Suchergebnisse

THE EURODOLLAR MARKET, WHICH WAS ESTABLISHED IN THE CITY OF LONDON IN THE 1950S, CAN BE CONSIDERED THE PROGENITOR OF THE GLOBAL FINANCIAL SYSTEM WHICH EXITS TODAY. EXPLANATIONS AS TO WHY THIS DEVELOPMENT SHOULD HAVE TAKEN PLACE IN LONDON, RELY, FOR THE MOST PART, ON TWO CONTENDING THESES: THAT IT WAS THE DIRECT CONSEQUENCE OF THE MARKET MECHANISM INEVITABLY OVERCOMING OFFICIAL OBSTRUCTION, OR "FRICTION"; OR THAT DELIBERATE STATE ACTION CREATED THE CONDITIONS WHICH ALLOWED THE MARKET TO EVOLVE AND OPERATE. THIS ARTICLE, WHICH IS BASED ON ARCHIVAL EVIDENCE AND INTERVIEWS WITH STATE AND PRIVATE SECTOR FIGURES INVOLVED IN THE DEVELOPMENT OF THE EUROMARKETS, ARGUES THAT THE CITY'S POSITION AT THE CENTER OF THE EUROCURRENCY SYSTEM WAS A DIRECT CONSEQUENCE OF IT HAVING EVOLVED WITHIN AN INSTITUTIONAL FRAMEWORK ESTABLISHED OVER 100 YEARS EARLIER. THIS SEEKS TO CHALLENGE SIMPLE STATE /MARKET DICHOTOMIES AND SUGGESTS THAT THE ORGINS OF THE EUROMARKETS CAN BE BETTER UNDERSTOOD WITH REFERENCE TO THE "GOVERNANCE OF REGULATORY SPACE."