Financial Globalization : A Glass Half Empty?
Since the 1970s, the world has embarked on a new financial globalization era. Cross-country capital flows have significantly increased in developed and developing countries. However, the characteristics of financial globalization differ from what w...
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| Format: | Working Paper |
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World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/990491505323961395/Financial-globalization-a-glass-half-empty http://hdl.handle.net/10986/28372 |
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okr-10986-283722021-06-08T14:42:48Z Financial Globalization : A Glass Half Empty? Schmukler, Sergio L. Abraham, Facundo GLOBALIZATION CAPITAL FLOWS DEVELOPING COUNTRIES EMERGING MARKET ECONOMIES INSTITUTIONAL INVESTORS CAPITAL MARKETS INTEGRATION Since the 1970s, the world has embarked on a new financial globalization era. Cross-country capital flows have significantly increased in developed and developing countries. However, the characteristics of financial globalization differ from what was originally expected. Various examples illustrate this point. Although the literature predicted large gains from financial globalization (such as additional funding, broad diversification, and deeper financial systems), the positive effects have been more limited. In developed and developing countries, financial globalization has manifested in increasing gross capital flows (inflows and outflows) rather than larger net flows. Capital markets are segmented and only a few large firms access international markets. International institutional investors do not seem to have played a stabilizing role, helping to exacerbate and transmit crises across countries. Although financial globalization has brought several beneficial changes, its net effects and spillovers to the overall economies participating in it have yet to be understood. 2017-09-21T20:47:40Z 2017-09-21T20:47:40Z 2017-09 Working Paper http://documents.worldbank.org/curated/en/990491505323961395/Financial-globalization-a-glass-half-empty http://hdl.handle.net/10986/28372 English en_US Policy Research Working Paper;No. 8194 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
GLOBALIZATION CAPITAL FLOWS DEVELOPING COUNTRIES EMERGING MARKET ECONOMIES INSTITUTIONAL INVESTORS CAPITAL MARKETS INTEGRATION |
| spellingShingle |
GLOBALIZATION CAPITAL FLOWS DEVELOPING COUNTRIES EMERGING MARKET ECONOMIES INSTITUTIONAL INVESTORS CAPITAL MARKETS INTEGRATION Schmukler, Sergio L. Abraham, Facundo Financial Globalization : A Glass Half Empty? |
| relation |
Policy Research Working Paper;No. 8194 |
| description |
Since the 1970s, the world has embarked
on a new financial globalization era. Cross-country capital
flows have significantly increased in developed and
developing countries. However, the characteristics of
financial globalization differ from what was originally
expected. Various examples illustrate this point. Although
the literature predicted large gains from financial
globalization (such as additional funding, broad
diversification, and deeper financial systems), the positive
effects have been more limited. In developed and developing
countries, financial globalization has manifested in
increasing gross capital flows (inflows and outflows) rather
than larger net flows. Capital markets are segmented and
only a few large firms access international markets.
International institutional investors do not seem to have
played a stabilizing role, helping to exacerbate and
transmit crises across countries. Although financial
globalization has brought several beneficial changes, its
net effects and spillovers to the overall economies
participating in it have yet to be understood. |
| format |
Working Paper |
| author |
Schmukler, Sergio L. Abraham, Facundo |
| author_facet |
Schmukler, Sergio L. Abraham, Facundo |
| author_sort |
Schmukler, Sergio L. |
| title |
Financial Globalization : A Glass Half Empty? |
| title_short |
Financial Globalization : A Glass Half Empty? |
| title_full |
Financial Globalization : A Glass Half Empty? |
| title_fullStr |
Financial Globalization : A Glass Half Empty? |
| title_full_unstemmed |
Financial Globalization : A Glass Half Empty? |
| title_sort |
financial globalization : a glass half empty? |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/990491505323961395/Financial-globalization-a-glass-half-empty http://hdl.handle.net/10986/28372 |
| _version_ |
1764466735897903104 |