CONTENTS
Figures = vii
Tables = viii
Preface = xi
Introduction = xiii
1. The Expansion and Globalization of Financial Markets = 1
Ⅰ. The Rapid Expansion of International Finance = 1
Ⅱ. The Global Information Revolution and Global Finance = 3
Ⅲ. Governmental Deregulation and International Finance = 6
Ⅳ. Financial Market Globalization and Interest Rate Parity = 11
Ⅴ. Financial Strategy Parities = 15
2. Financial Market Globalization and New Trade Pattern = 25
Ⅰ. Saver and Dissaver Countries = 26
Ⅱ, Case Study of US-Foreign Trade, 1981- = 38
Ⅲ. How the Foreign Exchange Market Has Been Working = 43
Ⅳ. New Definitions of Trade and the Folly of Protectionism = 53
3. New Uses of Money and the Collapse of Monetary Velocity = 69
Ⅰ. Transactions and Asset Demands for Money = 72
Ⅱ. Structural Changes and the Velocity of Money = 73
Ⅲ. The Collapse of Monetary Velocity in the US = 77
Ⅳ. The Collapse of Monetary Velocity in the UK and Germany = 82
Ⅴ. Policy Implications = 87
Appendix Regressions of US Income Velocity and Related Variables = 92
4. Financial Crises and Recession = 95
Ⅰ. The 1982 Recessionary Period = 95
Ⅱ. The Stock Market Crash of 1987 = 105
Ⅲ. The World Debt Crisis = 110
Ⅳ. The 1990-Recessionary Period = 117
5. International Adjustments and Political Responses = 127
Ⅰ. Preventing Financial Crises and Recession = 128
Ⅱ. National Strategies in the Global Economy = 144
Ⅲ. conclusions = 162
References = 169
Index = 173
