Abstract
In recent years the volume of cross-border international financial flows has risen sharply, dwarfing that of international trade. While the total world trade volume has reached the $4 trillion mark a year, the total cross-border international financial flows are about fifty times as much, estimated at $200 trillion per year. Thus, unlike in earlier decades the engine of growth in international financial flows is no longer the world trading activities but the accelerating momentum of international financial market activities. The huge volume of cross-border financial flows is directly related to the enormous size of the international financial market system. As of the end of 1987 the gross size of the Eurocurrency market was $4.4 trillion, while the total amount of funds raised on international financial markets reached $384 billion in 1987.1
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© 1989 Kluwer Academic Publishers
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Park, Y.S. (1989). Introduction to International Financial Centers: Their Origin and Recent Developments. In: Park, Y.S., Essayyad, M. (eds) International Banking and Financial Centers. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-2504-5_1
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DOI: https://doi.org/10.1007/978-94-009-2504-5_1
Publisher Name: Springer, Dordrecht
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