This paper argues that the credit crunch is the result of a particular problem in the world financial system, that is …

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international … better risk sharing outcomes during the recent period of globalization. Developing countries have, by and large, been shut … flows may help explain why emerging markets have not been able to realize this presumed benefit of financial globalization …

rate stability and monetary autonomy) continues to be a valid macroeconomic framework. The financial globalization during … financial globalization has been the growing exposure of developing countries to costly capital flights and deleveraging crises …

technology, globalization tends to lead to convergence. Moreover, under non-convex technology trade and migration tend to be …