Effects of Financial Globalization on Developing Countries: Some Empirical Evidence (Occasional Paper) - Softcover

Prasad, Eswar

Softcover

ISBN 10: 1589062213 ISBN 13: 9781589062214

Verlag: International Monetary Fund (IMF), 2004

Inhaltsangabe

This paper reviews recent empirical evidence, including some new research, on the effects of financial globalisation for developing countries. It focuses on three issues: whether financial globalisation promotes economic growth in developing countries; the impact on macroeconomic volatility in these countries; and factors that can help to harness the benefits of financial globalisation.

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Reseña del editor

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 relative to income volatility) in many developing countries; and (3) there appear to be threshold effects in both of these relationships, which may be related to absorptive capacity. Some recent evidence suggests that sound macroeconomic frameworks and, in particular, good governance are both quantitatively and qualitatively important in affecting developing countries' experiences with financial globalization.

Details zur Ausgabe

• Verlag: International Monetary Fund (IMF)
• Erscheinungsdatum: 2004
• Sprache: Englisch
• ISBN 10: 1589062213
• ISBN 13: 9781589062214
• Einband: Tapa blanda
• Anzahl der Seiten: 54
• Kontakt zum Hersteller: Nicht verfügbar
• Verantwortliche Person: Nicht verfügbar