IMF Staff Papers articles from April 2009

IMF Staff Papers archives from April 2009

Frontiers of research on financial globalization.(INTRODUCTION)
April 1, 2009... IMF Staff Papers (2009) 56, 1-7. doi:10.1057/imfsp.2008.37 The recent wave of financial globalization got started in earnest in the mid-1980s, with rising cross-border financial flows among industrial economies and between industrial and...

Financial globalization: A Reappraisal - Part-I.
April 1, 2009... Few issues have stirred such passionate debate among development researchers and policymakers as the merits of financial globalization, including integration of equity, bond and money markets, as well as direct ownership of foreign capital or...

Financial globalization: A Reappraisal - Part-II.
April 1, 2009... IV. How Does the Composition of Capital Flows Matter? An alternative line of inquiry into the effects of financial globalization is based on the notion that not all types of capital flows are created equal. As we have documented earlier,...

International finance and growth in developing countries: what have we learned?
April 1, 2009... The years after 2002 produced a surge in net capital flows from richer countries to the developing world. In 2008, the World Bank estimated 2007 net private capital flows into developing countries at nearly $1 trillion, up around 30 percent...

Why did financial globalization disappoint?
April 1, 2009... A little over a decade ago, just before the Asian financial crisis of 1997 hit the headlines, there was an emerging consensus among leading macroeconomists that it was time for developing countries to embrace the liberalization of their capital...

Why we shouldn't turn our backs on financial globalization.
April 1, 2009... Many prominent economists, financiers, politicians, and other seeming authorities regard globalization, and, in particular, financial globalization, as a potential danger to the world's poor. For example, Joseph Stiglitz has been very critical...

Understanding banking sector globalization.
April 1, 2009... The past two decades have experienced a resurgence of international banking, continuing a well-documented general expansion of international financial integration within what has become known as the "second age of globalization" (Obstfeld and...

Financial globalization and monetary policy discipline: a survey with new evidence from financial remoteness.
April 1, 2009... This paper offers a contribution to the literature on globalization and macroeconomic performance. To keep the analysis tractable, attention is restricted to the potential impact of financial globalization, loosely defined as the phenomenon of...

Measuring financial integration: a new data set.
April 1, 2009... The magnitude of cross-border financial assets holdings has grown in recent years at rising speed, from under 50 percent of world GDP in 1970 to over 300 percent in 2006, and doubling over just the last 10 years (Figure 1). A more financially...