This study provides a candid, systematic, and critical review of recent evidence on this complex subject. Based on a review of the literature and some new empirical evidence, it finds that (1) in spite of an apparently strong theoretical presumption, it is difficult to detect a strong and robust causal relationship between financial integration and economic growth; (2) contrary to theoretical predictions, financial integration appears to be associated with increases in consumption volatility (both in absolute terms and ...

Effects of Financial Globalization on Developing Countries: Some Empirical Evidence 2004, International Monetary Fund, Washington, DC

ISBN-13: 9781589062214

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