ABSTRACT
The integration of financial markets is an important landmark on the road to globalization. In the move to create a global resourcebase, there is perhaps no other market that has exhibited the same degree of maturity in terms of globality. Its advocates claim that the moves towards integrated capital markets are essential prerequisites if the global economy is to generate increased trade and economic growth and economic development. Despite these positive aspects, it is also evident that global financial markets can be a very destabilizing force within the global economy.
