Читать книгу Financial Cold War. A View of Sino-US Relations from the Financial Markets онлайн

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The arrival of these international payments and settlement infrastructures solved the paperwork crisis for traders like Stanley Ross in the late 1960s and came just in time to foster the continued growth of the nascent Eurobond market. That market in December 2019 was estimated to be around $25 trillion in size, around 24 percent of the total bonds outstanding globally.ssss1 This harnessing of savers' capital for use by governments and corporations has created jobs, supported public services and provided for the development of public infrastructure around the world. For savers and investors, it also opened up new international investment opportunities that could improve their returns and help diversify their exposures.

These organisations, colloquially known as the ‘plumbing’ of the world's financial markets, enabled unprecedented growth and globalisation of the international capital markets by driving down the costs and increasing the reliability of cross-border transactions. With the dollar already the predominant currency of international borrowing and investment, they provided a network that would allow it to further extend its reach. In turn, this would further amplify the transmission of US economic and monetary policy to other countries via global investment and liquidity, in addition to trade. This is a trend that would be accelerated further still by a series of shocks in the 1970s.