Is Financial Globalization Beneficial?

Frederic Mishkin

No 11891, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This lecture examines whether financial globalization is beneficial to developing countries by first examining the evidence on financial development and economic growth and concludes that financial development is indeed a key element in promoting economic growth. It then asks why if financial development is so beneficial, it often doesn't occur. It then goes on to examine whether globalization, particularly of the financial kind, can help encourage financial and economic development and argues that it can. However, financial globalization does not always work to encourage economic development because it often leads to devastating financial crises. The issue is thus not whether financial globalization is inherently good or bad, but whether it can be done right.

JEL-codes: F02 G20 O10 O16 (search for similar items in EconPapers)
Date: 2005-12
New Economics Papers: this item is included in nep-dev, nep-fin, nep-fmk and nep-his
Note: IFM ME
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (35)

Published as Frederic S. Mishkin, 2007. "Is Financial Globalization Beneficial?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(2-3), pages 259-294, 03.

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