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Globalization of Financial Markets and Implications for Pacific Basin Developing Countries

Author

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  • Mr. David John Goldsbrough
  • Mr. Ranjit S Teja

Abstract

This paper analyzes the consequences of the growing interdependence of world financial markets for Pacific developing countries. Section I discusses trends in financial integration in the Pacific and the underlying movements in saving and investment. Section II seeks to quantify the increased capital mobility, in terms of rate of return differentials and the degree of correlation between savings and investment rates across countries. Section III focuses on policy implications of increasing integration, including the effectiveness of macroeconomic policy instruments, the usefulness of the current account as a target of policy, and the dangers of excessive taxation of financial intermediation.

Suggested Citation

  • Mr. David John Goldsbrough & Mr. Ranjit S Teja, 1991. "Globalization of Financial Markets and Implications for Pacific Basin Developing Countries," IMF Working Papers 1991/034, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1991/034
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    Cited by:

    1. de Brouwer,Gordon, 1999. "Financial Integration in East Asia," Cambridge Books, Cambridge University Press, number 9780521651486.
    2. Roland Gillet & Yves Wagner, 2002. "Les phénomènes de globalisation," Reflets et perspectives de la vie économique, De Boeck Université, vol. 0(1), pages 115-130.
    3. Lemmen, J.J.G. & Eijffinger, S.C.W., 1995. "The fundamental determinants of financial integration in the European Union," Other publications TiSEM 0090a2e9-4071-45da-9fca-b, Tilburg University, School of Economics and Management.

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