The book should stimulate a vigorous discussion on how to best revise the reform agenda for capital market development in emerging economies going forward. This effort should involve not only country authorities but also academics and advisers from multilateral agencies such as the World Bank....

This paper studies the relation between firm''s financing choices and financial globalization. Using an East Asian and Latin American firm-level panel for the 1980s and 1990s, we study how leverage ratios, debt maturity structure, and sources of financing change when economies are liberalized...

Since the 1970s, the world has embarked on a new financial globalization era. Cross-country capital flows have significantly increased in developed and developing countries. However, the characteristics of financial globalization differ from what was originally expected. Various examples...