LEADER 05494oam 22011534 450 001 9910968068403321 005 20250426110351.0 010 $a9786613820488 010 $a9781462350810 010 $a146235081X 010 $a9781452770321 010 $a1452770328 010 $a9781282392052 010 $a1282392050 010 $a9781451990102 010 $a1451990103 035 $a(CKB)3360000000443088 035 $a(EBL)3014541 035 $a(SSID)ssj0000940805 035 $a(PQKBManifestationID)11572103 035 $a(PQKBTitleCode)TC0000940805 035 $a(PQKBWorkID)10955520 035 $a(PQKB)11237172 035 $a(OCoLC)694141246 035 $a(IMF)WPIEE2006189 035 $a(MiAaPQ)EBC3014541 035 $a(IMF)WPIEA2006189 035 $aWPIEA2006189 035 $a(EXLCZ)993360000000443088 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFinancial Globalization : $eA Reappraisal /$fAyhan Kose, Eswar Prasad, Kenneth Rogoff, Shang-Jin Wei 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (94 p.) 225 1 $aIMF Working Papers 300 $a"August 2006." 311 08$a9781451864496 311 08$a1451864493 320 $aIncludes bibliographical references. 327 $a""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"" 330 3 $aThe literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels and with a variety of apparently conflicting results. For instance, there is still little robust evidence of the growth benefits of broad capital account liberalization, but a number of recent papers in the finance literature report that equity market liberalizations do significantly boost growth. Similarly, evidence based on microeconomic (firm- or industry-level) data shows some benefits of financial integration and the distortionary effects of capital controls, while the macroeconomic evidence remains inconclusive. We attempt to provide a unified conceptual framework for organizing this vast and growing literature. This framework allows us to provide a fresh synthetic perspective on the macroeconomic effects of financial globalization, in terms of both growth and volatility. Overall, our critical reading of the recent empirical literature is that it lends some qualified support to the view that developing countries can benefit from financial globalization, but with many nuances. On the other hand, there is little systematic evidence to support widely cited claims that financial globalization by itself leads to deeper and more costly developing country growth crises. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/189 606 $aInternational finance 606 $aGlobalization$xMathematical models 606 $aBalance of payments$2imf 606 $aCapital account liberalization$2imf 606 $aCurrent Account Adjustment$2imf 606 $aExports and Imports$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aFinancial integration$2imf 606 $aForeign direct investment$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aGlobalization$2imf 606 $aGlobalization: General$2imf 606 $aInternational economics$2imf 606 $aInternational finance$2imf 606 $aInternational Investment$2imf 606 $aInvestments, Foreign$2imf 606 $aLong-term Capital Movements$2imf 606 $aShort-term Capital Movements$2imf 606 $aStock exchanges$2imf 606 $aStock markets$2imf 607 $aUnited States$2imf 615 0$aInternational finance. 615 0$aGlobalization$xMathematical models. 615 7$aBalance of payments 615 7$aCapital account liberalization 615 7$aCurrent Account Adjustment 615 7$aExports and Imports 615 7$aFinance 615 7$aFinance: General 615 7$aFinancial integration 615 7$aForeign direct investment 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aGlobalization 615 7$aGlobalization: General 615 7$aInternational economics 615 7$aInternational finance 615 7$aInternational Investment 615 7$aInvestments, Foreign 615 7$aLong-term Capital Movements 615 7$aShort-term Capital Movements 615 7$aStock exchanges 615 7$aStock markets 700 $aKose$b Ayhan$01815765 701 $aPrasad$b Eswar$0124415 701 $aRogoff$b Kenneth$0324217 701 $aWei$b Shang-Jin$0118987 801 0$bDcWaIMF 906 $aBOOK 912 $a9910968068403321 996 $aFinancial Globalization$94372507 997 $aUNINA