Effects of Financial Globalization on Developing Countries : Some Empirical Evidence,9781589062214

Effects of Financial Globalization on Developing Countries : Some Empirical Evidence

by ; ; ;
ISBN13: 9781589062214
ISBN10: 1589062213
Format: Paperback
Pub. Date: 2003-09-01
Publisher(s): Renouf Pub Co Ltd
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Summary

This paper reviews recent empirical evidence, including some new research, on the effects of financial globalisation for developing countries. It focuses on three issues: whether financial globalisation promotes economic growth in developing countries; the impact on macroeconomic volatility in these countries; and factors that can help to harness the benefits of financial globalisation.

Table of Contents

Preface vii
Summary ix
Overview
1(5)
Definitions and Basic Stylized Facts
2(1)
Does Financial Globalization Promote Growth in Developing Countries?
2(1)
What Is the Impact of Financial Globalization on Macroeconomic Volatility?
3(1)
Role of Institutions and Governance in Effects of Globalization
4(1)
Summary
4(2)
Basic Stylized Facts
6(7)
Measuring Financial Integration
6(2)
North-South Capital Flows
8(1)
Factors Underlying the Rise in North-South Capital Flows
9(4)
Financial Integration and Economic Growth
13(8)
Potential Benefits of Financial Globalization in Theory
13(1)
Empirical Evidence
14(3)
Synthesis
17(4)
Financial Globalization and Macroeconomic Volatility
21(8)
Macroeconomic Volatility
21(3)
Crises as Special Cases of Volatility
24(1)
Has Financial Globalization Intensified the Transmission of Volatility?
25(2)
Some Factors That Increase Vulnerability to Risks of Globalization
27(2)
Absorptive Capacity and Governance in the Benefits/Risks of Globalization
29(17)
Threshold Effects and Absorptive Capacity
29(1)
Governance as an Important Element of Absorptive Capacity
29(2)
Domestic Governance and the Volatility of International Capital Flows
31(1)
Summary
32(3)
Appendixes
I The First Era of International Financial Integration, 1870--1913
35(1)
II Estimating the Benefits of International Financial Integration on Income Levels for Developing Countries Using a Neoclassical Economic Model
36(2)
III Calculating the Potential Welfare Gains from International Risk Sharing
38(4)
IV Contingent Securities for International Risk Sharing
42(1)
V Small States and Financial Globalization
43(2)
VI Data
45(1)
Bibliography 46

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