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Globalisation, growth and institutions

  • Moshirian, Fariborz
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    We are currently in the second wave of globalisation. Despite the fact that over the past two decades a number of national financial and other barriers have been removed, there are still a number of national, regional and global factors that are slowing down the process of financial globalisation from trickling down to all parts of the world. This paper briefly discusses the process of globalisation and considers the human development index including education as a way of measuring economic growth and financial wealth in different parts of the world. The paper analyses the process of financial globalisation and the way some nations have become the recipients of more foreign capital than others. As a way of seeing the importance of both national and international economic and financial integration as important ingredients for sustained economic growth, the process of financial integration in Europe is analysed as a model for acceleration of the process of globalisation and sustained economic growth in this century. The 21st century is referred to as the Pacific century and hence financial integration in the Asia Pacific region (APEC) could create a new impetus for the EU to increase its internal integration including its fiscal policies as a way of remaining competitive in the global economy.

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    Article provided by Elsevier in its journal Journal of Banking & Finance.

    Volume (Year): 32 (2008)
    Issue (Month): 4 (April)
    Pages: 472-479

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    Handle: RePEc:eee:jbfina:v:32:y:2008:i:4:p:472-479
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    1. Stiglitz, Joseph E., 2003. "Globalization and growth in emerging markets and the New Economy," Journal of Policy Modeling, Elsevier, vol. 25(5), pages 505-524, July.
    2. Obstfeld,Maurice & Taylor,Alan M., 2004. "Global Capital Markets," Cambridge Books, Cambridge University Press, number 9780521633178, October.
    3. Moshirian, Fariborz, 2007. "Global financial services and a global single currency," Journal of Banking & Finance, Elsevier, vol. 31(1), pages 3-9, January.
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    6. Daniel Leigh & Abdul Abiad & Ashoka Mody, 2007. "International Finance and Income Convergence: Europe is Different," IMF Working Papers 07/64, International Monetary Fund.
    7. Dirk Schoenmaker & Charles Goodhart, 2006. "Burden Sharing in a Banking Crisis in Europe," FMG Special Papers sp164, Financial Markets Group.
    8. Marco Terrones & M. Ayhan Kose & Eswar Prasad, 2007. "How Does Financial Globalization Affect Risk Sharing? Patterns and Channels," IMF Working Papers 07/238, International Monetary Fund.
    9. M. Ayhan Kose & Kenneth Rogoff & Eswar Prasad & Shang-Jin Wei, 2003. "Effects of Financial Globalization on Developing Countries: Some Empirical Evidence," IMF Occasional Papers 220, International Monetary Fund.
    10. Eswar S. Prasad & Raghuram G. Rajan & Arvind Subramanian, 2006. "Patterns of international capital flows and their implications for economic development," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 119-158.
    11. Moshirian, Fariborz, 2007. "Globalisation and the role of effective international institutions," Journal of Banking & Finance, Elsevier, vol. 31(6), pages 1579-1593, June.
    12. Moshirian, Fariborz, 2004. "Elements of global financial stability," Journal of Multinational Financial Management, Elsevier, vol. 14(4-5), pages 305-314.
    13. Cappiello, Lorenzo & GĂ©rard, Bruno & Kadareja, Arjan & Manganelli, Simone, 2006. "Financial integration of new EU Member States," Working Paper Series 0683, European Central Bank.
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