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The Fall and Rise of Keynesian Economics$
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John Eatwell and Murray Milgate

Print publication date: 2011

Print ISBN-13: 9780199777693

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199777693.001.0001

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International Financial Liberalization

International Financial Liberalization

Chapter:
(p.107) 7 International Financial Liberalization
Source:
The Fall and Rise of Keynesian Economics
Author(s):

John Eatwell

Murray Milgate

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199777693.003.0007

This chapter explains the impact of international capital liberalization that is consistent with the deterioration of economic performance in the post-Bretton Woods era. It comprises of hypotheses on the operation and interaction between financial markets and the real economy, which implies that liberal financial markets with a very high turnover would impose deflationary pressures on the economy. The chapter concludes with a discussion of the growth in international capital flows, as the product of the systemic transformation of the world economy since the end of World War II.

Keywords:   international capital liberalization, post-Bretton Woods era, financial markets, real economy, liberal financial markets, deflationary pressures, international capital flows, world economy

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