ABSTRACT
One of the most important economic developments of recent years has been the growing globalization of the world economy and, especially, of the world capital market. The globalization of the economy has led to an expansion of world trade twice as fast as that of the world economy. Most economies have become much more open than they had been in the past. The globalization of the world capital market, that allows individuals and firms to shift money from one country to another with little or no impediments, has made it possible for huge amounts of money to move freely and rapidly across frontiers in search of the most desirable economic habitat and the highest rate of return.
