Effects of Financial Globalization on Developing Countries: Some Empirical Evidence

Business & Finance, Economics, Public Finance, Finance & Investing, Banks & Banking, Macroeconomics
Cover of the book Effects of Financial Globalization on Developing Countries: Some Empirical Evidence by M. Mr. Kose, Kenneth Mr. Rogoff, Eswar Mr. Prasad, Shang-Jin Wei, INTERNATIONAL MONETARY FUND
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Author: M. Mr. Kose, Kenneth Mr. Rogoff, Eswar Mr. Prasad, Shang-Jin Wei ISBN: 9781452790350
Publisher: INTERNATIONAL MONETARY FUND Publication: September 3, 2003
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: M. Mr. Kose, Kenneth Mr. Rogoff, Eswar Mr. Prasad, Shang-Jin Wei
ISBN: 9781452790350
Publisher: INTERNATIONAL MONETARY FUND
Publication: September 3, 2003
Imprint: INTERNATIONAL MONETARY FUND
Language: English

This study provides a candid, systematic, and critical review of recent evidence on this complex subject. Based on a review of the literature and some new empirical evidence, it finds that (1) in spite of an apparently strong theoretical presumption, it is difficult to detect a strong and robust causal relationship between financial integration and economic growth; (2) contrary to theoretical predictions, financial integration appears to be associated with increases in consumption volatility (both in absolute terms and relative to income volatility) in many developing countries; and (3) there appear to be threshold effects in both of these relationships, which may be related to absorptive capacity. Some recent evidence suggests that sound macroeconomic frameworks and, in particular, good governance are both quantitatively and qualitatively important in affecting developing countries’ experiences with financial globalization.

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This study provides a candid, systematic, and critical review of recent evidence on this complex subject. Based on a review of the literature and some new empirical evidence, it finds that (1) in spite of an apparently strong theoretical presumption, it is difficult to detect a strong and robust causal relationship between financial integration and economic growth; (2) contrary to theoretical predictions, financial integration appears to be associated with increases in consumption volatility (both in absolute terms and relative to income volatility) in many developing countries; and (3) there appear to be threshold effects in both of these relationships, which may be related to absorptive capacity. Some recent evidence suggests that sound macroeconomic frameworks and, in particular, good governance are both quantitatively and qualitatively important in affecting developing countries’ experiences with financial globalization.

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