insist that international colleges of regulators are not enough-that it is desirable to create a World Financial Organization … IMF governance reform so that the institution has the legitimacy and efficiency to assume these additional … responsibilities. The paper therefore concludes with some conventional and unconventional proposals for IMF governance reform. …

of financial integration or interrelatedness, asking how Asia compares with Europe and Latin America and with the base … more financially integrated than other regions. Asia, more interestingly, already seems to have made more progress on this … front than Latin America and other parts of the world. The contrast with Latin America is largely explained by stronger …

Financial globalization has increased dramatically over the past three decades, particularly for advanced economies … principle, financial globalization should enhance international risk sharing, reduce macroeconomic volatility, and foster …

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international … outcomes during the recent period of globalization. Developing countries have, by and large, been shut out of this benefit. The … why emerging markets have not been able to realize this presumed benefit of financial globalization. In particular, our …

The literature on the benefits and costs of financial globalization for developing countries has exploded in recent … macroeconomic effects of financial globalization, in terms of both growth and volatility. Overall, our critical reading of the … financial globalization, but with many nuances. On the other hand, there is little systematic evidence to support widely cited …

This paper studies the changes in world business cycles during 1960-2003. We employ a Bayesian dynamic latent factor … globalization period (1986-2003). The results indicate that the common (G-7) factor explains a larger fraction of output …, consumption, and investment volatility in the globalization period than in the BW period. These findings suggest that the degree …

globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies …

context of globalization-a term typically used to describe the phenomenon of growing international trade and financial …

wisdom that globalization has increased the degree of synchronization of business cycles. The evidence that trade and …