which financial globalization can be a substitute for reforms of domestic financial system. Inefficient financial system and … investment. While financial globalization always improves the welfare of a developed country with a good financial system, its … the world than many developing countries. A noteworthy feature of this theory is that financial and property rights …

globalization. First, while capital account openness holds promises (by potentially generating a lower cost of capital, better risk … globalization less beneficial for developing countries. Second, developing countries sometimes need to insulate themselves from …