"Despite the major advances in information technology that have shaped the recent wave of globalization, openness to … suggests that a particular threat and a limiting factor to globalization and its future developments may be militarist …

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 …