Benefits and Costs of International Financial Integration : Theory and Facts

The author provides a selective review of the recent analytical and empirical literature on the benefits and costs of international financial integration. He discusses the impact of financial openness on consumption, investment, and growth, and the...

Full description

Bibliographic Details
Main Author:	Agenor, Pierre-Richard
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ADVERSE EFFECTS ADVERSE SELECTION ADVERSE SHOCKS ASYMMETRIC INFORMATION BANK RUNS BANKING SECTOR BANKING SYSTEM BONDS BORROWING BUDGET DEFICITS CAPITAL ACCOUNT CAPITAL ACCUMULATION CAPITAL FLIGHT CAPITAL FLOWS CAPITAL GOODS CAPITAL INFLOWS CAPITAL MARKETS CAPITAL OUTFLOWS CENTRAL BANK CERTIFICATES OF DEPOSIT COMMERCIAL BANKS COMPETITIVENESS CONTAGION CORPORATE CONTROL COST OF CAPITAL CREDIT RATIONING CURRENCY CRISES CURRENT ACCOUNT CYCLICAL BEHAVIOR DEBT DEPOSIT INSURANCE DEVELOPING COUNTRIES DISCOUNTED PRESENT VALUE DOMESTIC ECONOMY EASTERN CARIBBEAN CENTRAL BANK ECONOMIC CONSEQUENCES ECONOMIC ENVIRONMENT ECONOMIC GROWTH ECONOMIC POLICY ECONOMISTS ELASTICITY ELASTICITY OF SUBSTITUTION EMPIRICAL EVIDENCE EMPIRICAL RESEARCH EMPIRICAL STUDIES EMPLOYMENT EQUALIZATION EQUILIBRIUM EQUITY MARKETS EXCHANGE RATE REGIME EXCHANGE RATES EXPORTS EXTERNALITIES FACTOR MARKETS FINANCIAL CRISES FINANCIAL DISTURBANCES FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL OPENNESS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FINANCIAL VOLATILITY FOREIGN BANKS FOREIGN CAPITAL FLOWS GDP GLOBALIZATION GROWTH RATE HEDGE FUNDS HUMAN CAPITAL IMPORTS INCOME INCOME DISTRIBUTION INDIRECT EFFECTS INDUSTRIAL COUNTRIES INFLATION INFLATION TAX INTEREST RATE INTEREST RATES INTERNATIONAL FINANCIAL TRANSACTIONS INTERNATIONAL INVESTORS INTERNATIONAL RESERVES LABOR FORCE LEGAL FRAMEWORK LIQUIDITY LIVING STANDARDS LONG-RUN GROWTH LOW-INCOME COUNTRIES MACROECONOMIC ADJUSTMENT MACROECONOMIC EFFECTS MACROECONOMIC INSTABILITY MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARGINAL COST MARGINAL PRODUCTIVITY MARKET DISTORTIONS MERGERS MIDDLE-INCOME COUNTRIES MONETARY AUTHORITIES MORAL HAZARD MORAL HAZARD PROBLEMS NATURAL RESOURCES NET WORTH NONPERFORMING LOANS OIL OPEN ECONOMIES PENALTIES PERCEIVED RISK POLICY RESEARCH PORTFOLIO PORTFOLIO DIVERSIFICATION PORTFOLIOS POVERTY REDUCTION PRIVATE SECTOR PRODUCERS PRODUCTIVITY PUBLIC GOODS REAL EXCHANGE REAL EXCHANGE RATE RESOURCE ALLOCATION RETAINED EARNINGS RISK DIVERSIFICATION RISK MANAGEMENT RISK SHARING SAVINGS SHARP DETERIORATION SHORT-TERM DEBT SHORT-TERM INTEREST RATES SOCIAL COSTS STANDARD DEVIATION SUBSIDIARY SYSTEMIC BANKING CRISES TECHNOLOGICAL PROGRESS TERMS OF TRADE TERMS-OF-TRADE SHOCKS TOTAL FACTOR PRODUCTIVITY TRADE FLOWS TRANSITION ECONOMIES TRANSPARENCY UTILITY FUNCTION WELFARE GAINS
Online Access:	http://documents.worldbank.org/curated/en/2001/10/1620927/benefits-costs-international-financial-integration-theory-facts http://hdl.handle.net/10986/19503

Internet

http://documents.worldbank.org/curated/en/2001/10/1620927/benefits-costs-international-financial-integration-theory-facts
http://hdl.handle.net/10986/19503

Benefits and Costs of International Financial Integration : Theory and Facts

Internet

Similar Items