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The Drivers of Financial Globalization

  • Philip R. Lane and 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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Paper provided by IIIS in its series The Institute for International Integration Studies Discussion Paper Series with number iiisdp238.

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Date of creation: 11 Jan 2008
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Handle: RePEc:iis:dispap:iiisdp238
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  1. Philip R. Lane & Gian Milesi-Ferretti, 2003. "International Financial Integration," IMF Working Papers 03/86, International Monetary Fund.
  2. Philippe Martin and Hélène Rey., 2000. "Financial Super-Markets: Size Matters for Asset Trade," Center for International and Development Economics Research (CIDER) Working Papers C00-110, University of California at Berkeley.
  3. Obstfeld, Maurice & Rogoff, Kenneth, 2000. "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?," Center for International and Development Economics Research, Working Paper Series qt0sx02651, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
  4. Romain Ranciere & Aaron Tornell & Frank Westermann, 2005. "Systemic Crises and Growth," CESifo Working Paper Series 1451, CESifo Group Munich.
  5. Sylvester Eijffinger & Jan J.G. Lemmen (ed.), 2003. "International Financial Integration," Books, Edward Elgar Publishing, volume 0, number 2093, April.
  6. repec:spo:wpecon:info:hdl:2441/9261 is not listed on IDEAS
  7. Helene Rey & Philippe Martin, 2005. "Globalization and Emerging Markets: With or Without Crash?," 2005 Meeting Papers 152, Society for Economic Dynamics.
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