Benefits and Risks of Financial Globalization : Challenges for Developing Countries

Benefits and Risks of Financial Globalization : Challenges for Developing Countries

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 effe...

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Main Author: Schmukler, Sergio L.
Format: Journal Article
Language:en_US
Published: Federal Reserve Bank of Atlanta 2013
Subjects:
financial globalization
financial liberalization
international financial markets
financial crises
Online Access:http://hdl.handle.net/10986/16311
id okr-10986-16311
recordtype oai_dc
spelling okr-10986-163112021-04-23T14:03:28Z Benefits and Risks of Financial Globalization : Challenges for Developing Countries Schmukler, Sergio L. financial globalization financial liberalization international financial markets financial crises 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. 2013-11-25T15:20:57Z 2013-11-25T15:20:57Z 2004-06 Journal Article Federal Reserve Bank of Atlanta Economic Review http://hdl.handle.net/10986/16311 en_US http://creativecommons.org/licenses/by-nc-nd/3.0/igo CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ World Bank Federal Reserve Bank of Atlanta Journal Article
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language en_US
topic financial globalization
financial liberalization
international financial markets
financial crises
spellingShingle financial globalization
financial liberalization
international financial markets
financial crises
Schmukler, Sergio L.
Benefits and Risks of Financial Globalization : Challenges for Developing Countries
relation http://creativecommons.org/licenses/by-nc-nd/3.0/igo
description 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.
format Journal Article
author Schmukler, Sergio L.
author_facet Schmukler, Sergio L.
author_sort Schmukler, Sergio L.
title Benefits and Risks of Financial Globalization : Challenges for Developing Countries
title_short Benefits and Risks of Financial Globalization : Challenges for Developing Countries
title_full Benefits and Risks of Financial Globalization : Challenges for Developing Countries
title_fullStr Benefits and Risks of Financial Globalization : Challenges for Developing Countries
title_full_unstemmed Benefits and Risks of Financial Globalization : Challenges for Developing Countries
title_sort benefits and risks of financial globalization : challenges for developing countries
publisher Federal Reserve Bank of Atlanta
publishDate 2013
url http://hdl.handle.net/10986/16311
_version_ 1764432805461229568

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