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'globalisation Does More Harm Than Good To A Country's Economy.'!!

865 words - 3 pages

"The transformation of national segmented financial markets into integrated parts of the global financial market - the globalisation process - involves complex cross-border and cross-sectoral integration in which capital movements and financial services are key determinants." (Oxelheim, 1996, p. 21) The large multi national corporations (MNC's) play a major role in this transformation process, as it is these organisations that have a very wide variety of funding options. A number of the large corporations engage in arbitrage between various international markets that are less efficient and in those that are more efficient.Financial markets in a country compete with one another and with the other markets around the globe, they are all connected. The government usually plays an important role in the national financial markets, as it has the power to increase or decrease money supply within the economy. The government usually uses the central bank of the country to perform these operations.The major financial markets are the equity markets, credit market and the foreign exchange market.The government and monetary authorities like the central bank, prudential regulation authorities and other similar organisations of the country are responsible for market regulations and supervision.The global financial system consists of the interaction between various national financial systems. Buyer and sellers of certain financial instruments trade across their national borders. There have been a number of different factors that have influenced the globalisation process, these factors have led to economies forming some new regulations and the deregulation of the current capital controls and factors like market efficiency, flexibility and credibility.Imperfections in the domestic financial markets are what gave way to the development of Euro markets. Global finance encloses an odd combination of the most perfect (where there is free trade and less deregulation) and imperfect (where there is high regulation to protect the local market from losing out to the outside markets due to competition) money and capital markets of the world.Most countries interfere in the foreign exchange market to make their currencies more stable by changing various policies and buying and selling foreign currencies. It should be understood that fluctuations in foreign exchange markets are due to the economic conditions and policies of the country. Giddy says "Currency markets are efficient, but many national capital markets are not; these national markets are partially, but not wholly, linked to the global market." (Giddy, 1994, p. 6)From the past it can be seen that the increase in economic integration and the redistribution of financial resources within the region were important factors. Borrowing from another country was a significant force. "Economic integration and regional...

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