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 …

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

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

. However, for emerging market economies, financial globalization appears to have been associated, on average, with an increase … corresponding world aggregates …

component provide evidence of a “world business cycle” and a distinct European common component. The results suggest that …