Front Matter

Front Matter Page

IMF staff papers

Robert Flood Editor and Committee Chair

Ayhan Kose Co-Editor

David Einhorn Assistant Editor

Jelena Kmezic Research Assistant

Rosalind Oliver Administrative Coordinator

Editorial Committee

Eduardo Borensztein

Tito Cordella

Giovanni Dell’Ariccia

Enrica Detragiache

Atish R. Ghosh

Olivier Jeanne

Andrei Kirilenko

Laura Kodres

Prakash Loungani

Donald J. Mathieson

Gian Maria Milesi-Ferretti

Chris Papageorgiou

Jorge Roldos

Antonio Spilimbergo

The objective of IMF Staff Papers is to publish high-quality research on a variety of topics of interest to a broad audience including academics and policymakers in the member countries of the Fund. IMF Staff Papers is open to outside submissions. The papers selected for publication in the journal are subject to an extensive review process using both internal and external referees. IMF Staff Papers also welcomes outside comments, criticisms, and interesting replications of published work. The views presented in published papers are those of the authors and should not be attributed to or reported as reflecting the position of the IMF, its Executive Board, or any other organization mentioned herein.

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Editor’s Note

The Editor invites from contributors outside the IMF brief comments (not more than 1,000 words) on published articles in IMF Staff Papers. These comments should be addressed to the Editor, who will forward them to the author of the original article for reply. Both the comments and the reply will be considered for publication.

The data underlying articles published in IMF Staff Papers (where available) may be obtained from the journal’s website ( Readers are invited to use these data to expand on the material in the articles, and the journal will consider publishing such work.

Front Matter Page

© 2009 by the International Monetary Fund

ISBN 978-1-58906-794-3

International Standard Serial Number: ISSN 1020-7635

This serial publication is catalogued as follows:

International Monetary Fund

IMF staff papers—International Monetary Fund. v. 1– Feb. 1950–

[Washington] International Monetary Fund.

v. tables, diagrs. 26 cm.

Three no. a year, 1950–1977; four no. a year, 1978–


Vols. 1–27, 1950–80, 1 v.

ISSN 1020-7635 = IMF staff papers—International Monetary Fund.

1. Foreign exchange—Periodicals.

2. Commerce—Periodicals.

3. Currency question—Periodicals.





  • Introduction: Frontiers of Research on 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