Thresholds in the process of international financial integration
TLDR
In this article, the authors developed a unified empirical framework for characterizing the threshold conditions for financial and institutional development that an economy needs to attain before it can derive the indirect benefits and reduce the risks of financial openness.About:
This article is published in Journal of International Money and Finance.The article was published on 2009-12-01 and is currently open access. It has received 219 citations till now. The article focuses on the topics: Financial integration & Financial sector development.read more
Figures
Table 3. Sub-sample Sensitivities: Private Credit and Gross Financial Openness to GDP Interaction Coefficients 
Table 1. Long-term Growth in Emerging Markets and Other Developing Countries 
Figure 4. Overall Financial Openness Coefficient Against Alternative Threshold Variables (based on GMM estimation) 
Table 4B. Interaction Coefficients with Private Credit to GDP and Different Financial Openness Measures 
Figure 5. Gross Financial Openness and Growth Residuals 
Figure 8. Double Residual Nonparametric Interaction Effects
Citations
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Journal ArticleDOI
Capital flows to emerging market economies: A brave new world?
Shaghil Ahmed,Andrei Zlate +1 more
TL;DR: In this paper, the authors examined the determinants of net private capital in emerging market economies and found that growth and interest rate dierentials between EMEs and advanced economies and global risk appetite are statistically and economically important determinants.
Journal ArticleDOI
Populism and the economics of globalization
TL;DR: The authors argue that economic history and economic theory both provide ample grounds for anticipating that advanced stages of economic globalization would produce a political backlash, and distinguish between left-wing and right-wing variants of populism, which differ with respect to societal cleavages that populist politicians highlight.
Journal ArticleDOI
Assessing Measures of Financial Openness and Integration
TL;DR: The authors reviewed the main indicators of financial openness and found that de facto vs. de facto indicators yield systematically different growth results, with sample differences accounting for much of the variation in growth results.
Journal ArticleDOI
Financial globalisation dynamic thresholds for financial development: evidence from Africa
TL;DR: In this article, the authors investigate whether financial development benefits from financial globalisation are questionable until certain thresholds of financial globalization are attained, based on data from 53 African countries for the period 2000-2011 and interactive generalized method of moments with forward orthogonal deviations.
Journal ArticleDOI
Financial Globalization and Economic Policies
Abstract: We review the large literature on various economic policies that could help developing economies effectively manage the 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 macroeconomic policies are an important prerequisite for ensuring that financial integration is beneficial. However, our analysis also suggests that the relationship between financial integration and economic policies is a complex one and that there are unavoidable tensions inherent in evaluating the risks and benefits associated with financial globalization. In light of these tensions, structural and macroeconomic policies often need to be tailored to take into account country specific circumstances to improve the risk-benefit tradeoffs of financial integration. Ultimately, it is essential to see financial integration not just as an isolated policy goal but as part of a broader package of reforms and supportive macroeconomic policies.
References
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