process of financial globalization. Our central findings indicate that policies promoting financial sector development …, institutional quality and trade openness appear to help developing countries derive the benefits of globalization. Similarly, sound … unavoidable tensions inherent in evaluating the risks and benefits associated with financial globalization. In light of these …

pattern of foreign direct investment. Using detailed data from China, we show that foreign-owned affiliates and joint ventures … have better export performance than private domestic firms, and that this advantage is systematically greater in sectors at … higher levels of financial vulnerability measured in a variety of ways. These patterns are manifest in firms' export sales …