Financial globalisation in reverse?

WASHINGTON, DC – For three decades, financial globalisation had seemed inevitable. New information technologies made it possible to conduct transactions halfway around the world in the blink of an eye. Savers gained the ability to diversify, while the largest borrowers could tap global pools of capital. As national financial markets grew more intertwined, cross-border capital flows rose from $0.5 trillion in 1980 to a peak of $11.8 trillion in 2007.
Martin N. Baily and Susan Lund
Martin N. Baily and Susan Lund
Times Reporter