05275oam 22010574 450 991078852150332120230829002208.01-4623-5081-X1-4527-7032-81-282-39205-097866138204881-4519-9010-3(CKB)3360000000443088(EBL)3014541(SSID)ssj0000940805(PQKBManifestationID)11572103(PQKBTitleCode)TC0000940805(PQKBWorkID)10955520(PQKB)11237172(OCoLC)694141246(MiAaPQ)EBC3014541(IMF)WPIEE2006189(EXLCZ)99336000000044308820020129d2006 uf 0engurcn|||||||||txtccrFinancial Globalization : A Reappraisal /Ayhan Kose, Eswar Prasad, Kenneth Rogoff, Shang-Jin WeiWashington, D.C. :International Monetary Fund,2006.1 online resource (94 p.)IMF Working Papers"August 2006."1-4518-6449-3 Includes bibliographical references.""Contents""; ""EXECUTIVE SUMMARY""; ""I. INTRODUCTION""; ""II. A BRIEF OVERVIEW OF THEORY""; ""III. MEASURING FINANCIAL OPENNESS""; ""IV. PATTERNS OF FINANCIAL GLOBALIZATION""; ""V. MACROECONOMIC EVIDENCE ON EFFECTS OF FINANCIAL GLOBALIZATION""; ""VI. HOW DOES THE COMPOSITION OF CAPITAL FLOWS MATTER?""; ""VII. ORGANIZING PRINCIPLES""; ""VIII. COLLATERAL BENEFITS OF FINANCIAL GLOBALIZATION""; ""IX. THRESHOLD EFFECTS IN OUTCOMES OF FINANCIAL GLOBALIZATION""; ""X. CONCLUDING REMARKS""; ""APPENDIXES""; ""References""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.IMF Working Papers; Working Paper ;No. 2006/189International financeGlobalizationMathematical modelsExports and ImportsimfFinance: GeneralimfGlobalizationimfGeneral Financial Markets: General (includes Measurement and Data)imfInternational InvestmentimfLong-term Capital MovementsimfCurrent Account AdjustmentimfShort-term Capital MovementsimfGlobalization: GeneralimfFinanceimfInternational economicsimfFinancial integrationimfForeign direct investmentimfCapital account liberalizationimfStock marketsimfInternational financeimfInvestments, ForeignimfBalance of paymentsimfStock exchangesimfUnited StatesimfInternational finance.GlobalizationMathematical models.Exports and ImportsFinance: GeneralGlobalizationGeneral Financial Markets: General (includes Measurement and Data)International InvestmentLong-term Capital MovementsCurrent Account AdjustmentShort-term Capital MovementsGlobalization: GeneralFinanceInternational economicsFinancial integrationForeign direct investmentCapital account liberalizationStock marketsInternational financeInvestments, ForeignBalance of paymentsStock exchangesKose Ayhan1462080Prasad Eswar124415Rogoff Kenneth324217Wei Shang-Jin118987DcWaIMFBOOK9910788521503321Financial Globalization3670937UNINA