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The Real Effects of Financial Globalization: What Do the Data Say?


  • Ugo Panizza

    () (The Graduate Institute Geneva & CEPR)


This essay reviews empirical studies showing that financial liberalization is associated with large gross capital inflows but smaller net capital inflows; does not have clear payoffs in terms of growth; and has costs in terms of volatility and inequality.

Suggested Citation

  • Ugo Panizza, 2018. "The Real Effects of Financial Globalization: What Do the Data Say?," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 52(1), pages 21-30, October.
  • Handle: RePEc:fle:journl:v:52:y:2018:i:1:p:21-30
    DOI: 10.26331/1030

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    More about this item


    Capital Flows; Income Growth and Inequality;

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets


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