Financial Globalization: A Reappraisal
The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels and with a variety of apparently conflicting results. For instance, there is still little robust evidence of the growth benefits of broad capit...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2006
|
| Series: | IMF Working Papers
Working Paper No. 06/189 |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels and with a variety of apparently conflicting results. For instance, there is still little robust evidence of the growth benefits of broad capital account liberalization, but a number of recent papers in the finance literature report that equity market liberalizations do significantly boost growth. Similarly, evidence based on microeconomic (firm- or industry-level) data shows some benefits of financial integration and the distortionary effects of capital controls, while the macroeconomic evidence remains inconclusive. We attempt to provide a unified conceptual framework for organizing this vast and growing literature. This framework allows us to provide a fresh synthetic perspective on the macroeconomic effects of financial globalization, in terms of both growth and volatility. Overall, our critical reading of the recent empirical literature is that it lends some qualified support to the view that developing countries can benefit from financial globalization, but with many nuances. On the other hand, there is little systematic evidence to support widely cited claims that financial globalization by itself leads to deeper and more costly developing country growth crises |
| Physical Description: | 1 Online-Ressource (94 p) |
| ISBN: | 1451864493 9781451864496 |
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| 520 | 3 | |a The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels and with a variety of apparently conflicting results. For instance, there is still little robust evidence of the growth benefits of broad capital account liberalization, but a number of recent papers in the finance literature report that equity market liberalizations do significantly boost growth. Similarly, evidence based on microeconomic (firm- or industry-level) data shows some benefits of financial integration and the distortionary effects of capital controls, while the macroeconomic evidence remains inconclusive. We attempt to provide a unified conceptual framework for organizing this vast and growing literature. This framework allows us to provide a fresh synthetic perspective on the macroeconomic effects of financial globalization, in terms of both growth and volatility. Overall, our critical reading of the recent empirical literature is that it lends some qualified support to the view that developing countries can benefit from financial globalization, but with many nuances. On the other hand, there is little systematic evidence to support widely cited claims that financial globalization by itself leads to deeper and more costly developing country growth crises | |
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| index_date | 2024-07-03T20:13:26Z |
| indexdate | 2024-07-10T09:35:34Z |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Kose, M. Ayhan Verfasser aut Financial Globalization A Reappraisal Kose, M. Ayhan Washington, D.C International Monetary Fund 2006 1 Online-Ressource (94 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 06/189 The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels and with a variety of apparently conflicting results. For instance, there is still little robust evidence of the growth benefits of broad capital account liberalization, but a number of recent papers in the finance literature report that equity market liberalizations do significantly boost growth. Similarly, evidence based on microeconomic (firm- or industry-level) data shows some benefits of financial integration and the distortionary effects of capital controls, while the macroeconomic evidence remains inconclusive. We attempt to provide a unified conceptual framework for organizing this vast and growing literature. This framework allows us to provide a fresh synthetic perspective on the macroeconomic effects of financial globalization, in terms of both growth and volatility. Overall, our critical reading of the recent empirical literature is that it lends some qualified support to the view that developing countries can benefit from financial globalization, but with many nuances. On the other hand, there is little systematic evidence to support widely cited claims that financial globalization by itself leads to deeper and more costly developing country growth crises Online-Ausg Prasad, Eswar Sonstige oth Rogoff, Kenneth Sonstige oth Wei, Shang-Jin Sonstige oth http://elibrary.imf.org/view/IMF001/02348-9781451864496/02348-9781451864496/02348-9781451864496.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Kose, M. Ayhan Financial Globalization A Reappraisal |
| title | Financial Globalization A Reappraisal |
| title_auth | Financial Globalization A Reappraisal |
| title_exact_search | Financial Globalization A Reappraisal |
| title_exact_search_txtP | Financial Globalization A Reappraisal |
| title_full | Financial Globalization A Reappraisal Kose, M. Ayhan |
| title_fullStr | Financial Globalization A Reappraisal Kose, M. Ayhan |
| title_full_unstemmed | Financial Globalization A Reappraisal Kose, M. Ayhan |
| title_short | Financial Globalization |
| title_sort | financial globalization a reappraisal |
| title_sub | A Reappraisal |
| url | http://elibrary.imf.org/view/IMF001/02348-9781451864496/02348-9781451864496/02348-9781451864496.xml |
| work_keys_str_mv | AT kosemayhan financialglobalizationareappraisal AT prasadeswar financialglobalizationareappraisal AT rogoffkenneth financialglobalizationareappraisal AT weishangjin financialglobalizationareappraisal |