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Federal Reserve Bank of San Francisco
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Evidence on financial globalization and crisis: capital raisings
Galina Hale
Abstract

Financial globalization opened international capital markets to investors and firms all over the world. Foreign capital raisings by firms have increased substantially since the early 1990s in terms of equity as well as debt. I review the literature on the determinants and patterns of cross-border capital raisings and their effects on developments of domestic markets, highlighting the differences between mature and emerging economies. I focus on the effects the introduction of the euro had on European and global capital markets by bringing into existence a currency area comparable in size to that of the United States. Finally, I discuss the effects of financial crises on foreign capital raisings and review capital raisings during the 2007-09 global financial crisis.


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Galina Hale, Evidence on financial globalization and crisis: capital raisings, Federal Reserve Bank of San Francisco, Working Paper Series 2011-04, 2011.
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Keywords: Globalization ; Capital market
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