Reaping the Benefits of Financial Globalization

S264EA Image
Price:  $33.00

Author/Editor: M. Ayhan Kose, Julian di Giovanni, André Faria, Martin Schindler, Giovanni Dell'Ariccia, Paolo Mauro, Jonathan David Ostry, Marco Terrones
Release Date: © December, 2008
ISBN : 978-1-58906-748-6
Stock #: S264EA
English
Stock Status: Available

Languages and formats available

EnglishFrenchSpanishArabicRussianChinesePortuguese
PaperbackYes
PDFYes

Description

Financial globalization has increased dramatically over the past three decades, particularly for advanced economies, while emerging market and developing countries experienced more moderate increases. Divergences across countries stem from different capital control regimes, and factors such as institutional quality and domestic financial development. Although, in principle, financial globalization should enhance international risk sharing, reduce macroeconomic volatility, and foster economic growth, in practice its effects are less clear-cut. This paper envisages a gradual and orderly sequencing of external financial liberalization and complementary reforms in macroeconomic policy framework as essential components of a successful liberalization strategy.

Taxonomy

Economic cooperation , Economic policy , Fiscal policy , Globalization




More publications in this series: Occasional Papers


More publications by: M. Ayhan Kose ; Julian di Giovanni ; André Faria ; Martin Schindler ; Giovanni Dell'Ariccia ; Paolo Mauro ; Jonathan David Ostry ; Marco Terrones