Making Financial Globalization

To many today it may seem that a global financial market is the normal and natural state of things. Clara Park reminds us that financial globalization was made in the decades after 1990, and that it was made by self-interested private financial institutions. Before then, finance was largely national and often state-controlled. But international financial institutions worked together to change both national and international policies. They spurred regulatory changes at the national level, and the creation of multilateral agreements, that created the contemporary globally integrated financial order. With theoretical and empirical clarity, Park shows the private-sector origins of the cutting edge of modern globalization. * Jeffry Frieden, Harvard University * Park's Making Financial Globalization is an important addition to financial globalization research. Noteworthy is her emphasis on global financial firms as pivotal in shaping the international financial framework. Another highlight is her shift towards scrutinizing financial current account regulation, rather than capital account regulation, in the global governance of finance. Additionally, her creation of two extensive databases on financial trade restrictions and regulations will greatly benefit scholars. This work stands as a remarkable contribution from an emerging scholar. * Dennis Quinn, Georgetown University *