The Current State of Financial Globalization — Good News, and Bad

Gerard Caprio

Chapter 8 in Globalization and Systemic Risk, 2009, pp 113-117 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractWere financial globalization a stock, its price would have displayed remarkable volatility in recent months, for reasons to which I shall turn below. The papers in this session by Gianni De Nicolò and Philip Lowe remind us of the upside of financial globalization, for which we shall be thankful. I did not have the opportunity to see the paper by Falko Fecht, Hans-Peter Grüner, Philipp Hartmann and Marco Lo Duca, in part as a result of the “dark side” of financial globalization, namely the recent turbulence in financial markets. This provides an opening for me to discuss those events here, even though it has received less attention in most of the papers…

Keywords: Globalization; Banking; Financial Markets; Systemic Risk; Financial Crisis; Contagion (search for similar items in EconPapers)
Date: 2009
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