Franklin R. Edwards Hugh T. Patrick As the 19908 unfold, we stand on the threshold of a new age of global financial markets. The seeminglyinevitable, market-driven dynamicofthe international integration of banking, securities, and futures markets is bringing about a profound transformation of financial flows and the efficiency and effectiveness of the domestic and international markets serving them. Propelled in the 1980s by a variety offorces-technological, economic, political, and (de)regulatory-the implications of international financial market integration are pervasive. This new era...

This volume describes the changes that rocked the financial markets in the 1980s and 1990s, such as the collapse and government bailout of the thrifts and the shrinking of traditional banking. It proposes a regulatory approach that would facilitate adjustment to new financial realities.

Franklin R. Edwards Hugh T. Patrick As the 19908 unfold, we stand on the threshold of a new age of global financial markets. The seeminglyinevitable, market-driven dynamicofthe international integration of banking, securities, and futures markets is bringing about a profound transformation of financial flows and the efficiency and effectiveness of the domestic and international markets serving them. Propelled in the 1980s by a variety offorces-technological, economic, political, and (de)regulatory-the implications of international financial market integration are pervasive. This new era...