We examine the impact of the last five decades of financial globalization on world GDP and income distribution, using a … pattern Unbalanced Financial Globalization. We then simulate a counterfactual trajectory of the world economy where the RKO … wedges are fixed at their pre-globalization levels. We find that unbalanced financial globalization led to a worsening of …

We quantify the impact of barriers to international investment, using a novel multi-country dynamic general equilibrium … asset positions. We estimate this gravity equation using recently developed foreign investment data that have been restated … to account for offshore investment and financing vehicles. We show that a parsimonious implementation of the model with …

investment. While financial globalization always improves the welfare of a developed country with a good financial system, its … which financial globalization can be a substitute for reforms of domestic financial system. Inefficient financial system and … the country in the form of financial capital outflows but domestic investment takes place via inward foreign direct …