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Financial Globalization: A Reappraisal

Author

Listed:
  • M. Ayhan Kose

  • Eswar Prasad

  • Kenneth Rogoff

  • Shang-Jin Wei

Abstract

Literatura o koristima i troškovima finansijske globalizacije za zemlje u razvoju je naprasno porasla poslednjih godina, i to kroz mnoge, potpuno različite kanale sa raznovršnošću očigledno konfliktnih rezultata. Još uvek je malo snažnih dokaza o rastućim koristima široke liberalizacije kapitalnog računa, ali veći broj skorijih radova u finansijskoj literaturi izveštava da liberalizacije tržišta akcija zaista značajno povećavaju rast. Slično tome, dokazi zasnovani na mikroekonomskim (na nivou firme ili industrije) podacima pokazuju određene koristi finansijske integracije i distorzivne efekte kontrola kretanja kapitala, ali makroekonomski dokazi i dalje ne pružaju zaključke. Istovremeno, dok neke studije zauzimaju stav da finansijska globalizacija podstiče makroekonomsku stabilnost zemalja u razvoju, druge tvrde suprotno. Ovaj rad pokušava da pruži ujedinjen pojmovni okvir za organizovanje ovako široke i rastuće literature, naročito naglašavajući skorije pristupe merenju katalizatorskih i indirektnih koristi finansijske globalizacije. U suštini, rad ukazuje da su indirektni efekti finansijske globalizacije na razvoj finansijskog sektora, institucija, vladanje i makroekonomsku stabilnost, po svoj prilici daleko bitniji od bilo kog direktnog uticaja putem akumulacije kapitala ili diversifikacije portfolia. Takav pogled objašnjava neuspeh istraživanja zasnovanih na regresijama rasta između zemalja u pronalaženju pozitivnih efekata finansijske globalizacije, usmeravajući se na novije, potencijalno korisnije i ubedljivije pristupe. Ključne reči: Liberalizacija kapitalnog računa, Finansijska integracija, Rast i volatilnost, Finansijske krize, Zemlje u razvoju.JEL: F02, F21, F36, F4.

Suggested Citation

  • M. Ayhan Kose & Eswar Prasad & Kenneth Rogoff & Shang-Jin Wei, 2009. "Financial Globalization: A Reappraisal," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 56(2), pages 143-197.
    • Handle: RePEc:voj:journl:v:56:y:2009:i:2:p:143-197:id:214
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    JEL classification:

    • F2 - International Economics - - International Factor Movements and International Business
    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • G1 - Financial Economics - - General Financial Markets

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