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Essay / Research Paper Abstract
This 8-page paper discusses Jordan and Majnoni's theory of financial integration, which focuses on standards and codes. Bibliography lists 6 sources.
Page Count:
8 pages (~225 words per page)
File: AS43_MTreginfin.rtf
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Unformatted sample text from the term paper:
borders unimpeded, benefitting everyone - is a lovely theory. But in reality, the flow of capital has a lot of bumps and jolts. Different countries have different currencies, different regulations
and, in many cases, different methods of capital investment. Rather than a harmonious flow of money from one country to another, we have a mish-mash of dozens of different currencies
and hundreds of different regulations, all of which are entwined through that great specter of globalization. In their 2002 article "Financial Regulatory Harmonization
and the Globalization of Finance," authors Cally Jordan and Giovanni Majnoni point out that one way to counteract the mish-mash is to move toward the process of financial regulatory convergence
(and compliance) toward financial regulatory harmonization. The authors may have a point in their discussion - after all, the accounting industry is rapidly
moving away from separate countries, separate systems into one international accounting system (it says a great deal that the United States isnt climbing on the international standards bandwagon, though its
Generally Accepted Accounting Principles are starting to incorporate some of the international rules). The authors also point out the perils of coordination failure
which we have, unfortunately, and all too lately, have seen the consequences of. In this paper, well determine whether the authors have a
point in noting that standardization of systems is the better way to go. Article Overview The main gist of Cally and Majnonis
working paper is that sudden and swift globalization of finance has changed the relationship between trade and financial integration. This, in turn, has impacted the methods and procedures of the
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