It is often argued that financial globalization involves threshold effects - countries should have a minimum level of preconditions in place before they can reap the benets of financial integration. We investigate what this means for the dynamics of de facto financial globalization, using...

We conduct an empirical study on how 22 donors allocate their bilateral aid among 147 recipient countries over the 1970-2004 period to investigate whether recent changes in the international aid architecture at the international and country levelhave led to changes in donor behavior. We find...