The same basic pattern holds in Canadian stock markets. The main Canadian stock index has declined by 7 per cent this year because the TSX is so heavily weighted with companies that rely on trade. It is evident, therefore, that rising interest rates can explain only part of what we have observed in stock markets—trade actions are playing a central role.
Later, when the  BIS Review 1/2008  1  Bank of Japan was drawing up its statutes, the Japanese government drew on the statutes of the National Bank of Belgium and the regulations of the Banque de France. Economies have become increasingly globalised over the past century and a half. Recently, the pace of globalisation has even accelerated.