Financial Deregulation and the Globalization of Capital Markets, Issue 40Rapid financial deregulation and the globalization of capital markets have led to dangerous financial volatility that could have a destabilizing impact on major economies. To reduce this volatility, new regulation may be needed. |
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banks and securities billion bond issues borrowers capital controls capital flows capital markets cash changes commercial banks competition corporate cost delinking deposits deregulation and innovation despecialization disintermediation dollar domestic markets elimination eurobonds eurocurrency business eurocurrency market eurodollar euromarkets example exchange rates factor markets financial activities financial agents financial assets financial centers financial deregulation financial innovation financial institutions financial markets financial services industry fiscal laxity flexible floating exchange rates foreign bonds foreign currencies foreign exchange foreign exchange markets FRNs funds futures Glass-Steagall Act global government bonds government debt growth improve increased industrial countries institutional investors instruments interbank interest rates interest-rate internationalization investment Japan Japanese liquidity loans long-term major McFadden Act monetary policy money-center banks offshore program trading purchases recent reduce reforms regional banks regulation regulatory restrictions retail banking secondary market sectors securities firms securities markets securitization sovereign subsidiaries swaps syndicate Treasury underwriting United Kingdom volatility World Bank