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Financial Globalization

Resource Persons 
Recent publications and working papers

The research on financial globalization studies the following type of questions: 

  • What is the extent of financial globalization/integration?
  • What are the effects of financial liberalization? 
  • What are the benefits and risks of integrating with the international financial system? 
  • What is the role for domestic equity and bond markets in the context of financial integration? 
  • What is the future of domestic capital markets in emerging economies? 
  • What are the determinants of domestic currency and foreign currency debt? 
  • Do the benefits of financial integration reach all sectors of the economy equally? 
  • Can capital controls affect the process of financial globalization?

Resource persons

Publications and Working Papers

Journal articles, book chapters and other publications,
This page lists recent scholarly publications by staff working in the area of Macroeconomics and Growth.  Publications are organized by topic and appear in reverse chronological order.

Policy Research Working Papers



For more policy research working papers from the World Bank's institutional archives, search here using author’s last name, title or working paper number (“wpsxxxx”).

WPS4649Bank involvement with SMEs : beyond relationship lendingde la Torre, Augusto; Martinez Peria, Maria Soledad; Schmukler , Sergio L.2008/06
WPS4184Stock market development under globalization : whither the gains from reforms ?de la Torre, Augusto; Gozzi, Juan Carlos; Schmukler, Sergio L.2007/04
WPS4132The international financial integration of China and IndiaLane, Philip R.; Schmukler, Sergio L.2007/02
WPS3933Internationalization and the evolution of corporate valuationGozzi, Juan Carlos; Levine, Ross; Schmukler, Sergio L.2006/06
WPS3897International financial integration through the law of one priceLevy Yeyati, Eduardo; Schmukler, Sergio L.; Van Horen, Neeltje2006/04
WPS3517Trade liberalization and the politics of financial developmentBraun, Matias; Raddatz, Claudio2005/02
WPS3440Market discipline under systemic risk - evidence from bank runs in emerging economiesLevy-Yeyati, Eduardo; Martinez Peria, Maria Soledad; Schmukler, Sergio L.2004/11
WPS3322Tango with the Gringo: the hard peg and real misalignment in ArgentinaAlberola, Enrique; Lopez, Humberto; Serven, Luis2004/06
WPS3192Greenfield foreign direct investment and mergers and acquisitions - feedback and macroeconomic effectsCalderon, Cesar; Loayza, Norman; Serven, Luis2004/01
30141Financial globalization: gain and pain for developing countriesSchmukler, Sergio L.2003/12
WPS3059Do capital flows respond to risk and return?Calderon, Cesar; Loayza, Norman; Serven, Luis2003/05
WPS3046Migration, spillovers, and trade diversion : the impact of internationalization on stock market liquidityLevine, Ross; Schmukler, Sergio L.2003/05
WPS3060World market integration through the lens of foreign direct investorsAlbuquerque, Rui; Loayza, Norman; Serven, Luis2003/05
WPS2986Government bonds in domestic and foreign currency: the role of macroeconomic and institutional factorsClaessens, Stijn; Klingebiel, Daniela; Schmukler, Sergio2003/03
WPS2903Financial globalization : unequal blessingsDe la Torre, Augusto; Levy Yeyati, Eduardo; Schmukler, Sergio L.2002/10
WPS2912Short-run pain, long-run gain : the effects of financial liberalizationKaminsky, Graciela Laura; Schmukler, Sergio L.2002/10
WPS2816Explaining the migration of stocks from exchanges in emerging economies to international centersClaessens, Stijn; Klingebiel, Daniela; Schmukler, Sergio L.2002/03
WPS2815Pricing currency risk : facts and puzzles from currency boardsSchmukler, Sergio L.; Serven, Luis2002/03
WPS2660Short and long-run integration : do capital controls matter ?Kaminsky, Graciela; Schmukler, Sergio2001/08
WPS2529Mutual fund investment in emerging markets - an overviewKaminsky, Graciela; Lyons, Richard; Schmukler, Sergio2001/01
WPS2424Global transmission of interest rates : monetary independence and the currency regimeFrankel, Jeffrey; Schmukler, Sergio; Serven, Luis2000/08
20655Securing our future in a global economyDe Ferranti, David; Perry, Guillermo E.; Gill, Indermit S.; Serven, Luis; Ferreira, Francisco H.G.; Ilahi, Nadeem; Maloney, William F.; Rama, Martin2000/06
WPS2323Globalization and firms' financing choices - evidence from emerging economiesSchmukler, Sergio; Versperoni, Esteban2000/04
WPS1886Country funds and asymmetric informationFrankel, Jeffrey A.; Schmukler, Sergio L.1998/02
WPS1298Capital goods imports, the real exchange rate, and the current accountServen, Luis1994/05
WPS1061Dynamic response to foreign transfers and terms-of-trade shocks in open economiesSchmidt-Hebbel, Klaus; Serven, Luis1992/1

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