Globalization of finance was even more prolific, especially over the last decade. For the world taken together, the ratio of foreign assets and foreign liabilities to GDP rose from 45 per cent in 1970 to over 300 per cent in 2004. 1 The impact of globalization of labour was by far more striking.
For release on delivery 8:45 a.m. EDT June 17, 2022  Welcoming Remarks  Remarks by Jerome H. Powell Chair Board of Governors of the Federal Reserve System at “International Roles of the U.S. Dollar,” a research conference sponsored by the Federal Reserve Board Washington, DC  June 17, 2022  Good morning, and welcome to the inaugural conference on the International Roles of the U.S. Dollar.