Two observations suggest that financial globalization played an important role in the recent financial crisis. First …

Large and persistent global financial imbalances need not be the harbinger of a world financial crash. Instead, we show … globalization on financial development, liberalization leads to sizable welfare gains for the more financially-developed countries …

' trading and participation decisions. Our model predicts that regulation that protect prices will lead to fragmentation and …

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

inescapable in the real world of asymmetric information and imperfect contract enforcement. I argue, however, that in confronting …