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The Fall and Rise of Keynesian Economics$
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John Eatwell and Murray Milgate

Print publication date: 2011

Print ISBN-13: 9780199777693

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199777693.001.0001

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International Financial Liberalization

International Financial Liberalization

(p.107) 7 International Financial Liberalization
The Fall and Rise of Keynesian Economics

John Eatwell

Murray Milgate

Oxford University Press

This chapter explains the impact of international capital liberalization that is consistent with the deterioration of economic performance in the post-Bretton Woods era. It comprises of hypotheses on the operation and interaction between financial markets and the real economy, which implies that liberal financial markets with a very high turnover would impose deflationary pressures on the economy. The chapter concludes with a discussion of the growth in international capital flows, as the product of the systemic transformation of the world economy since the end of World War II.

Keywords:   international capital liberalization, post-Bretton Woods era, financial markets, real economy, liberal financial markets, deflationary pressures, international capital flows, world economy

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