Issues of International in Developing Countries Finance without Frontiers - Part 1
International Capital Flows are enormous, with hardly 1% of it being used for “real” transactions” i.e. trade with goods and services. The turmoil in the international capital markets has involved a great number of developing countries, which were particularly sensitive to those rapid changes during the process of building, reforming and liberalizing their financial systems. As a consequence, a number of countries re-introduced capital controls, which served their purpose but have not led to generally accepted principles to fight capital volatility.
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In addition, there are a number of deplorable byproducts of globalization, which have prospered because of the facilitation of transactions through open borders and international bank accounts. Among them are movements of “black”, i.e. untaxed, money to tax havens, and the returns from illegal trade, especially drugs, cigarettes, and weapons. More recently the search for funds financing international terrorism has become more intense, since it has brought the vulnerability of globalization to the forefront. In that case, it is less the spectacular events of September 11, 2001 or of March 10th 2004, than the daily attacks on global communication or the bugs and viruses of the global health system, which are threatening to seriously disturb the relentless efforts to shift capital back and forth.
Within the legal transactions framework of international capital markets, analysts, practitioners, and policy makers have met consistently to provide for a ”new architecture of the ...
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