Making Financial Globalization

Clara Park is an assistant professor at the University of Colorado and a research fellow at Duke University. She received a Ph.D. in Political Science from the University of California, Berkeley, and a B.A. in Economics and Government from Cornell University. She was a project director at the Berkeley APEC Study Center and a Postdoctoral Research Associate at Duke University.

To many today it may seem that a global financial market is the normal and natural state of things. Clara Park reminds us that financial globalization was made in the decades after 1990, and that it was made by self-interested private financial institutions. Before then, finance was largely national and often state-controlled. But international financial institutions worked together to change both national and international policies. They spurred regulatory changes at the national level, and the creation of multilateral agreements, that created the contemporary globally integrated financial order. With theoretical and empirical clarity, Park shows the private-sector origins of the cutting edge of modern globalization.

• List of Figures List of TablesChapter 1: IntroductionChapter 2: A Theory of Financial Globalization Chapter 3: Financial Linkage and Financial GlobalizationChapter 4: Fragmented Liberalization in the Financial IndustryChapter 5: De Jure Liberalization: Lowering Entry RegulationsChapter 6: De Facto Liberalization: Cross-Border Financial FlowsChapter 7: ConclusionBibliographyIndex