Reaping the Benefits of Financial Globalization

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 insti...

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Bibliographic Details
Main Author: Dell'Ariccia, Giovanni
Other Authors: Di Giovanni, Julian, Faria, Andre, Kose, Ayhan
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2008
Series:Occasional Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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245 0 0 |a Reaping the Benefits of Financial Globalization  |c Giovanni Dell'Ariccia, Paolo Mauro, Andre Faria, Jonathan Ostry, Julian Di Giovanni, Martin Schindler, Ayhan Kose, Marco Terrones 
260 |a Washington, D.C.  |b International Monetary Fund  |c 2008 
300 |a 52 pages 
651 4 |a United States 
653 |a Consumption 
653 |a Economics 
653 |a Financial services industry 
653 |a Finance: General 
653 |a Balance of payments 
653 |a Financial integration 
653 |a Financial markets 
653 |a Capital movements 
653 |a Wealth 
653 |a Globalization: General 
653 |a International economics 
653 |a Economic & financial crises & disasters 
653 |a Capital controls 
653 |a Financial sector development 
653 |a Financial Markets and the Macroeconomy 
653 |a Long-term Capital Movements 
653 |a Globalization 
653 |a International finance 
653 |a Emerging and frontier financial markets 
653 |a Financial Risk Management 
653 |a General Financial Markets: General (includes Measurement and Data) 
653 |a Macroeconomics 
653 |a International Investment 
653 |a Finance 
653 |a Macroeconomics: Consumption 
653 |a Saving 
653 |a Exports and Imports 
700 1 |a Di Giovanni, Julian 
700 1 |a Faria, Andre 
700 1 |a Kose, Ayhan 
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490 0 |a Occasional Papers 
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520 |a 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