Journal Issue

IMF Staff Papers

International Monetary Fund. Research Dept.
Published Date:
March 2009
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IMF Staff Papers

Volume 56 Number 1

Special Issue: Frontiers of Research on Financial Globalization

Recent events in global financial markets have once again shown the critical importance of understanding the effects of financial globalization, an issue that has long stirred passionate debate among development researchers and policymakers. However, the evidence on which that debate is based is often ambiguous. This special issue brings together world-renowned experts to provide a systematic and critical analysis of the costs and benefits of financial globalization.


M. Ayhan Kose

“Financial Globalization: A Reappraisal”

M. Ayhan Kose, Eswar Prasad, Kenneth Rogoff, and Shang-Jin Wei

“International Finance and Growth in Developing Countries: What Have We Learned?”

Maurice Obstfeld

“Why Did Financial Globalization Disappoint?”

Dani Rodrik and Arvind Subramanian

“Why We Shouldn’t Turn Our Backs on Financial Globalization”

Frederic S. Mishkin

“Understanding Banking Sector Globalization”

Linda S. Goldberg

“Financial Globalization and Monetary Policy Discipline: A Survey with New Evidence from Financial Remoteness”

Mark M. Spiegel

“Measuring Financial Integration: A New Data Set”

Martin Schindler

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