For Germany, this figure currently amounts to roughly 340%, which is three times as high as in 1990. Compared with other developed countries,  BIS Review 31/2007  1  Germany is among those with a high degree of financial openness.
In addition, the increasing financial openness of many economies has also been reflected by strongly rising international capital flows, for example, in terms of cross-border securities transactions. The process of globalisation has been evolving among developed countries for many decades now. Therefore, in contrast to what some observers might think, the current process of globalisation per se is neither new nor of special uniqueness.