Digitization, globalization, and hypermobile financial capital
DOI:
https://doi.org/10.11606/issn.2179-0892.geousp.2017.135154Keywords:
Bretton-Woods Agreement. Capital markets. Electronic Funds Trans- fer Systems. Foreign exchange. Offshore banking. Real time gross settlement system.Abstract
Since the late 20th century and the microelectronics revolution, capital has become thoroughly digitized, moving effortlessly around the world through electronic funds transfer systems (EFTS). This paper charts the rise of electronic money since the collapse of the Bretton-Woods regulatory system in the 1970s and the shift into extremely mobile funds that circulate through ber optics lines. Second, it examines some of the world’s largest EFTS systems and their impacts on capital markets of different types. The third part focuses on how digital money has undermined na- tional nancial regulations imposed by nation-states. In the fourth section, the role of EFTS in the growth of offshore banking centers is explored.
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