financial systems, firms raise funds in the capital market through the issuance of bonds and stocks. Development of the securities based system and changing nature of competitiveness are discussed. |
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