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The Drivers of Financial Globalization

  • Philip R. Lane
  • Gian Maria Milesi-Ferretti

We provide a brief review and analysis of recent trends in international financial integration. In particular, we highlight the asymmetric nature of financial globalization, with the scale of cross-border positions among the advanced economies growing more quickly than for emerging market economies and developing countries. We investigate the sources of this divergent pattern and discuss the factors that could shape financial globalization in the coming years.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.98.2.327
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Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 98 (2008)
Issue (Month): 2 (May)
Pages: 327-32

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Handle: RePEc:aea:aecrev:v:98:y:2008:i:2:p:327-32
Note: DOI: 10.1257/aer.98.2.327
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  1. Martin, Philippe & Rey, Hélène, 2005. "Globalization and Emerging Markets: With or Without Crash?," CEPR Discussion Papers 5165, C.E.P.R. Discussion Papers.
  2. Philippe Martin & H=E9l=E8ne Rey=, 2001. "Financial Super-Markets: Size Matters for Asset Trade," International Finance 0012001, EconWPA.
  3. repec:hal:cesptp:halshs-00176904 is not listed on IDEAS
  4. repec:spo:wpecon:info:hdl:2441/9261 is not listed on IDEAS
  5. Maurice Obstfeld & Kenneth Rogoff, 2000. "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?," NBER Working Papers 7777, National Bureau of Economic Research, Inc.
  6. Romain Ranciere & Aaron Tornell & Frank Westermann, 2002. "Systemic Crises and Growth," Working Papers 190, Barcelona Graduate School of Economics.
  7. Philip R. Lane & Gian-Maria Milesi-Ferretti, 2003. "International Financial Integration," IMF Working Papers 03/86, International Monetary Fund.
  8. Sylvester Eijffinger & Jan J.G. Lemmen (ed.), 2003. "International Financial Integration," Books, Edward Elgar, volume 0, number 2093, 6.
  9. repec:hal:cesptp:halshs-00176903 is not listed on IDEAS
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