used as a leading indicator. Based on the FCI, financial conditions in Asia tightened substantially earlier in the global … crisis, reflecting losses in the stock markets and tighter credit conditions. In early 2010, financial conditions in Asia …

vector auto-regression model, we show that long-term interest rates in Asia are indeed predominantly driven by global factors …-term interest rates. Nevertheless, the monetary transmission mechanism, though effective, is somewhat weaker in Asia during the …

The perception that Asia's inflation dynamics is driven by idiosyncratic supply shocks implies, as a corollary, that … there is little scope for a policy reaction to a build-up of inflationary pressures. However, Asia's fast growth and … may now play a larger role than in the past. This paper presents a quantitative analysis of inflation dynamics in Asia …

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 …