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RYERSON POLYTECHNIC UNIVERSITY DEPARTMENT OF ECONOMICS ECN 607: ISSUES IN THE INTERNATIONAL ECONOMY Globalization and Financial Crises Origins: In the years following World War II almost all countries had extensive controls over capital markets. For domestic markets there were detailed regulations governing the banking and financial sectors (e.g. restrictions on mergers and the type of activities banks could undertake). Such regulations were designed to prevent the kind of speculative activity that had occurred in the 1920s and had played a major part in causing the Great Depression of the 1930s. Governments were also allowed and, in fact, encouraged to control capital flows into and out of their countries because it was felt that these could threaten international stability. The IMF charter contained specific provisions to allow this. The situation changed in the 1970s and 1980s. (1) The energy crises of that decade resulted in the accumulation of billions of US dollars by...

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