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Capital Market Integration and National Wealth
Author(s) -
Makin Tony
Publication year - 1993
Publication title -
australian economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.308
H-Index - 29
eISSN - 1467-8462
pISSN - 0004-9018
DOI - 10.1111/j.1467-8462.1993.tb00784.x
Subject(s) - national wealth , balance sheet , financial integration , debt , capital (architecture) , liberalization , economics , asset (computer security) , monetary economics , capital account , balance (ability) , business , national capital , financial system , financial market , national accounts , international economics , finance , market economy , geography , medicine , computer security , archaeology , computer science , physical medicine and rehabilitation
This article examines the effects of increased capital market integration on Australia's external liabilities, total assets and national wealth using an inter‐temporal approach. Stylised national balance sheets‐then provide summary statements of how these aggregates changed following the unprecedented international financial liberalisation of the 1980s. Though the level of international debt was relatively high at the end of the 1980s compared to the 1970s, it was easily exceeded by growth in asset values, resulting in a sharp rise in wealth per head.