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Effects of Financial Globalization on Developing Countries

Some Empirical Evidence - Working Paper #37

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

Paper  113kb pdf

This short article summarizes a recent IMF paper on the subject with the same title, which is a part of the IMF’s ongoing research program on globalization. The long version was published as IMF Occasional Paper 220. The main purpose of the paper is to provide an assessment of empirical evidence on the effects of financial globalization for developing economies. The paper focuses on three related questions: (i) does financial globalization promote economic growth in developing countries? (ii) what is its impact on macroeconomic volatility in these countries? (iii) what are the factors that appear to help harness the benefits of financial globalization?

About the Authors

M. Ayhan Kose
Economist, Financial Studies Division
International Monetary Fund

Eswar Prasad
Tolani Senior Professor of Trade Policy
Cornell University

Shang-Jin Wei
The Jerome A. Chazen Institute of International Business

Kenneth Rogoff
Professor, Department of Economics
Harvard University

Publication Information

Type Working Paper
Program Capital Market Liberalization
Posted 09/21/03
Download 113kb pdf
# Pages 14