Purpose – The purpose of this paper is to review concepts and measurements related to financial globalization such as financial openness, financial integration, monetary interdependence, and the mobility and movement of capital. Design/methodology/approach – This paper surveys the...

Remarks at the Harvard Law School's Symposium on Building the Financial System of the 21st Century, Armonk, New York.

Recent European government debt difficulties demonstrate how linked stock markets have become. Problems in countries such as Greece and Italy have depressed stock markets not only on the continent but also in the United States. Such comovement across international financial markets highlights...

The availability of financial instruments related to indices that track global financial conditions and risk appetite can potentially offer countries alternative options to insure against external shocks. This paper shows that while these instruments can explain much of the in-sample variation...