Financial Globalization: A Reappraisal / M. Ayhan Kose, Eswar Prasad, Kenneth S. Rogoff, Shang-Jin Wei.

Format:

Book

Author/Creator:

Kose, M. Ayhan.

Contributor:

Prasad, Eswar.

Rogoff, Kenneth S.

Wei, Shang-Jin.

National Bureau of Economic Research.

Series:

Working Paper Series (National Bureau of Economic Research) no. w12484.

NBER working paper series no. w12484

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Financial Globalization

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2006.

Summary:

The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels with a variety of apparently conflicting results. 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, both in terms of 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.

Notes:

Print version record

August 2006.