that the theoretical impact of financial and trade globalization on the correlation between capital inflows and outflows is …The correlation between capital inflows and outflows has increased substantially over time in a sample of 128 advanced … and developing countries. We provide evidence that this is a result of an increase in financial globalization (stock of …

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 inherent tensions in evaluating the risks and benefits associated with financial globalization. In the light of these …

behavior of aggregate capital inflows and outflows (capital flows between a country and the rest of the world). This paper … that this positive correlation and procyclicality is largely the feature of crisis episodes. After controlling for crisis …

that there is a positive correlation between current account balances and growth among nonindustrial countries, implying …

economic and financial conditions but by conditions in the rest of the world. We then estimate the response to an exogenous …

benchmark calibration, we estimate that the capital misallocation induced by these barriers reduces World GDP by 7%, compared to …-country inequality: the standard deviation of log capital per employee is 80% higher than it would be in a world without barriers to …