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

The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications …

-run income loss or gain for countries that experienced crises. This is in contrast to the recent wave of globalization when …

Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops since the mid 1990s. Foreign … saving affects foreign assets via three mechanisms: business cycle volatility, financial globalization, and Sudden Stop risk … Irving Fisher's debt-deflation mechanism. Our results show that financial globalization and Sudden Stop risk are plausible …

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 …

countries rose from 4 to 23 percent of the U.S. capital stock (financial globalization). We document that the correlation of … real shocks between the U.S. and the rest of the world has declined. We then present a model in which international …