"Since the 1990s, several emerging market and developing economies (EMDEs) have, to varying degrees, embraced the process of financial globalisation, broadly defined as a set of policies that involve allowing for greater openness to cross-border capital flows as well as greater market access to...

"Over the last two decades the fiscal positions of many advanced economies have deteriorated significantly, leading to ever-growing levels of public debt and mounting concerns about debt sustainability. Fiscal positions are set to weaken further on account of the worsening demographics which are...