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The Evidence and Impact of Financial Globalization

Table of contents Table of contents Close section Volume Get Code Buy. 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.

Does Financial Globalization Affect Microfinance Mission Drift?

In , these imbalances had fallen to 1. Moreover, the remaining deficits and surpluses are spread over a larger number of countries than before the crisis. By , that share had fallen by half.

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  5. And, with only a few exceptions, like Germany and the Netherlands, imbalances have also declined within the eurozone. Today, developing countries have become capital importers once more. None of this should invite complacency. A more tightly woven global financial system inevitably comes with a higher risk of contagion.

    Excesses can always return; indeed, equity and real-estate markets in some advanced economies are rising to new highs, despite mediocre growth prospects. Volatility in gross capital flows also remains a concern. Since , one third of developing countries and two thirds of advanced economies have faced large fluctuations in total capital inflows. Some observers argue that more should be done to contain risk in the system; to the extent that risk has simply shifted from banks to shadow banks, they may be right.

    Financial Globalization by Hans-Helmut Kotz & Susan Lund - Project Syndicate

    But, overall, signs of greater resilience and increased stability are everywhere. Actions taken over the last ten years therefore imply less fragility when the next crisis hits, as it surely will. Hanz-Helmut Kotz. This article is published in collaboration with Project Syndicate.

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    The views expressed in this article are those of the author alone and not the World Economic Forum. I accept. Global Agenda Financial and Monetary Systems The reverse in fortunes of financial globalization might have been a good thing According to new research what is emerging is a more resilient version of global financial integration. How do we build a sustainableworld? Submit a video. Most Popular. Greta: the voice of climate activism who says 'don't listen to me' Sean Fleming 23 Sep Scientists have been investigating the Loch Ness monster.

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