The US economy is often referred to as the "banker to the world," due to its unique role in supplying global reserve … globalization raises wealth inequality in a financially-developed economy initially due to foreign capital pressing up domestic …

We estimate world cycles using a new quarterly dataset of output, credit and asset prices assembled using IMF archives … and covering a large set of advanced and emerging economies since 1950. World cycles, both real and financial, exist and … time. Although this is true for prices (goods and assets), this not true for quantities (output and credit). The world …

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international … groups of countries and examines how international financial integration has affected the evolution of these patterns. Using … a variety of empirical techniques, we conclude that there is at best a modest degree of international risk sharing, and …

a world economy that was characterized by widespread restrictions on international capital mobility. In contrast, the … rapid pace of financial globalization during recent years poses new challenges for the international monetary system. In … explores some of the interconnections between financial globalization and exchange rate adjustment and discusses the policy …

This paper analyzes the impact of the globalization of financial markets on developing and transition economies … gaps may reinforce financial market discipline in these countries. Some current international initiatives are outlined for …

What does financial globalization imply for the design of monetary policy? Does the case for price stability change in … under endogenous international portfolio choice and incomplete markets. With endogenous portfolios, monetary policy takes on …