Financial Globalization : A Glass Half Empty?

Schmukler, Sergio L. ; Abraham, Facundo

World Bank, Washington, DC

关键词: GLOBALIZATION;    CAPITAL FLOWS;    DEVELOPING COUNTRIES;    EMERGING MARKET ECONOMIES;    INSTITUTIONAL INVESTORS;   

DOI  :  10.1596/1813-9450-8194
RP-ID  :  WPS8194

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Since the 1970s, the world has embarkedon a new financial globalization era. Cross-country capitalflows have significantly increased in developed anddeveloping countries. However, the characteristics offinancial globalization differ from what was originallyexpected. Various examples illustrate this point. Althoughthe literature predicted large gains from financialglobalization (such as additional funding, broaddiversification, and deeper financial systems), the positiveeffects have been more limited. In developed and developingcountries, financial globalization has manifested inincreasing gross capital flows (inflows and outflows) ratherthan larger net flows. Capital markets are segmented andonly a few large firms access international markets.International institutional investors do not seem to haveplayed a stabilizing role, helping to exacerbate andtransmit crises across countries. Although financialglobalization has brought several beneficial changes, itsnet effects and spillovers to the overall economiesparticipating in it have yet to be understood.