Financial Markets in Transition: Globalization, Investment and Economic Growth


Global financial markets are on the threshold of a new age. After two decades of dramatic transformation in the structure and functions of national financial markets and financial service industries, a more or less perfectly integrated and globalized system has emerged. Global financial markets have become noticeably more efficient, while the financial service industry has been reduced to little more than an information industry. However, the transformation has not been without implications. For many stakeholder groups in many countries it has meant crises and difficult adjustments. This study focuses on the way in which different sequences of events in this globalization process affect the ability of financial markets to attract and channel savings in order to improve real national growth.

The empirical analysis is regional in scope and involves the four major Nordic countries - Denmark, Finland, Norway and Sweden. Being public sector dominated economies, they provide examples of all the problems faced by other countries looking for an opening of their financial markets. In addition to intra-Nordic comparisons, the development of the region is compared to the US, UK, German and Japanese markets.

Two avenues of investigation are followed - one describing structural changes in national bond markets, the other measuring the levels of international integration of these markets and the potential effects that the process of globalization may have had on national economic growth. Both these aspects are central to a full understanding of the transition from national financial markets to well-integrated parts of the global market.

Elgar Companion to

Social Capital and Health

Martin Ljunge okt 2018.jpg

Martin Ljunge, IFN, is the author of a chapter, "Trust promotes health: addressing reverse causality by studying children of immigrants", in a new book edited by Sherman Folland and Eric Nauenberg. The cutting edge of research is presented, covering the ever-expanding social capital field.

About the book


Seminars organized by IFN


To present ongoing research informal brown-bag seminars are held on Mondays at 11:30 am. This is an opportunity for IFN researchers to test ideas and results.

Academically oriented seminars are most of the time held on Wednesdays at 10 am. At these events researchers from IFN and other institutions present their research.

In addition, IFN organizes seminars open to the public. Topics for these are derived from the IFN research.

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