Money Across Frontiers: The explosion of global finance

The Dow Jones industrial average rose from 2,000 in 1987 to 11,000 in May 1999, quintupling stock market prices during a period when GDP growth was less than 3% per year. Trade in the foreign exchange markets has reached $1.5 trillion a day, more than 50 times the value of global exports, while total derivatives turnover is well over $500 trillion a year. To the outside observer, these unimaginable numbers appear to have lost any connection with reality.

Are financial markets getting out of hand?. This briefing looks at the frenetic world of international finance.

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