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Financial globalization: gain and pain for developing countries, Volume 1
 
Author:Schmukler, Sergio L.; Country:World;
Date Stored:2004/10/13Document Date:2003/12/01
Document Type:Working PaperSubTopics:Environmental Economics & Policies; Economic Theory & Research; Banks & Banking Reform; Financial Intermediation; Financial Economics
Language:EnglishRegion:The World Region
Report Number:30141Volume No:1

Summary: This paper discusses the benefits and risks that financial globalization entails for developing countries. Financial globalization can lead to large benefits, particularly to the development of the financial system. But financial globalization can also come with crises and contagion. The net effect of financial globalization is likely positive in the long run, with risks being more prevalent right after countries liberalize. So far, only some countries, sectors, and firms have taken advantage of globalization. As financial systems turn global, governments lose policy instruments, so there is an increasing scope for some form of international financial policy cooperation.

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