Finansų rinkų ir įmonių veiklos globalizacijos tendencijos tarptautinėje ekonominėje erdvėje
Tendencies of Financial Markets and Enterprise Activities Globalization under International Economic Space

Summary/Abstract: During the past two decades, financial markets around the world have become increasingly interconnected. Financial globalization has brought considerable benefits to national economies and to investors and savers, but it has also changed the structure of markets, creating new risks and challenges for market participants and policymakers. The objective of the paper is to take a look at how financial globalization has occurred, and the form it is taking, offers insights into its benefits as well as the new risks and challenges it has generated. Globalization of finance has driven four main factors: (1) Advances in information and computer technologies have made it easier for market participants and country authorities to collect and process the information they need to measure, monitor, and manage financial risk; (2) The globalization of national economies has advanced significantly as real economic activity—production, consumption, and physical investment—has been dispersed over different countries or regions; (3) The liberalization of national financial and capital markets, coupled with the rapid improvements in information technology and the globalization of national economies, has catalyzed financial innovation and spurred the growth of cross-border capital movements; (4) Competition among the providers of intermediary services has increased because of technological advances and financial liberalization. All in all, the radical change in the nature of capital markets has offered unprecedented benefits. But it has also changed market dynamics in ways that are not yet fully understood. One of the main benefits of the growing diversity of funding sources is that it reduces the risk of a "credit crunch." Another benefit of financial globalization is that, with more choices open to them, borrowers and investors can obtain better terms on their financing. Finally, creditworthy banks and firms in emerging market countries can reduce their borrowing costs now that they are able to tap a broader pool of capital from a more diverse and competitive array of providers.

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