ABSTRACT
We have arrived in the 1980s: an era offinancial deregulation in the industrialized countries, and one of globalization ofthe capital markets. The supervision of banking and securities industries was loosened, cartels in the financial sector were uprooted, and firms were exposed to heightened competition. Most industrialized countries lifted their restrictions on the movement of capital. As the international mobility of money increased, huge sums could be transferred between countries and between different kinds of assets in a split second.
